DMart founder Radhakishan Damani's Rs9,771-cr NSE stake awaits an IPO windfall
By Unnikrishnan | 05 Jul 2025
The initial public offer (IPO) of National Stock Exchange of India (NSE), which is expected by the end of the current financial year or early next financial year, could unlock value for investors like Radhakrishna Danani.
The NSE IPO, which is widely awaited by discerning investors, could give a big boost to NSE’s capital stock as well, says a report by Motilal Oswal.
Radhakishan Damani, the founder of Avenue Supermarts (DMart) grocery chain, holds a 2.3 per cent stake in NSE, valued at an estimated Rs 9,771 crore, based on the current private market price of Rs2,500 per share. The IPO could bring a windfall to Damani and other stake holders.
Damani first bought 1.58 per cent stake in NSE from Norwest Venture Partners, during the January–March 2020 quarter. Since then, Damani’s holdings in NSE have grown to 39 million shares, valued at about Rs9,771 crore.
This is also Damani’s second-largest stake holding, after his 23 per cent stake in DMart, which is worth over Rs2 lakh crore.
NSE’s IPO proposal has been facing regulatory heat over issues like co-location and dark fibre cases, which have now been cleared.
In fact, NSC has recently made a Rs1,388 crore settlement with market regulator Securities and Exchange Board of India (Sebi), which is expected to have cleared the regulatory hurdle for its IPO issue and subsequent public listing.
Ashishkumar Chauhan, MD & CEO of NSE is reported to have stated in an interview that NSE has applied for the Sebi NOC for an IPO and once it receives clearance, NSE will take 3–4 months to file a draft red herring prospectus (DRHP) and after Sebi review, a total of 8-9 months would be needed for the IPO issue.
