NSDL IPO Day 2: Issue subscribed 3.50 times so far; retail, HNI portions booked up to 6.68x

The initial public offering (IPO) of National Securities Depository Ltd (NSDL) has been subscribed 3.50 times so far on the second day of bidding process, Thursday, July 31.

At the last count (1 pm), the Rs 4,011-crore IPO received bids for 12,28,50,720 shares compared to 3,51,27,002 shares on offer.

Category-wise, the non-institutional investors portion got 6.68 times subscription, while retail investors segment fetched 3.22 times subscription. The quota for qualified institutional buyers (QIBs) was subscribed 1.58 per cent.

Ahead of the IPO, NSDL raised over Rs 1,201 crore from anchor investors on Tuesday. 

The issue will conclude on August 1, with a price band set at Rs 760–800 per share.

The issue consists entirely of an offer for sale (OFS) of 5.01 crore shares by existing shareholders such as the National Stock Exchange of India (NSE), State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India, and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI).

BRLMs, registrar, and listing details

The book-running lead managers for the IPO are ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets, while MUFG Intime India (Link Intime) has appointed as official registrar.

NSDL shares are expected to list on August 6. Once listed, NSDL will become the second publicly traded depository in India after Central Depository Services (India) Ltd (CDSL).

The listing is also for regulatory compliance. Under Sebi’s ownership norms, no single entity can hold more than 15 per cent stake in a depository.

Both IDBI Bank and NSE—holding 26.1 per cent and 24 per cent respectively—will need to reduce their stakes to meet this requirement.