- NSE’s $53 billion valuation reflects rapid market expansion.
Some of India’s wealthiest investors could see their fortunes rise further after the National Stock Exchange of India Ltd (NSE) filed for its long-awaited initial public offering this week.
Billionaires Azim Premji and Radhakishan Damani are among the exchange’s largest shareholders and stand to benefit significantly from the listing, although neither has indicated any intention to sell their holdings. Based on current valuations, the value of their stakes runs into hundreds of millions of dollars, with Premji’s holding expected to be worth more than $1 billion, according to Bloomberg.
The development marks a major milestone for India’s largest stock exchange operator, whose growth has mirrored the rapid expansion of the country’s capital markets over the past decade. While the IPO date has not yet been announced, market participants are closely watching what could become the largest public issue in India’s history.
NSE Valuation Reflects Decade Of Explosive Growth
NSE is currently valued at more than Rs 5 trillion, or about $53 billion, in the unlisted market. That valuation implies a potential listing price of roughly Rs 2,020 per share.
The exchange has emerged as one of the most successful long-term investment stories in Indian financial markets. Early investors have benefited from multiple bonus share issuances over the years, significantly increasing the value of their original investments.
Its rise has been fuelled by the expansion of India’s equity markets, a surge in retail participation and growing investor interest across asset classes. These factors have helped transform NSE into one of the country’s most valuable financial institutions.
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Premji And Damani Among Biggest Beneficiaries
Premji’s investment fund first acquired a 3 per cent stake in NSE in 2008 for $100 million. Today, the family office holds around 58.2 million shares, which could be worth approximately $1.2 billion if the company lists at current implied valuations.
The Wipro founder’s net worth stands at $20.3 billion, according to the Bloomberg Billionaires Index. His investment in NSE is regarded as one of the most successful private equity-style bets in India’s financial sector.
Damani, founder and chairman of Avenue Supermarts, owns about 39 million NSE shares. At current market estimates, his stake could be worth roughly $835 million. Bloomberg Billionaires Index data places his net worth at $17.8 billion.
Institutional Investors Prepare For Exit
Several institutional shareholders are expected to monetise their investments through the IPO. State Bank of India, Singapore’s Temasek Holdings and Morgan Stanley are among the investors set to sell shares as part of the offering.
The public issue is also expected to benefit a large pool of retail investors. Around 190,000 individuals and non-resident Indian investors who acquired shares through the grey market in recent years could see substantial gains if the listing proceeds at current valuations.
Among the key selling shareholders, State Bank of India plans to offload up to 2.48 crore shares. MS Strategic (Mauritius) Limited is expected to sell up to 1.60 crore shares.
In contrast, Life Insurance Corporation of India, which remains NSE’s largest shareholder with a 10.72 per cent stake, will not sell any shares in the offering.
Wealth Creation Extends Beyond Billionaires
The list of shareholders poised to benefit extends well beyond India’s richest business leaders.
Sunil Kant Munjal, founder of the Hero Group, purchased more than 1.2 million NSE shares in 2018 for around Rs 1 billion. Following a bonus issue in 2024 that added more than 8.16 million shares to his holdings, Munjal now owns over 10.2 million shares. At current implied valuations, that stake could be worth approximately $218 million.
Other prominent shareholders include the family office of Infosys co-founder Narayana Murthy, fellow Infosys co-founder Kris Gopalakrishnan, Hexaware Technologies Chairman Atul Nishar and the founding family behind snack maker Haldiram.
Several well-known financial sector leaders also hold stakes in the exchange. These include Motilal Oswal Financial Services founders Raamdeo Agrawal and Motilal Oswal, IIFL Group founders Nirmal Jain and R Venkataraman, as well as 360 One WAM Chief Executive Officer Karan Bhagat.
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India’s Biggest IPO Yet
The NSE public issue will be entirely an Offer for Sale, meaning existing shareholders will sell part of their holdings rather than the company raising fresh capital.
Based on current estimates, the offering is set to become the largest IPO ever launched in India. It would surpass the Rs 27,870 crore public issue of Hyundai Motor India, which debuted in October 2024 and currently holds the record for the country’s largest IPO.
The listing is expected to mark a defining moment for India’s capital markets, bringing one of the nation’s most influential financial institutions into the public market after years of anticipation.
SpaceX IPO Showed How Listings Can Create Massive Wealth
The potential wealth creation from the NSE IPO comes at a time when global markets have witnessed similar examples on an even larger scale.
Earlier this month, SpaceX completed a record-breaking $75 billion initial public offering. The listing pushed the company’s market capitalisation to about $2.1 trillion on its first day of trading and made Elon Musk the world’s first trillionaire.
The offering also generated enormous gains for other stakeholders. SpaceX Chief Financial Officer Bret Johnsen became a billionaire after the listing, with the value of his stake rising to more than $1.4 billion, according to multiple financial reports. The event highlighted how major public listings can rapidly create wealth for founders, executives and long-term investors alike.
