SEBI Clears IPO Plans for NSDL, Blackbuck, and Standard Glass Lining

9 Oct 2024 , 11:50 AM

SEBI has issued observation letters for the IPO plans of three companies: National Securities Depository (NSDL), Zinka Logistics (operating under the Blackbuck brand), and Standard Glass Lining Technology. This allows the companies to proceed with their IPOs.

National Securities Depository (NSDL) had filed its draft red herring prospectus (DRHP) in July 2023 and received SEBI’s observation letter on September 30, 2024. This letter enables NSDL to launch its IPO within one year from the date of receipt.

The NSDL IPO consists solely of an Offer for Sale (OFS) by existing investors, with no new shares being issued. Key selling shareholders include IDBI Bank, National Stock Exchange (NSE), State Bank of India (SBI), HDFC Bank, Union Bank of India, and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI). The shareholders will offload 5.72 Crore equity shares in the IPO.

NSDL is a market infrastructure institution offering a range of products and services to the financial markets. The merchant bankers appointed for the IPO include ICICI Securities, Axis Capital, HSBC Securities, and SBI Capital Markets.

Zinka Logistics Solutions, which operates as Blackbuck, filed its draft IPO papers on July 5, 2024. SEBI issued its observation letter for the IPO on October 3, 2024.

Blackbuck’s IPO plans include raising ₹550 Crore through a fresh issue of shares. In addition, the IPO includes an Offer for Sale of 2.16 Crore shares by its founders—Rajesh Yabaji, Chanakya Hridaya, and Ramasubramaniam Balasubramaniam—and investors such as Accel India, GSAM Holdings, and Flipkart’s Quickroutes International.

The proceeds from Blackbuck’s fresh issue will be used for sales and marketing expenses, investments in its NBFC subsidiary (Blackbuck Finserve) to strengthen its capital base, funding product development, and general corporate purposes. Axis Capital, Morgan Stanley, JM Financial, and IIFL Capital Services are the lead managers for the issue.

Standard Glass Lining Technology, a Hyderabad-based manufacturer of specialized engineering equipment for pharmaceutical and chemical sectors, filed its draft papers for an IPO on July 24, 2024. SEBI issued its observation letter on October 1, 2024.

Standard Glass’s IPO includes a fresh issue of ₹250 Crore and an Offer for Sale of 1.84 Crore shares by existing shareholders, including promoters such as S2 Engineering Services, Kandula Ramakrishna, and Kandula Krishna Veni.

The funds raised from Standard Glass’s fresh issue will be used for purchasing machinery and equipment, repaying debt, inorganic growth, and general corporate purposes. IIFL Capital Services and Motilal Oswal Investment Advisors are the merchant bankers for the issue.