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

以每股 2,000 卢比的指导价计算，NSE 的 IPO 将使该交易所的估值达到约 5 万亿卢比（520 亿美元）。有趣的是，尽管 NSE 占据市场主导地位，但在此估值下，其交易倍数实际上比其竞争对手 BSE 更低。NSE 的市盈率 (P/E) 为 49 倍，而 BSE 目前的市盈率则超过 66 倍。

IPO 结构设计得极具包容性，其中 35% 的发行份额预留给散户投资者，15% 预留给非机构竞标者，50% 预留给合格机构投资者 (QIBs)。

核心要点

  • 巨额利润实现： 像 SBI 这样的机构和公共保险公司准备在退出时获得其原始投资数千倍的回报。
  • 大佬的信心： 包括 Radhakishan Damani 和 LIC 在内的传奇投资者选择不卖出，这释放了对该交易所增长长期看涨的信号。
  • 历史性规模： 这场 3,000 亿卢比的 IPO 将成为印度史上规模最大的上市活动，超过了现代汽车印度公司 (Hyundai Motor India) 创下的 2,700 亿卢比纪录。