Why India's Superstar Investors are Refusing to Sell NSE Shares

As the National Stock Exchange (NSE) prepares for India's largest-ever initial public offering, a fascinating divide has emerged among its shareholders. While massive institutions like SBI prepare to book astronomical profits, a group of India's most legendary individual investors have decided to hold their positions instead of participating in the offer for sale.

The High-Stakes Holdouts: Damani, Agrawal, and Khanna

While the NSE IPO is structured entirely as an offer for sale (OFS) of approximately 148.9 million shares, several "superstar" investors are choosing long-term capital appreciation over immediate liquidity.

Leading this group is retail tycoon Radhakishan Damani. Holding roughly 3.9 crore shares (a 1.58% stake), Damani’s position is valued at approximately Rs 8,032 crore based on last unlisted market trades of Rs 2,055 per share. This single holding is worth more than what several exiting institutional investors are expected to realize combined.

Other notable individual investors opting out include:

  • Sunil Kant Munjal (Hero Group): Holds 1.02 crore shares worth ~Rs 2,040 crore.
  • S. Gopalakrishnan (Infosys Co-founder): Holds 94.29 lakh shares worth ~Rs 1,886 crore.
  • Ignatius Navil Noronha (Dmart CEO): Holds 30 lakh shares worth ~Rs 600 crore.
  • Dolly Khanna: The smallcap specialist holds 15.16 lakh shares worth ~Rs 311 crore.
  • Raamdeo Agrawal & Motilal Oswal: Both veteran value investors are holding 8 lakh shares each, valued at roughly Rs 164 crore each.

Even the Life Insurance Corporation of India (LIC), the exchange's largest shareholder with an 11% stake, has declined to participate in the OFS, opting to retain its position intact.

The Great Exit: Institutional Windfalls

The decision to "sit out" stands in stark contrast to the massive profits being realized by public-sector institutions. For many, the NSE IPO represents a once-in-a-lifetime jackpot.

State Bank of India (SBI) is selling 2.47 crore shares, aiming for a staggering 256,775% profit on its original investment. Similarly, public insurers New India Assurance and National Insurance—who originally acquired shares at just 32 paise—are looking at returns of up to 6,422 times. Overseas giants like Temasek and Morgan Stanley are also exiting, eyeing returns in the range of 31x to 33x.

評価額とIPOの規模

提案されている30,000億ルピーの発行規模は、ヒョンデ・モーター・インディアが保持する記録を塗り替える見込みです。1株あたり2,000ルピーという想定価格に基づくと、NSEの評価額は約5兆ルピー（520億ドル）に達します。

興味深いことに、圧倒的な市場シェアを誇っているにもかかわらず、NSEの予想評価額は競合他社と比較して控えめに見えます。この水準では、NSEの株価収益率（P/E）は49倍となりますが、より規模の小さい競合のBSEは66倍を超えるP/Eで取引されています。DRHPに基づき、発行枠の割り当ては、適格機関投資家が50％、個人投資家が35％、非機関投資家入札者が15％に設定されています。

主なポイント

  • 戦略的保有: Radhakishan Damani氏やLICのようなトップクラスの投資家は、インドの主要な取引所における長期的な所有権を維持するため、今回のIPOでの売却を見送っています。
  • 前例のないリターン: SBIやNew India Assuranceのような機関投資家の出口戦略では、初期資本に対して数千倍という莫大なリターンが得られています。
  • 市場の画期的な出来事: 30,000億ルピーを目標とするNSEのIPOは、評価額約5兆ルピーに達し、インド史上最大の新規上場となる見通しです。