NSE IPO Puts Premji’s Stake Above $1 Billion as Damani Eyes Windfall

Q: Why are India's top billionaires refusing to sell their shares in the NSE's long-awaited blockbuster IPO?

India’s top billionaires appear to be holding on because they see the NSE as a rare long-term asset, not just an IPO exit opportunity. Neither Azim Premji nor Radhakishan Damani has publicly given a detailed reason, but the structure of the deal and the exchange’s fundamentals point to the logic. The IPO is entirely an offer for sale, meaning existing investors can cash out, yet several prominent holders — including Premji, Damani and LIC — are choosing not to. That usually signals confidence that the shares could be worth more after listing than at the IPO itself. That confidence is backed by NSE’s market position. It remains India’s dominant exchange, with about 93% of the cash market and nearly all equity futures trading. It also reported strong financials, including more than ₹10,000 crore in net profit for fiscal 2026. For investors who bought in years ago, this is a high-quality, cash-generating franchise with significant strategic value. The timing also matters. NSE’s listing has been delayed for nearly a decade by regulatory issues, especially the co-location case. With those hurdles now close to resolution, some shareholders may believe the IPO marks the start of a re-rating rather than the best moment to sell. In short, the refusal to sell looks less like hesitation and more like conviction: these investors seem to expect further upside from owning a stake in India’s most powerful exchange after it becomes public.

1 articles · Updated · Bloomberg · Jun 19

$1 billion is the threshold Azim Premji’s National Stock Exchange stake is set to cross after the bourse filed for an IPO this week, with Radhakishan Damani also in line for a large paper gain.
The windfall stems from both men being among the biggest holders in the National Stock Exchange of India Ltd., whose listing would crystallize the value of their long-held stakes.
Neither billionaire has indicated plans to sell shares, suggesting the immediate impact is a sharp increase in paper wealth rather than a cash exit.
The filing puts a spotlight on how the exchange’s public debut could further enrich some of India’s wealthiest investors.