NSDL Files Draft Papers for IPO, Plans Complete Offer-for-Sale
- ByStartupStory | July 9, 2023
National Securities Depository Ltd (NSDL) has submitted draft papers to the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). The IPO will consist of a complete offer-for-sale (OFS) of over 5.72 crore equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).
The OFS will see IDBI Bank offloading 2.22 crore shares, National Stock Exchange (NSE) selling 1.80 crore shares, Union Bank of India offering 56.25 lakh shares, and State Bank of India and HDFC Bank each selling 40 lakh shares. In addition, the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) plans to sell 34.15 lakh shares of the Mumbai-based depository. The company intends to list its shares on the BSE, as stated in the draft papers.
Eligible employees will also have a portion of the issue reserved for them, and the company may offer them a discount on the IPO price. NSDL reported revenue of Rs 1,099.81 crore and a net profit of Rs 234.81 crore in the financial year 2023, surpassing the previous fiscal year’s figures. As a SEBI-registered market infrastructure institution, NSDL offers a wide range of products and services to India’s financial and securities markets. Since pioneering the dematerialization of securities in November 1996 following the introduction of the Depositories Act, NSDL has become the largest depository in India in terms of the number of issuers, active instruments, market share in demat value of settlement volume, and value of assets held under custody.
ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets and Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets will act as the book-running lead managers for the IPO.
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