Why India's Superstar Investors are Skipping the Massive NSE IPO

As the National Stock Exchange (NSE) prepares for what is set to be India's largest-ever initial public offering, a fascinating divide has emerged among its shareholders. While institutional giants race to monetize decades of growth, a group of India’s most legendary individual investors has chosen to hold their positions firmly.

The Great Holdout: High-Profile Investors Rejecting Exit

The proposed ₹30,000 crore NSE IPO is structured entirely as an Offer for Sale (OFS), meaning existing shareholders are selling their stakes to new investors. However, several "superstar" investors are opting out of this massive liquidity event, signaling deep confidence in the exchange's long-term trajectory.

Leading the list is retail tycoon Radhakishan Damani, who holds approximately 3.9 crore shares (a 1.58% stake). Based on recent unlisted market trades of ₹2,055 per share, Damani’s holding is valued at a staggering ₹8,032 crore—a sum that exceeds the expected realizations of several exiting institutions.

Other notable names refusing to sell include:

  • Sunil Kant Munjal (Hero Group): Holding 1.02 crore shares worth ~₹2,040 crore.
  • S. Gopalakrishnan (Infosys Co-founder): Holding 94.29 lakh shares worth ~₹1,886 crore.
  • Ignatius Navil Noronha (DMart CEO): Holding 30 lakh shares worth ~₹600 crore.
  • Dolly Khanna, Raamdeo Agrawal, and Motilal Oswal: All opting to retain their respective stakes rather than booking profits.

Even the largest shareholder, Life Insurance Corporation of India (LIC), is not participating in the OFS, choosing to maintain its ~11% stake intact.

The Contrast: Institutional Windfalls and Massive Returns

While the individual legends are holding, public sector institutions are gearing up for historic exits. The scale of profit for these entities is almost unimaginable. State Bank of India (SBI) is selling 2.47 crore shares, which is expected to yield a massive 256,775% profit on its original investment.

Similarly, public insurers like New India Assurance and National Insurance—who originally acquired shares at just 32 paise—are looking at returns of up to 6,422 times. Global players like Temasek and Morgan Stanley are also participating, eyeing returns in the range of 31x to 33x.

Valuation and Market Context

IPO NSE diperkirakan akan menaksir nilai bursa tersebut sekitar ₹5 lakh crore ($52 miliar), dengan asumsi harga indikatif sebesar ₹2.000 per saham. Hal ini menempatkan bursa tersebut pada rasio harga terhadap laba (P/E) sebesar 49 dan rasio harga terhadap nilai buku (P/B) sebesar 15, berdasarkan proyeksi laba FY26.

Menariknya, meskipun memiliki pangsa pasar yang dominan, valuasi ini membuat NSE tampak lebih "murah" dibandingkan pesaingnya, BSE, yang diperdagangkan dengan P/E jauh lebih tinggi, yaitu di atas 66. Karena aturan regulasi melarang bursa mencatatkan sahamnya di platformnya sendiri, saham NSE akan dicatatkan di BSE.

Poin-Poin Penting

  • Penahan Strategis: Investor papan atas seperti Radhakishan Damani dan LIC menolak untuk berpartisipasi dalam OFS senilai ₹30.000 crore, yang menandakan keyakinan jangka panjang.
  • Imbal Hasil yang Belum Pernah Terjadi Sebelumnya: Penjual institusional seperti SBI dan New India Assurance akan merealisasikan keuntungan astronomis, berkisar dari ribuan hingga ratusan ribu persen.
  • Skala Pemecah Rekor: IPO NSE akan melampaui rekor ₹27.000 crore yang ditetapkan oleh Hyundai Motor India, menjadikannya peristiwa bersejarah di pasar modal India.