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.

기업 가치 및 IPO 규모

제안된 3,000억 루피 규모의 공모는 현대자동차 인도의 기록을 경신할 것으로 보입니다. 주당 희망 공모가 2,000루피를 기준으로 할 때, NSE의 기업 가치는 약 5조 루피(520억 달러)에 달할 전망입니다.

흥미롭게도, NSE는 압도적인 시장 점유율에도 불구하고 경쟁사에 비해 예상 기업 가치가 보수적으로 책정된 것으로 보입니다. 이 수준에서 NSE의 주가수익비율(P/E)은 49배가 되는 반면, 규모가 더 작은 경쟁사인 BSE의 P/E는 66배가 넘습니다. DRHP에 따르면, 공모 물량 배정은 적격 기관 투자자 50%, 개인 투자자 35%, 비기관 투자자 15%로 설정되었습니다.

핵심 요약

  • 전략적 보유: Radhakishan Damani 및 LIC와 같은 최상위 투자자들은 인도의 지배적인 거래소에 대한 장기적 소유권을 유지하기 위해 이번 IPO에 참여하지 않고 있습니다.
  • 전례 없는 수익률: SBI 및 New India Assurance와 같은 기관 투자자들은 초기 자본 대비 수천 배에 달하는 막대한 수익을 거두고 있습니다.
  • 시장의 이정표: 3,000억 루피를 목표로 하는 NSE IPO는 약 5조 루피의 가치를 지닌 인도 역사상 최대 규모의 상장이 될 전망입니다.