NSE IPO Listing Brings Big Investor Stakes Into Focus Ahead Of September 24 Debut
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NSE’s September 24 listing will bring its long-standing shareholder base into the public market, with prominent investors holding stakes worth thousands of crores at the ₹1,785 IPO price. The exchange’s offer-for-sale structure, strong subscription and ₹4.42 lakh crore valuation add to the significance of its market debut.
The National Stock Exchange’s much-awaited listing is set to put a market value on stakes held by a group of prominent investors, family offices and institutions that have remained shareholders through the exchange’s long journey towards the public markets.
At the IPO’s upper price of ₹1,785 a share, a group of marquee investors including Premji Invest, Radhakishan Damani, 360 ONE, Tiger Global and Catamaran holds stakes worth about ₹25,900 crore, based on their disclosed shareholdings. The broader set of holdings covered in the analysis is valued at around ₹29,400 crore.
NSE shares are scheduled to list on the BSE on September 24, following an IPO that raised ₹22,561 crore through an offer for sale.
NSE IPO Shareholding And Investor Stakes
Premji Invest has the largest holding among the prominent private investors covered. Its PI Opportunities Fund I owns 5.82 crore NSE shares. At ₹1,785 apiece, the stake is worth about ₹10,232 crore.
DMart founder Radhakishan Damani holds 3.9 crore shares, giving his stake a value of nearly ₹6,856 crore at the IPO price.
Investment firm 360 ONE holds around 4 crore NSE shares across its investment vehicles, valued at about ₹7,139 crore. Tiger Global owns around 56 lakh shares, worth close to ₹1,000 crore.
Catamaran, the investment firm associated with Infosys co-founder N R Narayana Murthy, owns around 38.5 lakh shares. At the IPO price, the holding is worth about ₹687 crore.
Other well-known names on the shareholder list include Hero Enterprise chairman Sunil Kant Munjal, Infosys co-founder Kris Gopalakrishnan, investor Dolly Khanna, Raamdeo Agrawal and Motilal Oswal.
Munjal holds around 1.02 crore shares, worth approximately ₹1,821 crore at ₹1,785, while Gopalakrishnan's 94.29 lakh shares are valued at about ₹1,683 crore.
The shareholder structure also shows that not all investors are taking the same route into the listing. Some are selling shares through the IPO, while others are retaining their holdings and entering the listed phase with their existing stakes.
The NSE issue is entirely an offer for sale, meaning the exchange itself will not receive the IPO proceeds. Existing shareholders are selling up to 12.64 crore shares, with the proceeds going to the selling investors.
Among the larger shareholders, Temasek-owned Aranda Investments is selling part of its holding but will retain around 10.12 crore NSE shares. At the IPO price, that remaining stake is worth roughly ₹18,064 crore. Mahagony is set to retain about 8.93 crore shares worth nearly ₹15,940 crore, while Crown Capital will retain around 4.55 crore shares valued at about ₹8,122 crore.
These holdings are separate from the roughly ₹29,400 crore tally of marquee investors who are not selling shares in the IPO.
The IPO itself has attracted strong demand. NSE received bids for 50.58 crore shares against 8.86 crore shares on offer, taking total subscription to 5.71 times. The qualified institutional buyer portion was subscribed 12.68 times, while the non-institutional and retail portions were subscribed 6.55 times and 1.39 times, respectively.
At ₹1,785 a share, NSE is seeking a valuation of around ₹4.42 lakh crore. The valuation gives investors a direct market price for India's largest exchange, which has a 93% share of the cash equity market and nearly 75% of the options market, according to figures for the quarter ended June 2026.
The listing is also the end of a long wait. NSE first filed its IPO papers in 2016, but the process was delayed by regulatory proceedings. The exchange received a Sebi no-objection certificate in January 2026 and completed a ₹1,491 crore settlement with the regulator in July, clearing major hurdles to the listing.
With the shares set to begin trading on September 24, the focus will now shift from the IPO subscription to the valuation NSE commands in the public market. For its long-standing shareholders, the listing will also provide a listed reference price for stakes that were previously held in an unlisted company.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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