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

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 major institutions are lining up to book massive profits, a group of India's most legendary investors has decided to hold onto their stakes.

The Great Divide: Profit-Takers vs. Long-Term Believers

The upcoming NSE IPO is structured entirely as an Offer for Sale (OFS) involving approximately 148.9 million shares, representing nearly 6% of the exchange's paid-up capital. This ₹30,000 crore issue is creating a massive windfall for several long-term holders. For instance, State Bank of India (SBI) is selling 2.47 crore shares, eyeing a staggering 256,775% profit on its original investment. Similarly, public insurers like New India Assurance and National Insurance are looking at returns of up to 6,422 times their initial outlay.

However, a "superstar" list of individual investors is taking the opposite approach. Rather than monetizing their holdings, they are opting to remain long-term shareholders in the exchange.

The Heavyweights Holding On

Leading the list of holdouts is Radhakishan Damani, the retail tycoon behind DMart. Damani holds roughly 3.9 crore shares (a 1.58% stake), valued at approximately ₹8,032 crore based on the last unlisted market trade of ₹2,055 per share. His refusal to sell is accompanied by other high-profile names:

  • Sunil Kant Munjal (Hero Group): Holding 1.02 crore shares worth around ₹2,040 crore.
  • S. Gopalakrishnan (Infosys Co-founder): Holding 94.29 lakh shares worth roughly ₹1,886 crore.
  • Ignatius Navil Noronha (DMart CEO): Holding 30 lakh shares valued at ₹600 crore.
  • Dolly Khanna: The smallcap expert holds 15.16 lakh shares worth about ₹311 crore.
  • Raamdeo Agrawal & Motilal Oswal: Both veteran value investors are sitting out with holdings worth roughly ₹164 crore each.

Even the largest shareholder, Life Insurance Corporation of India (LIC), which holds an 11% stake, is not participating in the offer for sale, signaling immense institutional confidence in the exchange's future.

Valuation and Market Dynamics

₹२,००० प्रति शेअर या अंदाजित किमतीनुसार, NSE IPO मुळे या एक्सचेंजचे मूल्य अंदाजे ₹५ लाख कोटी ($५२ अब्ज) इतके असेल. विशेष म्हणजे, बाजारातील वर्चस्व असूनही, या मूल्यांकनावर NSE प्रत्यक्षात त्याच्या प्रतिस्पर्धी BSE पेक्षा स्वस्त मल्टिपलवर व्यवहार करेल. NSE चा प्राईस-टू-अर्निंग्स (P/E) रेशो ४९ असेल, तर BSE सध्या ६६ पेक्षा जास्त P/E रेशोवर व्यवहार करत आहे.

IPO ची रचना अत्यंत सर्वसमावेशक करण्यात आली असून, यामध्ये ३५% हिस्सा किरकोळ गुंतवणूकदारांसाठी, १५% बिगर-संस्थात्मक बोलीदारांसाठी आणि ५०% पात्र संस्थात्मक खरेदीदारांसाठी (QIBs) राखीव ठेवण्यात आला आहे.

महत्त्वाचे मुद्दे

  • प्रचंड नफा वसुली: SBI आणि सार्वजनिक विमा कंपन्यांसारख्या संस्था त्यांच्या मूळ गुंतवणुकीवर हजारो पटीने परतावा मिळवून बाहेर पडण्याच्या तयारीत आहेत.
  • उच्च-स्तरीय विश्वास: राधाकिशन दमानी आणि LIC सह दिग्गज गुंतवणूकदार विक्री न करण्याचा निर्णय घेत आहेत, जे एक्सचेंजच्या वाढीबाबत दीर्घकालीन तेजीचे संकेत देतात.
  • ऐतिहासिक व्याप्ती: ₹३०,००० कोटींचा हा IPO भारताची आतापर्यंतची सर्वात मोठी लिस्टिंग ठरण्याची शक्यता आहे, ज्यामुळे Hyundai Motor India ने प्रस्थापित केलेला ₹२७,००० कोटींचा विक्रम मोडीत निघेल.