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Derek Jeter's former mansion in Tampa sits empty and neglected, now in the hands of a cryptocurrency trust. Previously leased by Tom Brady, plans for its demolition were drawn but have lapsed without execution. The future of this luxurious waterfront property remains uncertain, as new permits have yet to be authorized, leaving it as a mystifying relic of the past. View More
Derek Jeter's former mansion in Tampa sits empty and neglected, now in the hands of a cryptocurrency trust. Previously leased by Tom Brady, plans for its demolition were drawn but have lapsed without execution. The future of this luxurious waterfront property remains uncertain, as new permits have yet to be authorized, leaving it as a mystifying relic of the past. View More
One property but two Wills by a woman. Amid a property dispute with her younger sister, here's why the Punjab and Haryana High Court upheld the second Will. View More
NLMC will hold investor roadshows in Visakhapatnam, Vijayawada, and Hyderabad next week to drive the October e-auction of 459 RINL land parcels. View More
Mauritius-based Soach Global is set to make nearly 25 times returns on its decade-old NSE investment, with its 82.5 lakh shares now valued at up to Rs 1,472 crore at the IPO price band. The fund is selling 16.5 lakh shares, while retaining 66 lakh shares as a long-term investment. View More
Soach Global is set to make nearly 25 times return from a partial exit in the National Stock Exchange IPO, turning a decade-old investment of Rs 59.25 crore into a much larger payday. Soach Global Strategic Holdings, Mauritius, a wholly owned subsidiary of Soach Global Opportunities Fund , is selling 16.5 lakh NSE shares through the exchange’s offer for sale. The NSE IPO opened for subscription today. The fund had bought 1.5 lakh NSE equity shares from Industrial Finance Corporation of India in January 2016 at Rs 3,950 per share, for a total investment of Rs 59.25 crore. Over the next 10 years, the holding increased to 82.5 lakh shares through corporate actions, without any further investment. After adjusting for these corporate actions, the fund’s average acquisition cost works out to Rs 71.8 per share. At the NSE IPO price band of Rs 1,700-1,785 per share, Soach Global’s sale of 16.5 lakh shares is valued at about Rs 280-295 crore. This is almost five times its original investment, even though the fund is selling only 20% of its holding. The remaining 80% stake, or 66 lakh shares, will continue to be held as a long-term investment. At the IPO price band, this residual holding is valued at about Rs 1,120-1,180 crore. The numbers show how sharply NSE’s value has compounded for some early investors. Soach Global’s adjusted cost of Rs 71.8 per share is far below the IPO price band, making the partial exit a major liquidity event for the fund. Live Events Anubhav Dayal, Founder and Director of Soach Global Opportunities Fund, said the fund is selling only a part of its stake because it wants retail investors to get a chance to own NSE. "Bharat is a fast-growing economy with a large number of growth-aspiring youngsters who are quickly learning the risks and rewards of participating in capital markets. We are participating in the offer for sale and selling a partial stake of what we own because we would like to see a large number of the mass retail population hold some stake of NSE," Dayal said. Also Read: $46 billion IPO: NSE is the world’s most expensive stock exchange. Can it also become the most valuable? He added that retail investors buying small stakes in NSE, directly or indirectly through mutual funds, could benefit from the exchange’s growth in the same way Soach Global has benefited from buying the stock more than 10 years ago. Dayal pointed out that only about 130 million people are registered investors on the NSE, out of India’s 1.4 billion population, highlighting the larger opportunity. The fund compared NSE shares with long-held family gold, saying the exchange could be treated as a long-term asset because of its role in India’s capital market infrastructure. "In our country, we have a culture of buying gold at a festival or for a ceremony. Gold, once purchased by a family, is held for a long time, even generations. It is sold only when in desperate need of money. Retail buyers can compare shares of NSE with buying gold," Dayal said. Dayal said NSE is a multi-asset trading platform with a large fixed-cost base and scope to grow revenue as India adds more tradable products. He cited equities, commodities, electricity futures, bond index futures and coal as examples of products that can add to revenues over time. Also read: NSE IPO Tracker: Catch all the highlights here The NSE IPO is entirely an offer for sale, meaning the exchange will not receive fresh capital from the issue. Existing shareholders are selling part of their holdings to public investors. Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and 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. 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Rentomojo’s stock market debut has turned into a major windfall for early investors, with Nazara Technologies founder Nitish Mittersain set to clock a 152X return on his investment based on the IPO’s upper price band. Several other early backers, including Accel India, Madison India and Rajeev Chitrabhanu, are also poised to unlock multi-fold gains following the company’s listing on Thursday. View More
