NSE IPO may unlock mega gains for billionaire investors RK Damani, Premji
NSE’s latest quarterly shareholding data showed PI Opportunities Fund I, an Alternative Investment Fund (AIF) backed by Premji Invest, among NSE’s top shareholders.
- Feb 7, 2026,
- Updated Feb 7, 2026 5:21 PM IST
The National Stock Exchange of India board’s approval to proceed with its proposed initial public offering through an offer for sale by existing shareholders has set the stage for the potential unlocking of over Rs 20,000 crore in value for billionaire investors, including Radhakishan Shivkishan Damani and Azim Premji.
NSE’s latest quarterly shareholding data showed PI Opportunities Fund-I among NSE’s top shareholders. The fund held 5,98,00,000 shares, or a 2.38 per cent stake, in the largest stock exchange as of December 31, 2025. At the unlisted market price of Rs 2,080-2,100 per share, this stake was valued at about Rs 12,438-12,558 crore.
PI Opportunities Fund I is an affiliate of Premji Invest, the private equity and venture capital investment arm that supports the philanthropic initiatives of the Premji Foundation, which is ultimately controlled by Azim Premji.
RK Damani, promoter of Avenue Supermarts and an investor in several listed companies, also owned 3,90,84,400 shares (after a 4:1 bonus), or a 1.58 per cent stake in NSE as of December 31, 2025. This stake was valued at Rs 8,130-8,207 crore, based on unlisted market quotes.
As per the Bloomberg Billionaires Index, Damani was worth $16.9 billion, while Azim Premji’s personal wealth stood at $24.7 billion.
Damani's name was first seen among NSE shareholders in December 2020. Premji Invest is said to have made NSE investments in 2008, as per some reports. Business Today could not independently verify it.
NSE’s prevailing unlisted price implied a valuation of about Rs 5.1-5.2 lakh crore, an analyst at InCred Money said.
“NSE might come with an IPO in 7-8 months, with draft papers filed in about three months and a SEBI approval in the next 3-5 months. It would probably be the biggest IPO of the year after Reliance Jio Platforms, if they also come for listing in 2026,” the InCred Money analyst said.
The NSE board recently approved the reconstitution of the IPO Committee, which will act as the central body overseeing the listing process. The committee will handle key IPO-related matters, including finalising listing procedures and guiding the appointment of merchant bankers and legal advisors for drafting the Draft Red Herring Prospectus. The reconstituted committee is chaired by Tablesh Pandey and includes public interest directors Srinivas Injeti, Prof. Mamata Biswal, Justice (Retd.) Abhilasha Kumari, Prof. G. Sivakumar, and NSE Managing Director and CEO Ashishkumar Chauhan.
Life Insurance Corporation of India remained NSE’s largest shareholder with a 10.72 per cent stake, followed by Aranda Investments Mauritius Pte Ltd with 4.54 per cent, Stock Holding Corporation of India Ltd with 4.44 per cent, SBI Capital Markets Limited with 4.33 per cent, and Veracity Investments Limited with 3.93 per cent.
The National Stock Exchange of India board’s approval to proceed with its proposed initial public offering through an offer for sale by existing shareholders has set the stage for the potential unlocking of over Rs 20,000 crore in value for billionaire investors, including Radhakishan Shivkishan Damani and Azim Premji.
NSE’s latest quarterly shareholding data showed PI Opportunities Fund-I among NSE’s top shareholders. The fund held 5,98,00,000 shares, or a 2.38 per cent stake, in the largest stock exchange as of December 31, 2025. At the unlisted market price of Rs 2,080-2,100 per share, this stake was valued at about Rs 12,438-12,558 crore.
PI Opportunities Fund I is an affiliate of Premji Invest, the private equity and venture capital investment arm that supports the philanthropic initiatives of the Premji Foundation, which is ultimately controlled by Azim Premji.
RK Damani, promoter of Avenue Supermarts and an investor in several listed companies, also owned 3,90,84,400 shares (after a 4:1 bonus), or a 1.58 per cent stake in NSE as of December 31, 2025. This stake was valued at Rs 8,130-8,207 crore, based on unlisted market quotes.
As per the Bloomberg Billionaires Index, Damani was worth $16.9 billion, while Azim Premji’s personal wealth stood at $24.7 billion.
Damani's name was first seen among NSE shareholders in December 2020. Premji Invest is said to have made NSE investments in 2008, as per some reports. Business Today could not independently verify it.
NSE’s prevailing unlisted price implied a valuation of about Rs 5.1-5.2 lakh crore, an analyst at InCred Money said.
“NSE might come with an IPO in 7-8 months, with draft papers filed in about three months and a SEBI approval in the next 3-5 months. It would probably be the biggest IPO of the year after Reliance Jio Platforms, if they also come for listing in 2026,” the InCred Money analyst said.
The NSE board recently approved the reconstitution of the IPO Committee, which will act as the central body overseeing the listing process. The committee will handle key IPO-related matters, including finalising listing procedures and guiding the appointment of merchant bankers and legal advisors for drafting the Draft Red Herring Prospectus. The reconstituted committee is chaired by Tablesh Pandey and includes public interest directors Srinivas Injeti, Prof. Mamata Biswal, Justice (Retd.) Abhilasha Kumari, Prof. G. Sivakumar, and NSE Managing Director and CEO Ashishkumar Chauhan.
Life Insurance Corporation of India remained NSE’s largest shareholder with a 10.72 per cent stake, followed by Aranda Investments Mauritius Pte Ltd with 4.54 per cent, Stock Holding Corporation of India Ltd with 4.44 per cent, SBI Capital Markets Limited with 4.33 per cent, and Veracity Investments Limited with 3.93 per cent.