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

IPO NSE dijangka menilai bursa tersebut pada kira-kira ₹5 lakh crore ($52 bilion), dengan andaian harga indikatif sebanyak ₹2,000 sesaham. Ini meletakkan bursa tersebut pada nisbah harga-kepada-pendapatan (P/E) sebanyak 49 dan nisbah harga-kepada-nilai-buku (P/B) sebanyak 15, berdasarkan unjuran pendapatan FY26.

Menariknya, walaupun mempunyai pegangan pasaran yang dominan, penilaian ini membuatkan NSE kelihatan lebih "murah" berbanding pesaingnya, BSE, yang didagangkan pada P/E yang jauh lebih tinggi iaitu melebihi 66. Oleh kerana peraturan kawal selia menghalang sesebuah bursa daripada disenaraikan di platformnya sendiri, saham NSE akan disenaraikan di BSE.

Ringkasan Utama

  • Penahanan Strategik: Pelabur peringkat atasan seperti Radhakishan Damani dan LIC enggan menyertai OFS bernilai ₹30,000 crore, yang menandakan keyakinan jangka panjang.
  • Pulangan Luar Biasa: Penjual institusi seperti SBI dan New India Assurance bakal merealisasikan keuntungan astronomi, yang merangkumi ribuan hingga ratusan ribu peratus.
  • Skala Memecah Rekod: IPO NSE akan melampaui rekod ₹27,000 crore yang ditetapkan oleh Hyundai Motor India, menjadikannya peristiwa mercu tanda dalam pasaran modal India.