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19 Nov 2024
SEBI has given the go-ahead for the much-anticipated IPO of National Securities Depository Limited (NSDL), which manages the majority of dematerialized securities in India's capital markets.
NSDL had originally filed its Draft Red Herring Prospectus (DRHP) in July 2023, but SEBI placed it on hold in August. The regulator can delay IPOs if there is an ongoing investigation or if the required information is pending.
NSDL’s IPO will be a pure offer for sale (OFS), with six shareholders, including NSE and IDBI Bank, divesting their stakes. Specifically, IDBI Bank will sell up to 22.2 million shares, while NSE will offload 18 million shares.
Once listed, NSDL will become the second depository services company to debut on Indian exchanges, following the 2017 listing of Central Depository Services Limited (CDSL). However, CDSL shares dipped by over 1%, trading at around Rs 1,355 per share.
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