NSDL gets SEBI approval to float IPO

8 Oct 2024 , 02:30 PM

National Securities Depository Ltd. (NSDL)’s initial public offering (IPO) has been approved by market regulator Securities and Exchange Board of India.

NSDL filed for an IPO with SEBI in July 2023, but the market regulator postponed the process.

The IPO, which is an offer for sale (OFS) of 57,260,001 shares, will see IDBI Bank, NSE, SBI, HDFC Bank, and Union Bank of India partake.

At the time of the IPO filing last year, HDFC Bank stated that it will offload up to 2% of its equity share in NSDL through an offer for sale.

The offer includes an OFS for up to 57,260,001 equity shares. IDBI Bank will sell 22,220,000 equity shares through the OFS, NSE will sell 18,000,001 equities shares, Union Bank of India will sell 5,625,000 equity shares, and State Bank of India will sell up to 4,000,000 equity shares. 

IDBI Bank and the National Stock Exchange (NSE) have 26% and 24% shares in the company, respectively. Other important players are State Bank of India (5%), Union Bank of India (2.8%), and Canara Bank (2.3%).

NSDL is India’s largest depository, and Central Depository Services Ltd. (CDSL) is already listed on the stock exchanges.

As of August 31, 2024, NSDL had 3.76 Crore active client accounts, with an average of 5,414 accounts opened every day since November 1996.

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