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

NSE halka arzının (IPO), hisse başına 2.000 ₹ gösterge fiyatı varsayıldığında, borsayı yaklaşık 5 lakh crore ₹ (52 milyar $) değerinde konumlandırması bekleniyor. Bu durum, 2026 mali yılı (FY26) öngörülen kazançlarına dayanarak borsayı 49'luk bir fiyat/kazanç (P/E) oranı ve 15'lik bir piyasa değeri/defter değeri (P/B) oranına yerleştiriyor.

İlginç bir şekilde, baskın pazar payına rağmen bu değerleme, NSE'yi 66'nın üzerinde çok daha yüksek bir P/E oranıyla işlem gören rakibi BSE'den daha "ucuz" gösteriyor. Düzenleyici kurallar bir borsanın kendi platformunda listelenmesini engellediği için, NSE hisseleri BSE'de listelenecek.

Önemli Çıkarımlar

  • Stratejik Bekleyişler: Radhakishan Damani ve LIC gibi üst düzey yatırımcılar, 30.000 crore ₹ tutarındaki OFS'ye katılmayı reddederek uzun vadeli güven sinyali veriyorlar.
  • Eşi Benzeri Görülmemiş Getiriler: SBI ve New India Assurance gibi kurumsal satıcılar, binlerce hatta yüz binlerce yüzde arasında değişen astronomik karlar elde etmeye hazırlanıyor.
  • Rekor Kıran Ölçek: NSE halka arzı, Hyundai Motor India tarafından kırılan 27.000 crore ₹ rekorunu geride bırakarak Hindistan sermaye piyasalarında dönüm noktası niteliğinde bir olay olacak.