India’s largest depository had filed its draft prospectus with the SEBI in 2023 and received approval for the same in 2024
The National Securities Depository (NSDL) has reduced its initial public offering size, to 50.15 million shares compared to 57.26 million shares previously offered for sale, moving a step closer to getting listed on the stock exchanges.
Earlier this year, the markets regulator SEBI had given the depository an extension until the end of July to launch its highly-awaited public offering worth ₹3,000 crore. Reports suggested that NSDL sought extension due to market conditions.
India’s largest depository had filed its draft prospectus with the SEBI in 2023 and received approval for the same in 2024. Its competitor depository, CDSL, has been listed on the bourses since 2017.
Six existing shareholders will dilute their stakes, including National Stock Exchange (NSE), IDBI Bank, and HDFC Bank. NSE will offer to sell 18 million shares, or 9 per cent of the 24 per cent stake it holds currently.
IDBI Bank will offload over 22 million shares, or 11 per cent stake, while State Bank of India, HDFC Bank, and Union Bank of India will cumulatively off-take over 3 per cent stake in the company. Other selling shareholders will sell an aggregate 2 per cent stake. IDBI Bank and HDFC Bank currently hold 26 per cent and nearly 9 per cent stake, respectively.
The book-running lead managers for the IPO are ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets, according to the addendum to the draft herring prospectus.
Published on May 19, 2025
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