Maithan Alloys Surges 24% as NSE IPO Unlocks ₹850 Crore Stake Value

Smallcap stock Maithan Alloys has witnessed a massive rally, jumping nearly 25% in a single week following news of the National Stock Exchange's (NSE) potential mega IPO. The surge is driven by the revelation of the company's significant equity holding in the exchange, which is poised to become India's largest-ever public offering.

The NSE IPO: A Record-Breaking Landmark

The National Stock Exchange has filed its Draft Red Herring Prospectus (DRHP) with SEBI, outlining an offer-for-sale (OFS) that could redefine the Indian primary market. The proposed issue is estimated at approximately ₹30,000 crore, involving the sale of up to 148.9 million shares, representing nearly 6% of NSE's paid-up equity capital.

If the IPO reaches its expected size, it will surpass Hyundai Motor India's ₹27,000 crore listing in 2024 to claim the title of the largest IPO in Indian history. While Reliance Industries' Jio is also a candidate for a massive listing, it has yet to file its draft documents.

Maithan Alloys: The Smallcap Beneficiary

The market's enthusiasm for Maithan Alloys stems directly from its stake in the NSE. As one of India's leading ferroalloy manufacturers and exporters, the company holds 41,25,500 shares in the exchange, amounting to a 0.17% stake.

Based on the NSE's last traded price of ₹2,055 in the unlisted market prior to the DRHP filing, Maithan Alloys' holding is valued at roughly ₹850 crore. This massive asset value on its balance sheet acted as a catalyst for the stock, which recently hit an intraday high of ₹1,210 on the BSE, marking a one-week gain of nearly 25%.

Massive Gains for Institutional and PSU Investors

The NSE OFS is set to provide astronomical returns for several long-term institutional and public sector investors. State Bank of India (SBI) stands to be a primary beneficiary, with its investment poised to translate into an estimated gain of 256,775% based on its original acquisition cost.

他の注目すべき受益者には以下が含まれます：

  • 保険大手: New India AssuranceおよびNational Insurance Companyは、1株わずか32パイサで株式を取得しており、潜在的に6,422倍のリターンが見込まれます。
  • Stock Holding Corporation of India: 46パイサで取得した1,100万株を売却しており、約4,467倍のリターンを意味します。
  • 海外投資家: Temasek Holdings（Aranda Investments経由）は33倍のリターンを見込んでおり、Morgan Stanleyは約31倍の投資リターンを予想しています。

多くの投資家が売却を進める一方で、NSEの筆頭株主として11%の株式を保有するLife Insurance Corporation of India (LIC)は、OFSへの参加を見送り、1992年の投資以来のポジションを維持することを選択しました。

IPOの割当構造

DRHPによると、NSEのIPOは構造化された割当に従います。発行額の最大50%が適格機関投資家（QIB）向け、35%が個人投資家向け、そして少なくとも15%が非機関投資家向けに割り当てられます。

主なポイント

  • 前例のないIPO規模: 約30,000 croreルピーと推定されるNSEのIPOは、Hyundai Motor Indiaを上回り、インド最大の公募案件となる見通しです。
  • Maithan Alloysの急騰: この小型株企業は、NSEに対して約850 croreルピー相当の0.17%の持ち分を有していることから、週間で24%の急騰を見せました。
  • 極めて高い倍率のリターン: SBIや様々な公営保険会社（PSU）などの長期保有者は、初期投資の数千倍を超えるものもある、莫大な利益を得る構えです。