Rentomojo ’s stock market debut is turning into a potential windfall for its early backers, with the founder of Nazara Technologies , Nitish Mittersain , set to clock a staggering 152X return on his investment. As the company finally lists on the exchanges, several other early investors are also poised to unlock multi-fold gains. Nazara Technologies founder Nitish Mittersain stands out, with his investment in the rental platform potentially delivering a 152X return based on the acquisition cost disclosed in the company’s offer documents and the upper IPO price band of Rs 404 per share. Mittersain, one of the individual shareholders participating in the OFS, holds 226,920 shares in Rentomojo, according to the offer documents. His disclosed weighted average acquisition cost is Rs 2.65 per share, with the acquisition-cost figures adjusted for the company’s subsequent share split. Of his total holding, Mittersain is selling 148,460 shares through the IPO. At the upper end of the IPO price band of Rs 404 per share, the shares being sold would be worth approximately Rs 6 crore. Based on the disclosed weighted average acquisition cost of Rs 2.65 per share, the proportionate acquisition cost of these 148,460 shares works out to around Rs 3.93 lakh. This values the shares being sold at approximately 152.45 times their disclosed weighted average acquisition cost. The gains extend across several institutional investors that backed Rentomojo in its early years. At the upper price band of Rs 404 per share, Accel India is set to generate around 8.63X returns on its Rs 317 crore OFS. Madison India will likely unlock around 7.22X on its Rs 96.9 crore share sale, while ValueQuest and Edelweiss are expected to earn around 5.4X on their respective OFS shares worth Rs 109.6 crore and Rs 116.5 crore. Live Events Prashanth Prakash, Partner at Accel, said Rentomojo represents one of those rare journeys where an early conviction has evolved into a category-defining business. He said seeing the company get listed is a deeply meaningful moment for Accel. When the firm invested in 2015, Prakash said, the shift from ownership to access was still nascent, but Geetansh had the conviction to recognise where urban India was headed. Rajeev Chitrabhanu, who was Rentomojo’s first investor, is also set to generate substantial returns from the IPO. He is looking to generate around 26.6X returns from his Rs 12.4 crore OFS. The company’s founder Geetansh Bamania is set to offload shares worth Rs 34.3 crore through the OFS. Other shareholders participating in the offer include Japan-based Mitsui Sumitomo Insurance Venture Capital (MSIVC), Pratithi Investment Trust, Renaud Laplanche and others. Rentomojo stock market debut Shares of Rentomojo made a modest Dalal Street debut on Thursday, listing at a 19% premium over the IPO price. The stock opened at Rs 482.45 on the NSE and Rs 480 on the BSE, as compared to its issue price of Rs 404. The Rs 1,255.57 crore IPO was priced at Rs 404 per share and included both a fresh issue and an offer for sale (OFS). The fresh issue comprised 37.15 lakh equity shares worth Rs 150 crore, while the OFS component consisted of 2.73 crore shares valued at Rs 1,105.57 crore. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Inflation is within its acceptable limits, but it’s the upward trend that policymakers need to worry about. Food prices especially. With farms hit by patchy rains amid new oil shockwaves, the Centre must protect Indian households that see food eating up almost half their domestic budget. View More
NSE’s Rs 22,569-crore IPO has opened for subscription, valuing India’s largest stock exchange at nearly $46 billion at the upper price band. At 42.9 times FY26 earnings, NSE commands a higher valuation multiple than most major global exchanges, including Nasdaq, CME Group, ICE, HKEX and LSEG. Analysts attribute the premium to NSE’s profitability, market dominance and India’s long-term capital market opportunity. View More
