NSDL plans to raise $400M via IPO next month
What's the story
National Securities Depository Ltd (NSDL), India's oldest and largest depository by assets under custody, is moving ahead with its initial public offering (IPO) plan.
The company hopes to raise around $400 million through the listing, which was approved by Securities and Exchange Board of India (SEBI) in October last year.
As per Bloomberg, the IPO is now expected to take place as early as next month.
Share details
IPO to include 50.1M shares
The upcoming NSDL IPO will include a total of 50.1 million shares.
The share offering is part of an offer for sale by major investors such as IDBI Bank, the National Stock Exchange, and State Bank of India.
Notably, NSDL itself won't receive any proceeds from this stock sale, according to earlier statements made by it.
Management team
Who is managing the IPO?
The management of the NSDL IPO is being handled by ICICI Securities, Axis Capital, HSBC Holdings, and IDBI Capital.
Despite the high-profile management team and potential capital raise, NSDL's Managing Director and CEO Vijay Chandok declined to comment on a possible timeline for the IPO when contacted by Bloomberg.