Is India’s largest depository’s IPO all set to hit the D-Street in July? According to the latest buzz, the bidding for National Securities Depository (NSDL) will open in the next few weeks. However, as per the latest addendum to the DRHP filed in late May, the company has slashed its issue size to a shade over 5 crore shares. Here are the other 6 key things to know about this issue-
NSDL IPO: Listing likely in July
NSDL is expected to launch its much-awaited IPO in July 2025. The listing could mop up almost $400 million or Rs 3,421.6 crore. SEBI cleared the IPO in October last year.
NSDL IPO: Issue size cut
The company has slashed the IPO size to 5.01 crore shares as per the addendum document, compared to 5.73 crore shares stated earlier in the DRHP.
NSDL IPO: Lead book manager and registrar
The issue will be listed on both the stock exchanges – NSE and BSE. ICICI Securities is working as the lead manager for the IPO, while MUFG Intime India (Link Intime) will serve as the registrar.
NSDL IPO: Grey market rates cool off
In the unlisted market, shares of NSDL have seen a drop of around 19% from their 52-week highs to Rs 1,035, which were once trading at a price of Rs 1,275. The stock of NSDL has slid 6% in the most recent session and over 17% over the past month. The decline in the unlisted share price of NSDL follows the listing of HDB Financial at a major discount to the unlisted share price.
NSDL IPO: Depository’s business
The depository was incorporated in April 2012 as “NSDL Depository Ltd.” The company is a SEBI-registered market infrastructure institution (MII). NSDL provides electronic infrastructure for the dematerialisation of securities and facilitates the electronic settlement of trades in the Indian securities market.
NSDL: Biggest subsidiary
NSDL derives the major part of its revenue from its banking services subsidiary, incorporated in August 2016, NPBL. It stands for NSDL Payments Bank Ltd. NPBL is a payments bank that commenced its business operations on October 29, 2018. It is engaged in the payment banking business. NSDL holds 100% ownership and voting power in NPBL.