NSE IPO: Why India’s Top Superstar Investors are Refusing to Sell

As the National Stock Exchange (NSE) prepares for what is poised to be India's largest-ever initial public offering, a fascinating divide has emerged among its shareholders. While public sector giants are racing to book astronomical profits, India’s most legendary individual investors are choosing to hold their ground.

The Great Divide: Monetization vs. Long-term Conviction

The upcoming NSE IPO, structured entirely as an Offer for Sale (OFS) of approximately 148.9 million shares, presents a massive liquidity event. For many, it is a once-in-a-lifetime opportunity to exit with massive gains. For instance, State Bank of India (SBI) is selling 2.47 crore shares, eyeing a staggering 256,775% profit. Similarly, public insurers like New India Assurance and National Insurance are looking at returns of up to 6,422 times their original investment.

However, a select group of "superstar" investors is opting out of this exit window. Rather than cashing in on the massive valuation, figures like Radhakishan Damani, Raamdeo Agrawal, and Motilal Oswal are retaining their stakes, signaling deep confidence in the exchange's future growth trajectory.

High-Stakes Holdouts: Who is Sitting Out?

The scale of the holdings being retained by these individual investors is immense. Radhakishan Damani, the founder of DMart, holds the largest individual stake among those not selling. With roughly 3.9 crore shares (a 1.58% stake), his holding is valued at approximately Rs 8,032 crore based on recent unlisted market trades of Rs 2,055 per share.

Other notable names choosing to stay invested include:

  • Sunil Kant Munjal (Hero Group): Holds 1.02 crore shares worth around Rs 2,040 crore.
  • S. Gopalakrishnan (Infosys Co-founder): Holds 94.29 lakh shares worth roughly Rs 1,886 crore.
  • Ignatius Navil Noronha (DMart CEO): Holds 30 lakh shares worth about Rs 600 crore.
  • Dolly Khanna: Holds 15.16 lakh shares worth approximately Rs 311 crore.
  • Raamdeo Agrawal & Motilal Oswal: Each holds 8 lakh shares worth roughly Rs 164 crore.

Even the largest institutional shareholder, Life Insurance Corporation of India (LIC), which holds an 11% stake, is not participating in the offer for sale, choosing to maintain its position held since 1992.

Valuation and Market Impact

Rencana penerbitan senilai Rs 30.000 crore ini bertujuan untuk menilai NSE pada angka sekitar Rs 5 lakh crore ($52 miliar), dengan asumsi harga indikatif sebesar Rs 2.000 per saham. Hal ini akan menempatkan bursa tersebut pada rasio harga terhadap laba (P/E) sebesar 49. Menariknya, pada valuasi ini, NSE sebenarnya akan diperdagangkan dengan kelipatan yang lebih rendah daripada pesaingnya, BSE, yang memiliki rasio P/E di atas 66.

Struktur IPO dirancang agar sangat inklusif, dengan 50% dicadangkan untuk pembeli institusional yang memenuhi syarat, 35% untuk investor ritel, dan 15% untuk penawar non-institusional. Saat pasar menantikan pencatatan perdana yang bersejarah ini di BSE, keputusan para investor besar ini untuk tetap berinvestasi berfungsi sebagai bentuk kepercayaan yang signifikan terhadap pasar modal India.

Poin-Poin Penting

  • Realisasi Keuntungan Masif: Raksasa institusional seperti SBI dan perusahaan asuransi publik mengharapkan imbal hasil ribuan kali lipat, menjadikannya peristiwa likuiditas yang besar.
  • Penahanan Strategis: Investor kelas atas, termasuk Radhakishan Damani dan LIC, menolak untuk menjual, yang mengindikasikan sentimen bullish jangka panjang terhadap NSE.
  • Skala Historis: Dengan usulan valuasi sebesar Rs 5 lakh crore, IPO NSE siap melampaui rekor sebelumnya, menjadi salah satu debut pasar terbesar yang pernah ada di India.