NSE IPO Shareholders List: Radhakishan Damani, Dolly Khanna, Sunil Munjal & Other Top Investors Hold Key Stake

The upcoming initial public offering (IPO) of the National Stock Exchange (NSE) is expected to be among the biggest listings in India's capital market history. With the exchange filing its Draft Red Herring Prospectus (DRHP), investor attention has now shifted beyond the IPO to the influential shareholders who could see the value of their long-held investments unlocked.

NSE IPO Shareholders List: From Radhakishan Damani to Dolly Khanna, India's Top Investors Hold Key Stakes

From billionaire investor and DMart founder Radhakishan Damani to Hero Group's Sunil Kant Munjal and Infosys co-founder S. Gopalakrishnan, NSE's shareholder base includes several of India's most well-known business leaders and market veterans who have backed the exchange over the years.

Radhakishan Damani Among Biggest Individual Shareholders in NSE IPO, Not Selling Stake

Radhakishan Damani remains one of the largest individual shareholders in NSE. The Avenue Supermarts founder owns around 3.91 crore equity shares in the exchange, representing a 1.58% stake before the IPO.

Importantly, Damani is not participating in the Offer for Sale (OFS) in the upcoming public issue. His decision to retain his entire stake suggests continued confidence in NSE's long-term growth prospects and allows him to benefit from any future appreciation after the exchange's listing.

His ownership percentage has remained unchanged over the last two years. Following NSE's 4:1 bonus issue in 2024, his total share count increased while his percentage ownership remained the same.

Full List of NSE's Star Individual Shareholders Before IPO

Apart from Damani, several other prominent investors also hold stakes in the exchange:

Sunil Kant Munjal holds 1.02 crore shares, representing a 0.41% stake.

S. Gopalakrishnan owns 40 lakh shares with a 0.16% stake.

Ignatius Navil Noronha holds 30 lakh shares, accounting for a 0.12% stake.

Lata Bhanshali owns 34.81 lakh shares, representing a 0.14% stake.

Dolly Khanna holds 15.16 lakh shares with a 0.06% stake.

Jignesh Vijay Shah owns 10.47 lakh shares, translating into a 0.04% stake.

Raamdeo Ramgopal Agrawal holds 8 lakh shares, equivalent to a 0.03% stake.

Motilal Gopilal Oswal also owns 8 lakh shares, representing a 0.03% stake.

The presence of these seasoned investors highlights the confidence several market participants have placed in NSE's growth story over the years.

LIC Leads NSE Shareholder List; Temasek-Linked Aranda, SBI and Others Hold Key Stakes

While individual investors attract significant market attention, institutional shareholders continue to dominate NSE's ownership structure.

The largest shareholder is Life Insurance Corporation of India (LIC), which holds a 10.72% stake in the exchange. Other major institutional investors include:

Aranda Investments, a Temasek affiliate, with a 4.54% stake.

Stock Holding Corporation of India, holding 4.44%.

SBI Capital Markets, with a 4.33% ownership.

Mahagony Limited, holding 3.73%.

State Bank of India (SBI), with a 3.23% stake.

PI Opportunities Fund I, holding 2.35%.

Crown Capital, with a 2.07% stake.

DVI Fund (Mauritius), holding 1.83%.

TIMF Holdings, with a 1.75% stake.

Who Is Selling Shares in NSE IPO? Amit Lohia, Rajiv Bolla and Others Feature in OFS List

Only a Handful of Shareholders Are Selling Shares Through OFS. Despite the large size of the IPO, only a few individual investors are participating in the Offer for Sale.

According to the DRHP, Amit Kumar Lohia plans to sell up to 25,000 shares, while Rajiv Bolla will offer up to 7,500 shares. Shaik Samdani Basha and Mahesh Gupta are selling up to 1,000 shares and 500 shares, respectively.

Among corporate investors, Be-In Eight S.r.l. is also participating in the OFS by offering around 2.62 lakh shares, which remains a relatively small portion of the overall issue.