Radhakishan Damani's Rs 9,300 Crore Jackpot? NSE IPO May Unlock Massive Gains
This holding now ranks as Damani's second-largest investment by value, behind only Avenue Supermarts (DMart)
NSE IPO: Ace investor Radhakishan Shivkishan Damani — widely regarded as one of India's sharpest market minds — is poised to gain significantly from his strategic investment in the National Stock Exchange (NSE), which is edging closer to its long-awaited IPO. As per recent shareholding disclosures, Damani holds a 1.58% stake in NSE, translating to 3.91 crore shares. At the prevailing unlisted market price of Rs 2,389 per share, the value of his stake stands at a staggering Rs 9,300 crore. It's important to highlight that it is still unclear whether Damani intends to sell any part of his stake in the forthcoming IPO.
This holding now ranks as Damani's second-largest investment by value, behind only Avenue Supermarts (DMart), the retail powerhouse he founded. It comfortably eclipses other major holdings in his portfolio, such as Trent (Rs 2,788 crore) and VST Industries (Rs 1,560 crore), highlighting the importance of NSE in his broader investment strategy.
While Damani is best known for his high-conviction investments in the retail space — particularly his Rs 1.92 lakh crore stake in DMart — his relatively low-profile bet on NSE underscores a long-term vision aligned with India's evolving financial ecosystem. With an overall portfolio of over Rs 1.99 lakh crore across 12 listed companies (as of March 2025), NSE stands out as one of the few financial infrastructure plays in his holdings — and potentially among the most rewarding.
The NSE IPO, expected to launch in FY26, could significantly boost Damani's net worth. The listing process is expected to gain momentum following SEBI's anticipated nod to the DRHP, possibly by July 2025. The exchange has also submitted two settlement applications to resolve pending co-location and dark fibre cases, a step that could remove regulatory roadblocks and pave the way for its public debut.
During NSE's Q4 earnings call on May 7, MD & CEO Ashishkumar Chauhan confirmed that the exchange had responded to SEBI's February 28 letter and formally applied for the No Objection Certificate (NOC) required to move ahead with the IPO.
The NSE's IPO is likely to see overwhelming investor interest, driven by its market dominance, strong financials, and monopoly status in the cash equities segment. While the issue structure will only become clear post-DRHP, the March 2025 shareholding pattern already shows significant participation from marquee institutions like SBI, LIC, GIC Re, and New India Assurance.
As the IPO approaches, all eyes will be on whether Damani chooses to offload a portion of his Rs 9,300 crore holding or stays the course with what could be one of the most lucrative investments in his legendary portfolio.
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