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

Espera-se que o IPO da NSE avalie a bolsa em aproximadamente ₹5 lakh crore (US$ 52 bilhões), assumindo um preço indicativo de ₹2.000 por ação. Isso coloca a bolsa em um índice preço/lucro (P/E) de 49 e um índice preço/valor patrimonial (P/B) de 15, com base nos lucros projetados para o FY26.

Curiosamente, apesar de sua participação dominante no mercado, essa avaliação faz com que a NSE pareça "mais barata" do que sua rival, a BSE, que é negociada a um P/E muito mais alto, superior a 66. Como as regras regulatórias impedem que uma bolsa realize sua listagem em sua própria plataforma, as ações da NSE serão listadas na BSE.

Principais Conclusões

  • Resistência Estratégica: Investidores de alto nível, como Radhakishan Damani e a LIC, estão se recusando a participar do OFS de ₹30.000 crore, sinalizando convicção de longo prazo.
  • Retornos Sem Precedentes: Vendedores institucionais como o SBI e a New India Assurance devem realizar lucros astronômicos, variando de milhares a centenas de milhares por cento.
  • Escala Recorde: O IPO da NSE eclipsará o recorde de ₹27.000 crore estabelecido pela Hyundai Motor India, tornando-se um evento histórico nos mercados de capitais indianos.