NSDL may go for seven investment banks for managing its IPO

1 Sep 2022 , 10:10 AM

NSDL (National Securities Depository Limited), the nation’s first depository services company, which is backed by important investors like IDBI Bank & NSE, is likely to shortlist seven investment banks as advisors as it gets ready to launch an IPO in 2023.

NSDL would become the second depository services company to be listed on the domestic bourses if the listing plans are successful, following the successful market debut of rival CDSL (Central Depository Services Limited) in 2017.

Several banks had pitched for this contract, and NSDL is expected to go ahead with ICICI Securities, Axis Capital, HSBC Securities, Motilal Oswal Investment Advisors, SBI Capital, HDFC Bank, and IDBI Capital.

Because NSDL has a large cash reserve and the anticipated IPO is likely to be mostly an OFS (offer for sale) with share dilution from several investors, it has played a significant role in revitalizing the Indian securities market.