NSE shares rise 5% on debut day: How much Radhakishan Damani, Raamdeo Agrawal & other ace investors’ stakes are now worth

NSE shares made a tepid market debut but soon gained up to 5% on Thursday, with brokerages remaining bullish on the stock’s long-term trajectory. Superstar investors such as Radhakishan Damani, Raamdeo Agrawal and Dolly Khanna, who skipped the stock exchange’s offer for sale, saw the value of their stakes rise following the listing-day rally.

Billionaire investor Radhakishan Damani holds 3.91 crore NSE shares, or a 1.58% stake in the stock exchange, according to the company’s IPO papers. At the upper end of the IPO price band of Rs 1,785 apiece, his stake was worth around Rs 6,980 crore. However, at today’s high of Rs 1,878, Damani’s stake would be worth more than Rs 7,340 crore.

Among the other names explicitly named alongside Damani who sat out the offering are small-cap stock picker Dolly Khanna, veteran value investors Raamdeo Agrawal and Motilal Oswal. Khanna holds 15.16 lakh shares (a 0.06% stake) worth about Rs 285 crore at today’s high, while Agrawal and Oswal each hold 8 lakh shares, a 0.03% stake, worth roughly Rs 150 crore each.


It cannot be ascertained whether these superstar investors have sold their shares at the day’s high, or continue to hold them. Meanwhile, brokerages remain bullish on NSE’s long term trajectory in the market.

Macquarie on NSE share price

Macquarie has initiated coverage on NSE shares with an 'Outperform' rating and a target price of Rs 1,965 apiece, implying 10% upside potential from the IPO price. The international brokerage described NSE as “The Dominator,” citing its leading market share and strong market position. It highlighted the stock exchange's full suite of services, technology and deep liquidity, which make it a key part of India’s financialization, calling it the “lynchpin” of India's financialization. Strong network effects, profitability, and cash generation further support the business.

Also read: NSE IPO Tracker: Catch all the highlights here

Strong network effects, profitability and cash generation further support the business, according to Macquarie, which expects platform expansion to drive revenue growth, while noting near-term pressure from CAS.

Emkay on NSE share price

Emkay Research initiated coverage on the shares of NSE with a 'Buy' call and a target price of Rs 2,050 apiece, implying 15% upside potential. The domestic brokerage’s positive view is underpinned by three factors. Firstly, it believes India’s capital market development and growth story has a long runway as wealth creation and financialization gain momentum in India. Secondly, it noted that NSE has demonstrated its resilient leadership position over decades across the business segments of capital markets, and the business model has enough levers to adjust amid changing regulatory and macroeconomic landscapes and deliver profitable growth.

Finally, the brokerage highlighted that strong profitability and cash generation by MIIs, such as stock exchanges, enabling them to globally command higher valuation multiples versus other capital market players that are more fragmented and susceptible to competition.

PL Capital on NSE share price

PL Capital initiated coverage on NSE shares with 'Accumulate' rating and a target price of Rs 1,950 apiece. The brokerage said the stock exchange dominates the exchange landscape with over 93% share in cash market and 100% in stock and index futures, supported by strong liquidity, robust technology and a comprehensive product suite.

Also Read: NSE shares get ‘The Dominator’ tag as Macquarie initiates coverage with Outperform

Market share in index options has declined to 65% so far in FY27 due to regulatory hurdles, and introduction of CAS and prop trading rules has impacted volumes further, PL Capital however noted. “While revenue grew at 25% CAGR in FY21- 26, we build a CAGR of 11% over FY26-29 due to shrinking share in index options. We expect EBITDA margin to recover to 76% by FY29 (vs. 71% in FY26) as one-offs get adjusted, in-line with PAT CAGR of 11%,” it added.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.