State Bank of India (SBI) is expected to emerge as the biggest beneficiary in the National Stock Exchange (NSE) initial public offering, as it prepares to sell 2.47 crore shares.
Based on current unlisted market valuations, the stake sale could generate nearly ₹4,950 crore for the bank.
A key highlight of SBI’s investment is its extraordinarily low weighted average acquisition cost of just 80 paise per share, reflecting decades of value creation by NSE and the compounding effect of corporate actions over time.
This makes SBI’s exit-or partial exit-one of the most lucrative institutional investments in Indian capital markets.
Other major global investors are also set to gain significantly. Mauritius-based MS Strategic is expected to earn around ₹3,200 crore from its planned divestment of 1.6 crore shares.
Canadian pension fund CPPIB could realise approximately ₹2,375 crore, while Aranda Investments is projected to monetise about ₹2,250 crore from its stake sale.
Several domestic institutions that were early backers of NSE are also positioned for strong gains.
Bank of Baroda and Stock Holding Corporation of India, both of which acquired shares at less than ₹1 per share, are expected to unlock more than ₹2,100 crore each through the IPO process.
Public sector insurance companies are also among the major winners. General Insurance Corporation of India (GIC Re) and New India Assurance are likely to realise over ₹2,100 crore each, while National Insurance Company and United India Insurance are expected to generate around ₹1,200 crore apiece from their holdings.
In total, the top 10 selling shareholders are projected to collectively earn nearly ₹24,000 crore based on NSE’s current unlisted valuation of around ₹5 lakh crore.
The scale of returns highlights one of the most successful long-term value creation stories in India’s financial sector.
However, not all major investors are exiting. Life Insurance Corporation of India (LIC), which holds a 10.72% stake in NSE, has opted not to participate in the offer-for-sale, signalling continued confidence in the exchange’s long-term growth prospects.