National Securities Depository Ltd (NSDL) is planning to launch its much-anticipated Rs 3,000 crore Initial Public Offering (IPO) by next month, according to a senior official. As a market infrastructure institution (MII), NSDL requires additional approvals apart from the draft red herring prospectus (DRHP), and the approaching deadline for these approvals is pushing the company to fast-track the process.
An NSDL official stated that they are racing against time to secure all necessary approvals before the deadline. The 12-month deadline for DRHP approval expires in September, but it is the MII clearance from SEBI that is driving the urgency. The company aims to launch the IPO before this deadline expires.
IPO Timeline and Market Conditions
Despite the instability in the current market, some are proceeding with the issue of IPO. Refusing to say if market sentiment is causing the delay, the official at the NSDL stated the major concern to be manpower and the enormous effort in the share sale.
NSDL had received the approval from the SEBI in September 2023 to issue the IPO. It is understood that State Bank of India (SBI) and NSE and HDFC Bank are to offer 5.72 crore equity shares through a whole offer for sale (OFS).
The company’s net profit during the quarter ended in December rose by 30% to Rs 85.8 crore from the previous year’s same quarter at Rs 66.09 crore. The company’s overall income also rose by 16.2% to Rs 391.21 crore during the October-December 2024 quarter.
NSDL, which runs most of the dematerialised accounts in the country, is currently working to achieve the approvals to roll out the IPO in the scheduled period.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com.
Source: ET.
News Desk
