State Bank of India’s early investment in the National Stock Exchange has become a historic success. The bank had acquired shares at only ₹0.80 each. In the upcoming IPO, priced between ₹1700 and ₹1785 per share, SBI is offering 1.60 crore shares. This sale could fetch nearly ₹2850 crore, giving an extraordinary return of 2,23,025%.
Other institutions are also set for massive gains. New India Assurance, with a cost of ₹0.32 per share, expects proceeds of ₹1874 crore, delivering a return of 5,57,713%. SBI Capital Markets, which bought shares at ₹0.38, will earn around ₹1567 crore, marking a return of 4,69,637%. Stock Holding Corporation of India, with a cost of ₹0.46, will secure ₹1104 crore, a return of 3,87,943%. United India Insurance will pocket ₹1071 crore with a return of 3,56,900%. Bank of Baroda too will earn ₹1373 crore with a return of 3,30,456%.
The IPO size is ₹22,562 crore, structured entirely as an offer for sale. Proceeds will go to selling shareholders, not NSE itself. SBI will still hold 63.88 million shares worth ₹11,400 crore at the upper band. Post issue, NSE’s market capitalisation is expected to reach ₹4.4 lakh crore.
This listing shows how early institutional bets on NSE have created unprecedented wealth in India’s capital markets.