This makes NSE his second-largest holding by value—right after Avenue Supermarts (DMart), the retail giant he founded. It places well ahead of other key positions in his portfolio, including Trent (Rs 2,788 crore) and VST Industries (Rs 1,560 crore), underscoring the sheer scale and significance of this financial infrastructure play in his investment arsenal.
This investment could add substantial momentum to Damani’s net worth as NSE prepares for a long-awaited listing — expected sometime in FY26, following SEBI’s green light for DRHP filing, potentially by July 2025.
A Rare Play in Financial Infrastructure
While Damani’s portfolio is best known for high-conviction bets in the retail sector — most notably his Rs 1.92 lakh crore stake in Avenue Supermarts (DMart) — his quiet bet on NSE reflects a broader investment strategy that includes high-value, low-noise assets in India’s financial backbone.
With a portfolio valued at over Rs 1.99 lakh crore across 12 publicly disclosed companies (as of March 2025), Damani’s stake in NSE stands out as potentially one of the most rewarding in the near future.
IPO Catalyst on the Horizon
The NSE’s IPO is expected to attract massive investor interest, given its strong financials, market dominance, and monopoly status in the cash equities segment. For Damani, the listing could unlock considerable value from a long-term, pre-IPO investment that has now come full circle.As the exchange resolves its regulatory hurdles — including legacy co-location and dark fiber issues — the IPO timeline is taking shape. Post SEBI’s no-objection certificate, the filing of the Draft Red Herring Prospectus (DRHP) and subsequent approval process is expected to stretch into late 2025, with a potential listing in Q4 FY26.
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