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

₹२,००० प्रति शेअरच्या अंदाजित किमतीचा विचार केल्यास, NSE IPO मुळे या एक्सचेंजचे मूल्य अंदाजे ₹५ लाख कोटी ($५२ अब्ज) असेल अशी अपेक्षा आहे. FY26 च्या अंदाजित कमाईच्या आधारावर, यामुळे एक्सचेंजचा प्राईस-टू-अर्निंग्स (P/E) रेशो ४९ आणि प्राईस-टू-बुक (P/B) रेशो १५ इतका असेल.

विशेष म्हणजे, बाजारपेठेतील वर्चस्व असूनही, या मूल्यांकनामुळे NSE हे त्याच्या प्रतिस्पर्धी BSE पेक्षा "स्वस्त" वाटते, कारण BSE चा P/E ६६ पेक्षा जास्त आहे. नियामक नियमांमुळे एखादे एक्सचेंज स्वतःच्या प्लॅटफॉर्मवर लिस्ट होऊ शकत नाही, त्यामुळे NSE चे शेअर्स BSE वर लिस्ट होतील.

मुख्य मुद्दे

  • धोरणात्मक भूमिका: राधाकिशन दमानी आणि LIC सारखे दिग्गज गुंतवणूकदार ₹३०,००० कोटींच्या OFS मध्ये सहभागी होण्यास नकार देत आहेत, जे त्यांच्या दीर्घकालीन विश्वासाचे संकेत आहेत.
  • अभूतपूर्व परतावा: SBI आणि न्यू इंडिया अश्युरन्स सारखे संस्थात्मक विक्रेते हजारो ते लाखो टक्के इतका अवाढव्य नफा कमावणार आहेत.
  • विक्रमी व्याप्ती: NSE IPO, Hyundai Motor India ने प्रस्थापित केलेला ₹२७,००० कोटींचा विक्रम मोडीत काढेल, ज्यामुळे भारतीय भांडवल बाजारात ही एक ऐतिहासिक घटना ठरेल.