NAME: NSDL's $458 million IPO
LAW FIRM: Khaitan & Co, Shardul Amarchand Mangaldas
JURISDICTION: India
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Banking and financial services
National Securities Depository (NSDL)'s $458 million initial public offering (IPO) is our deal of the month for September.
India's largest securities depository NSDL has successfully completed its Re40.1 billion ($458 million) IPO, marking one of India's largest IPOs this year. The offering included a significant anchor round that raised $137.35 million from marquee investors including Life Insurance Corporation of India and US-based Capital International. NSDL, which commands approximately 86 percent of India's securities depository market, launched this offering amid a robust retail investing environment.
The IPO reflects the exponential growth in India's retail investment landscape, evidenced by demat accounts growing at a 21.9 percent compound annual rate since fiscal 2014 to reach 192.4 million by March 2025. This growth trajectory highlights the increasing retail participation in India's securities market and reinforces NSDL's strategic position in the market infrastructure space.
Khaitan & Co advised NSDL, with a team led by executive director Sudhir Bassi, partners Madhur Kohli and Vaibhav Mittal. Shardul Amarchand Mangaldas (SAM) represented the bookrunning lead managers, including ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors, SBI Capital Markets and HDFC Bank. The SAM team was led by partner Nikhil Naredi.