NSE's Rs 22,569-crore IPO has opened for subscription, putting India's largest stock exchange in direct comparison with global listed exchanges such as Nasdaq, CME Group, Intercontinental Exchange, LSEG, HKEX and SGX. India's largest exchange is coming to the market at a rich valuation. At the upper price band of Rs 1,785, the exchange is valued at about Rs 4.42 lakh crore, or nearly $46 billion. Valuation versus global peers On earnings, NSE is asking for a multiple that is higher than most large global exchanges. At 42.9 times FY26 earnings, NSE is valued above Nasdaq, CME Group, ICE , HKEX and LSEG, according to analysts. Shruti Jain, Chief Strategy Officer at Arihant Capital Markets , said NSE’s profitability is among the best globally, but its earnings multiple is also the richest among major exchanges. "This premium is not because NSE is a larger exchange but because investors are valuing it based on India’s long-term capital market opportunity and NSE's dominance," Jain said. "In a way, investors are paying for India’s growth story, not just NSE," she said. The numbers show the gap clearly. NSE’s market value is estimated at about $46 billion, compared with about $54 billion for Nasdaq, $99 billion for CME Group, $88 billion for ICE, $82 billion for LSEG, $67 billion for HKEX and $14 billion for SGX. Live Events But NSE is much smaller than several of them by revenue. Its FY26 revenue is estimated at about $1.95 billion, compared with about $5.2 billion for Nasdaq, $6.1 billion for CME, $10 billion for ICE and $12.1 billion for LSEG. Also Read: NSE IPO faces traffic jam: Will 10 other issues dent demand for 2026’s biggest offer? Profitability better than peers The reason investors are still willing to value NSE at a premium is its profitability. NSE’s net margin is estimated at about 55%, close to CME's 57% and HKEX’s 59%, and higher than Nasdaq's 34%, ICE’s 30%, LSEG’s 20% and SGX’s 47%. Dr Ravi Singh, Chief Research Officer at Master Capital Services, said NSE's margins and market position partly support the pricing. "NSE's strong margins, dominant market position and growth potential partly support this premium valuation, supported by its strong presence in cash, derivatives and other market segments. Its asset-light business model also supports healthy cash generation and operating leverage," he said. Jain said NSE controls more than 90% of India’s cash market turnover and is the world’s largest derivatives exchange by contracts traded. She said very few exchanges globally generate margins above 50%, putting NSE among the most efficiently run exchanges. Read more: NSE IPO Tracker: Catch all the highlights here "NSE is a near-monopoly controlling over 90% of cash market turnover and is the world’s largest derivatives exchange by contracts traded. When we talk about financials, few exchanges in the world generate margins above 50%. This puts NSE in the league of some of the most efficiently managed exchanges in the world," Jain said. The India story is also one of the main reasons behind the premium. Retail participation, demat accounts, SIP flows and equity-market activity have grown sharply after Covid. India still remains under-penetrated compared with developed markets, leaving room for capital-market activity to expand over the next decade. Kunal Rathi, Head of Investment Banking at Aikyam Capital Group, said the IPO valuation reflects the scale and growth potential of India’s capital markets. " NSE IPO valuation reflects the scale and growth potential of India’s capital markets. At Rs 1,785 per share, the issue is valued at about 42.9x FY26 diluted earnings, compared with roughly 25-31x PE multiples of major listed exchanges globally," Rathi said. Risks for the premium The biggest risk is NSE’s dependence on transaction charges, especially derivatives. The exchange has benefited from the post-Covid boom in options trading, but regulators have been tightening rules to reduce excessive speculation and expiry-day volatility. Indian equity derivatives volumes may slow after the sharp growth seen in recent years. "I think Indian equity derivatives volumes will witness a slowdown, and the unprecedented growth they enjoyed post-Covid may not be sustainable due to so many regulatory measures in options trading," Jain said. This is the main overhang for investors. A rich valuation can hold if earnings continue to grow. But if options volumes slow sharply, NSE’s earnings momentum may come under pressure. NSE is also trying to diversify its revenue base. The exchange has launched several new products over the last 15 months, including electricity futures, electronic gold receipts and natural gas futures. It has also incorporated a national coal exchange. The IPO size has already been trimmed. NSE had earlier filed for a larger offer, but the final offer size was cut by more than 15%. Its IPO will still be among the largest in India and the biggest issue of 2026 so far. Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and 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. 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