NSE IPO: List of Famous Investors and Institutions Holding NSE Shares

7 Sep 2026 , 07:45 PM

The proposed National Stock Exchange (NSE) IPO could create a significant opportunity for five public sector insurance companies, which may collectively realise gains of around ₹7,200 crore from the share sale. The five state-run insurers collectively hold around 16.5 crore shares of NSE and are expected to sell approximately 4 crore shares through the upcoming IPO. The stake sale could provide these insurers with additional funds and potentially strengthen their financial position and solvency.

Five Public Sector Insurers to Sell NSE Shares

Among the five insurers, General Insurance Corporation of India (GIC) is expected to sell around 1.07 crore NSE shares through the IPO. New India Assurance may sell approximately 1.04 crore shares. Meanwhile, National Insurance Company, United India Insurance Company and Oriental Insurance Company are expected to sell around 60 lakh, 60 lakh and 50 lakh NSE shares, respectively.

The expected share sale is as follows:

Insurance Company	Expected NSE Shares to be Sold
GIC	1.07 crore
New India Assurance	1.04 crore
National Insurance	60 lakh
United India Insurance	60 lakh
Oriental Insurance	50 lakh
Total	Around 4 crore

NSE IPO Could Strengthen Insurers’ Financial Position

The NSE IPO could offer an important liquidity opportunity for state-run insurers. Monetising a portion of their NSE holdings could provide additional capital that may support their balance sheets and solvency positions.

National Insurance, United India Insurance and Oriental Insurance together hold around 9 crore NSE shares. Following the proposed IPO share sale, these three insurers could retain approximately 7.3 crore NSE shares.

The estimated value of their retained holdings could be worth around ₹13,100 crore.

LIC Not Participating in NSE IPO

Life Insurance Corporation of India (LIC), NSE’s largest shareholder, is not expected to participate in the offer.

LIC holds around 26.53 crore NSE shares, representing approximately 10.72% of the exchange. Since LIC is not selling shares in the IPO, it will retain its existing stake following the offer.

The decision is significant given LIC’s position as one of NSE’s largest shareholders.

ICICI Lombard to Sell NSE Shares

Private-sector insurer ICICI Lombard is also expected to participate in the NSE IPO. The company plans to sell around 23.5 lakh NSE shares and could potentially realise a gain of approximately ₹383 crore, based on the assumed valuation. The participation of both public-sector and private-sector insurers highlights the potential value created by their long-standing investments in NSE.

Famous Investors Holding NSE Shares

Apart from institutional shareholders and insurance companies, several prominent Indian investors also hold shares in NSE. These include well-known names such as Radhakishan Damani, Sunil Kant Munjal, Kris Gopalakrishnan, Siddharth Balachandran, Dolly Khanna and Raamdeo Agrawal.

Among the investors listed below, Radhakishan Damani has the largest holding at around 3.908 crore NSE shares, representing approximately 1.58% stake. His holding is believed to be valued at around ₹7,035 crore. Sunil Kant Munjal holds around 1.02 crore NSE shares, while S. Gopalakrishnan, popularly known as Kris Gopalakrishnan, holds approximately 94.29 lakh shares.

The estimated value of the holdings at different potential NSE IPO prices is given below:

Investor	Shares Held	Stake	Value @ ₹1,800	Value @ ₹2,000	Value @ ₹2,300
Radhakishan Damani	3.908 crore	1.58%	₹7,035 cr	₹7,817 cr	₹8,989 cr
Sunil Kant Munjal	1.020 crore	0.41%	₹1,836 cr	₹2,040 cr	₹2,346 cr
S. Gopalakrishnan (Kris Gopalakrishnan)	94.29 lakh	0.38%	₹1,697 cr	₹1,886 cr	₹2,168 cr
Siddharth Balachandran	81.00 lakh	0.33%	₹1,458 cr	₹1,620 cr	₹1,863 cr
Vanaja Sundar Iyer	44.00 lakh	0.18%	₹792 cr	₹880 cr	₹1,012 cr
Siddharth Iyer	37.03 lakh	0.15%	₹667 cr	₹741 cr	₹851 cr
Lata Bhanshali	34.82 lakh	0.14%	₹627 cr	₹696 cr	₹801 cr
Bharat Taparia	30.50 lakh	0.12%	₹549 cr	₹610 cr	₹701 cr
Dolly Khanna	15.16 lakh	0.06%	₹273 cr	₹303 cr	₹349 cr
Raamdeo Agrawal	10.00 lakh	0.04%	₹180 cr	₹200 cr	₹230 cr

