NSE Shares Rise On Listing; Radhakishan Damani, Raamdeo Agrawal And Other Investors’ Stakes Gain Value

NSE shares made a muted debut on September 24, listing at ₹1,800 on the BSE, just 0.84% above the IPO price of ₹1,785. The stock, however, gained ground soon after listing and climbed to ₹1,878, lifting the value of stakes held by several prominent investors who retained their shares through the public offering.

Radhakishan Damani, Raamdeo Agrawal, Dolly Khanna and Motilal Oswal were among the investors who retained their NSE shares instead of participating in the offer for sale. As the stock moved above the IPO price, the market value of their disclosed holdings rose accordingly.

Damani holds 3.91 crore NSE shares, representing about 1.58% of the exchange. At the day's high of ₹1,878, his holding was valued at roughly ₹7,340 crore, compared with about ₹6,980 crore at the IPO price of ₹1,785.

NSE shares gain after muted debut

The NSE IPO was entirely an offer for sale by existing shareholders, with 12.64 crore shares offered at a price band of ₹1,700-₹1,785 apiece. The issue was subscribed 5.71 times, with the upper end of the price band fixed at ₹1,785.

The stock opened at ₹1,800 on the BSE and initially saw a relatively limited premium over the issue price. It subsequently moved higher, touching ₹1,878 during the session, or about 5.2% above the IPO price. NSE shares later closed at ₹1,818, according to the listing-day data.

The move was significant for existing shareholders because the IPO gave the previously unlisted exchange a publicly traded market value. Investors who retained their holdings could therefore see the value of their stakes move directly with the NSE share price after listing.

Damani, Dolly Khanna and other investors

Damani was among the most prominent individual shareholders to stay out of the OFS. His 3.91 crore shares were worth about ₹7,340 crore at ₹1,878, compared with roughly ₹6,980 crore at the IPO price.

Dolly Khanna held 15.16 lakh NSE shares, or about 0.06% of the exchange. At ₹1,878, her holding was valued at nearly ₹285 crore. Raamdeo Agrawal and Motilal Oswal each held 8 lakh shares, with the value of each stake reaching about ₹150 crore at the day's high.

Other prominent shareholders also saw their holdings gain value as NSE shares moved above the issue price. Premji Invest-managed PI Opportunities Fund held 5.82 crore shares, while Catamaran Ventures, linked to Infosys co-founder N R Narayana Murthy, held 38.46 lakh shares.

Sunil Kant Munjal of Hero Enterprise held 1.02 crore NSE shares, while Infosys co-founder S Gopalakrishnan owned 94.29 lakh shares, according to shareholder data reported after the listing. Their holdings were valued at around ₹1,916 crore and ₹1,771 crore, respectively, at the ₹1,878 intraday high.

What NSE listing means for these holdings

The listing has effectively put a live market value on stakes that investors had held in NSE before it became publicly traded. The value of these holdings will now rise or fall with the exchange's share price rather than being based on an IPO valuation or an earlier transaction price.

For Damani, the scale of the holding means even a relatively small move in NSE shares can translate into a sizeable change in the value of his stake. At 3.91 crore shares, every ₹10 move in the NSE share price changes the notional value of his holding by about ₹39 crore.

The same calculation applies to other investors who retained their shares. However, the increase in stake value based on the listing-day price represents a change in market value and should not be treated as a realised gain unless the shares are actually sold.

NSE's listing therefore brought not only the exchange itself into the public market but also the holdings of its long-standing shareholders into sharper focus, with the first session providing the first real-time valuation of these stakes.

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