Mumbai: India’s oldest depository, National Securities Depository Limited (NSDL) now seems to have finally moved ahead with its IPO, after it had received SEBI’s nod in October 2023. NSDL is the largest depository of India by assets under custody, and its IPO announcement has been highly anticipated. According to a report by Bloomberg, NSDL aims to offer 50.1 million shares, through an offer for sale (OFS), meaning existing shareholders will offload a part of their stake.
Prominent investors include IDBI Bank, National Stock Exchange (NSE), State Bank of India (SBI), and HDFC Bank, amongst others. This means that NSDL itself will not receive any money from investors as no fresh equity is being issued.
NSDL’s MD and CEO Vijay Chandok declined to comment on the matter, even as investors wait for an official announcement on the matter.
SEBI-registered NSDL has been a vital cog in India’s securities markets, where it has established itself as a state-of-the-art digital infrastructure provider, As of March 2024, NSDL manages 3.3 crore demat accounts valued at more than Rs.400 crore. In its primary niche, it has only one competitor, CDSL which has already been listed on the stock markets NSDL has reported a consistent surge in revenues over the past 3 years.
