 "initial public offerings")
The National Securities Depository (NSDL), country’s largest depository, has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi).
In the initial public offering (IPO), IDBI Bank, National Stock Exchange (NSE) and Union Bank are looking to pare their holdings. NSDL will not issue any fresh shares in the IPO.
NSDL’s rival Central Depository Services (CDSL) came out with an IPO in 2017. NSDL will solely be listed on the BSE. CDSL, which is listed only on the NSE, has a market cap of Rs 12,290 crore.
As of June 2023, NSDL handled 32.3 million demat accounts with underlying assets of Rs 338 trillion. The company handles almost all the assets held by foreign portfolio investors (FPIs) in dematerialised form.
While CDSL handles far higher 88 million active demat accounts. The asset under the custody of these accounts is Rs 45 trillion.
ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal and SBI Caps are the investment banks handling the IPO.
