Leading depository National Securities Depository Ltd (NSDL) has received Sebi’s go-ahead to launch its initial public offering (IPO), an update with the markets regulator showed on Tuesday.
Apart from NSDL, Standard Glass Lining Technology and Zinka Logistics Solutions received Sebi’s go-ahead to raise funds through initial share sales.
NSDL’s proposed IPO is a complete offer for sale (OFS) of more than 5.72 crore equity shares by shareholders, including National Stock Exchange of India (NSE), State Bank of India (SBI), and HDFC Bank, according to the draft red herring prospectus.
The clearance from the Securities and Exchange Board of India (Sebi) came more than a year after the company submitted its preliminary IPO to the regulator in July 2023.
The depository obtained Sebi’s observation on September 30, the update showed.
In Sebi’s parlance, obtaining its observation means the go-ahead to launch public issues. Under the OFS, IDBI Bank plans to offload 2.22 crore shares, NSE will divest 1.80 crore shares, Union Bank of India to sell 56.25 lakh shares and State Bank of India and HDFC Bank will offload 40 lakh shares each.
Since the public issue is completely an OFS, NSDL will not receive any proceeds from the IPO.
NSDL is a Sebi-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. Following the introduction of the Depositories Act in 1996, NSDL pioneered the dematerialisation of securities in India in November 1996.
This will mark the country’s second publicly traded depository to list on the bourse after Central Depository Services (CDSL), which was listed on the NSE in 2017.
Standard Glass Lining Technology and Zinka Logistics Solutions received Sebi’s observation on October 1 and October 3, respectively. The two firms filed their respective draft IPO papers with Sebi in July 2024.
The Hyderabad-based Standard Glass Lining Technology’s ₹600-crore IPO comprises a fresh issue of shares worth up to ₹250 crore and an OFS of 1.84 crore shares aggregating up to ₹350 core.