Note: The values above are indicative calculations based on the shareholdings. They do not represent guaranteed IPO proceeds or listing values.

Radhakishan Damani Among Top Individual Investors

Radhakishan Damani stands out among the prominent individual investors holding NSE shares, with approximately 3.908 crore shares. The holding is estimated to be worth ₹7,035 crore.

At an implied NSE share of ₹2,000, the holding would be worth approximately ₹7,817 crore. At ₹2,300, the value could reach around ₹8,989 crore.

Kris Gopalakrishnan, Sunil Kant Munjal and Siddharth Balachandran are also among the prominent investors with significant NSE holdings, with their stakes potentially translating into holdings worth more than ₹1,400 crore.

NSE IPO to Be Entirely an Offer for Sale

The upcoming NSE IPO is expected to be entirely an Offer for Sale (OFS).

The issue could comprise up to 14.89 crore shares, representing nearly 6% of NSE’s paid-up capital.

Importantly, there will be no fresh issue of shares. This means NSE itself will not receive any proceeds from the IPO. Instead, the money raised through the public offering will go to the existing shareholders selling their shares.

SBI Group is expected to be the largest selling shareholder, with the group likely to offer up to 2.475 crore NSE shares through the IPO.

NSE IPO GMP Reaches ₹285

The NSE IPO has also generated strong interest in the grey market. The NSE IPO grey market premium (GMP) has reportedly reached ₹285 per share even before the stock exchange comes out with official numbers on price bands and even the subscription dates.

The GMP is an unofficial indicator of market sentiment towards an IPO and should not be considered a guaranteed listing gain or an official price indicator.

NSE IPO Listing Expected in September

The NSE IPO is expected to be one of the most closely watched public offerings in India’s capital markets. According to Reuters reports, NSE is targeting a stock market listing in the third week of September 2026.

The proposed listing would mark a major milestone for the exchange after years of anticipation around its public-market debut. Investors and market participants are closely tracking developments around the NSE IPO price, valuation, issue size, shareholding pattern, GMP and expected listing date.

NSE IPO: Key Takeaways

The five public-sector insurers collectively hold around 16.5 crore NSE shares and could sell approximately 4 crore shares through the IPO. GIC and New India Assurance are expected to be the largest sellers among the five public-sector insurers. National Insurance, United India Insurance and Oriental Insurance could retain a sizeable NSE stake worth around ₹13,100 crore.

Meanwhile, LIC is not participating in the offer despite being NSE’s largest shareholder with a 10.72% stake.

Several prominent individual investors, including Radhakishan Damani, Sunil Kant Munjal and Kris Gopalakrishnan, also hold sizeable NSE stakes.

With the IPO expected to be entirely an OFS of up to 14.89 crore shares, a reported GMP of ₹285 and the NSE listing targeted for the third week of September 2026, the NSE IPO is likely to remain a key focus for investors and India’s capital markets.

Disclaimer – The stock/s and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. The price band, issue size, offer details, listing date and other key details of the NSE IPO have not yet been officially announced by the National Stock Exchange of India (NSE). The figures, valuations, expected share sales, grey market premium (GMP) and other information mentioned in this article are based on media reports, market sources and other publicly available information and are subject to change. Investors should not rely solely on such reported information while making investment decisions.