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NSDL Unlisted Shares

NSDL's Rs 4,000-crore offer for sale set to open next week

The New Indian Express

2 min read

NSDL's Rs 4,000-crore offer for sale set to open next week.

Expert Analysis :

  • IPO Details: NSDL’s Rs 4,000 crore primary share sale via the offer-for-sale route is expected to open for public subscription on July 30.

  • Industry Positioning: NSDL, the oldest and leading depository player, will be the second listed depository after CDSL, which had a Rs 524 crore OFS in June 2017 that was oversubscribed 170 times.

  • Valuation Target: Established in November 1996, NSDL is aiming for an IPO valuation of approximately Rs 16,000 crore at current price levels.

  • Offer Structure: IPO includes sale of up to 50,145,001 shares by IDBI Bank, NSE, Union Bank, SBI, and UTI administrator.

  • Shareholding Compliance and Leadership: IDBI Bank and NSE hold 26.01% and 24% in NSDL, exceeding SEBI’s 15% cap for market infrastructure institutions; the IPO enables stake dilution. NSDL has no identifiable promoter and is led by CEO Vijay Chandok, an ex-ICICI group veteran.

  • Business Scale: As of Dec 2024, NSDL had 38.77 million demat accounts, 289 depository participants (DPs), 64,535 issuers, and 53,169 unlisted companies.

  • Issue Managers: Book running lead managers include ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal, and SBI Caps.

Takeaways

NSDL’s Rs 4,000 crore OFS allows major shareholders to reduce holdings while reinforcing its market dominance and valuation strength.

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