As the National Stock Exchange (NSE) moves closer to its long-awaited IPO, ace investor Radhakishan Damani’s early-stage investment in the bourse is delivering massive paper gains. His 1.58% stake—equivalent to 3.91 crore shares—is currently valued at around Rs 9,300 crore in the unlisted market, based on the latest grey market price of Rs 2,389 per share.This makes NSE Damani’s second-largest holding by value, trailing only Avenue Supermarts (DMart), the retail major he founded, and placing it ahead of other notable portfolio bets such as Trent (Rs 2,788 crore) and VST Industries (Rs 1,560 crore). While it remains unclear whether Damani plans to offload any of his NSE shares during the IPO, the listing is poised to become a significant catalyst for his overall net worth, according to an ET report.The NSE stake stands out in a portfolio best known for high-conviction plays in consumer-facing sectors. Damani’s core holding in DMart is currently valued at Rs 1.92 lakh crore. His investment in NSE reflects a broader strategic shift into financial infrastructure—low-noise, high-value assets with long-term tailwinds.As per data available for March 2025, Damani’s portfolio across 12 publicly disclosed companies stands at over Rs 1.99 lakh crore. The NSE holding, now nearing Rs 10,000 crore in value, could add a powerful new dimension to that tally once the exchange is listed.The NSE IPO is expected to attract strong investor interest, given the exchange’s dominant market share in cash equities, robust financials, and the resolution of key regulatory hurdles. The exchange received SEBI’s green light to file its Draft Red Herring Prospectus (DRHP), with a potential listing likely by the final quarter of FY26.While legacy issues such as co-location and dark-fibre access had delayed NSE’s IPO plans in the past, the resolution of these concerns has cleared the way for a formal listing process. Analysts expect strong demand for the issue, driven by the scarcity of listed plays in the financial infrastructure space.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)