The National Stock Exchange (NSE) filings its DRHP late Wednesday evening has put the spotlight on some of its. Not only is it expected to be one of India’s biggest IPOs but also lead to unlocking value for many top investors. Several well-known market veterans, industrialists and business leaders who hold shares in the exchange stand to see the value of their investments unlocked.
From DMart founder Radhakishan Damani to Hero Group’s Sunil Kant Munjal, and technology industry veteran S. Gopalakrishnan, let’s take a look at the marquee shareholder list. This list offers a glimpse into the influential individuals who have backed the exchange over the years.
NSE’s IPO puts spotlight on its shareholder roster
As per the Draft Red Herring Prospectus (DRHP) filed by NSE with the market regulator SEBI, it reveals a diverse ownership structure that combines large domestic institutions, global investors and prominent individual shareholders.
Although most attention has focused on institutional investors such as LIC and SBI, several individual shareholders also hold stakes that could be worth hundreds of crores at the time of listing.
The exchange has grown from a market infrastructure institution into one of India’s most profitable financial platforms.
As a result, even relatively small percentage holdings have translated into sizeable investments.
Radhakishan Damani remains among the largest individual shareholders
Among the best-known names on NSE’s shareholder register is Radhakishan Damani.
The investor, who founded Avenue Supermarts, holds 3.91 crore equity shares in NSE. This represents 1.58% of the company’s pre-offer share capital.
Notably, Damani is not participating in the current Offer for Sale (OFS). That means his entire stake will remain intact after the IPO process. This allows him to continue benefiting from any future appreciation in the stock.
His shareholding has remained unchanged in percentage terms over the last two years. Following NSE’s 4:1 bonus issue in 2024, his share count increased substantially while maintaining the same ownership percentage.
Key individual shareholders in NSE
| Shareholder | Shares Held | Stake (%) |
| Radhakishan Shivkishan Damani | 39,084,400 | 1.58% |
| Sunil Kant Munjal | 10,202,500 | 0.41% |
| S. Gopalakrishnan | 4,000,000 | 0.16% |
| Ignatius Navil Noronha | 3,000,000 | 0.12% |
| Lata Bhanshali | 3,481,500 | 0.14% |
| Dolly Khanna | 1,516,250 | 0.06% |
| Jignesh Vijay Shah | 1,047,000 | 0.04% |
| Raamdeo Ramgopal Agrawal | 800,000 | 0.03% |
| Motilal Gopilal Oswal | 800,000 | 0.03% |
Institutions continue to dominate ownership
Apart from the marquee individual investors, NSE’s ownership remains largely institutional. The largest shareholder is LIC with a 10.72% stake, followed by several domestic and international investors.
These institutions have played a major role in shaping NSE’s capital structure over the years and many are participating in the IPO through the Offer for Sale route.
NSE’s top shareholders before the IPO
| Shareholder | Stake (%) |
| LIC | 10.72 |
| Aranda Investments (Temasek affiliate) | 4.54 |
| Stock Holding Corporation of India | 4.44 |
| SBI Capital Markets | 4.33 |
| Mahagony Limited | 3.73 |
| State Bank of India | 3.23 |
| PI Opportunities Fund I | 2.35 |
| Crown Capital | 2.07 |
| DVI Fund (Mauritius) | 1.83 |
| TIMF Holdings | 1.75 |
A small group of individuals is selling shares
Unlike large institutional shareholders that are offloading significant quantities of shares, only a handful of individual investors are participating in the OFS.
The DRHP shows that Amit Kumar Lohia plans to sell up to 25,000 shares, Rajiv Bolla up to 7,500 shares, Shaik Samdani Basha up to 1,000 shares and Mahesh Gupta up to 500 shares. Their sale represents only a tiny fraction of the total issue size.
Even Be-In Eight S.r.l., a corporate shareholder, is offering just 2.62 lakh shares through the IPO.
More than an IPO, a wealth-unlocking event
For years, NSE shares have largely been traded in the unlisted market, with investors waiting for regulatory clearance and the eventual public listing.
Yatin Singh, CEO, Investment Banking – Emkay Global Financial services, “The NSE IPO has the potential to be one of the most significant listings in India’s capital markets history. Beyond its size, it would offer investors exposure to the core infrastructure underpinning India’s financialization journey—a trend that has seen millions of new investors enter the market, mutual fund assets scale rapidly, and equity markets emerge as a key avenue for household wealth creation.”
“From a market perspective, the listing would enhance transparency and create a market-driven benchmark for valuing exchange businesses in India. More importantly, it would reflect the growing scale, sophistication and global relevance of Indian capital markets as they continue to attract both domestic and international capital,” he added.
The IPO now provides a formal route for price discovery and broader participation.
You can track full coverage on the NSE IPO here. Stay tuned to financialexpress.com for the latest on the NSE IPO.
Disclaimer: The investment views, shareholding details, and corporate data mentioned in this article are derived from official public filings and are for informational purposes only. This content does not constitute financial advice, an endorsement, or an offer or solicitation to buy, sell, or subscribe to any public offering or security. Financial markets carry inherent risks, and readers are strongly advised to conduct their own independent research and consult a SEBI-registered financial advisor before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.
