Law firm Khaitan, SAM, and CMS INDUSLAW take action in relation to NSDL's ₹4,011 crore IPO
National Securities Depository Limited (NSDL) Successfully Launches IPO
The National Securities Depository Limited (NSDL), a central securities depository that plays a crucial role in the Indian financial system, has successfully launched its Initial Public Offering (IPO) in July-August 2025. The offering, which aggregated to ₹4,011 crore, was subscribed 41.01 times, demonstrating strong investor interest.
The IPO was advised by a consortium of investment banks and securities firms, including ICICI Securities Limited, Axis Capital Limited, HSBC Securities, IDBI Capital Markets & Securities Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited, and HDFC Bank Limited. These entities acted as the lead managers for the offer for sale (OFS), providing advisory and managerial services. The OFS involved selling existing shares by promoters but did not include fresh share issuance.
The transaction team at Shardul Amarchand Mangaldas & Co, led by Nikhil Naredi, advised the book running lead managers for this IPO. The team included Priya Awasthi, Tarun Srikanth, Shruthi Hariharan, Manish Soni, Soundarya Mathavan, and Shariba Tasneem. Shardul Amarchand Mangaldas & Co also advised the book running lead managers on this IPO.
CMS IndusLaw advised the selling shareholders, which included National Stock Exchange, IDBI Bank, State Bank of India, HDFC Bank, Union Bank of India, and Administrator of the Specified Undertaking of the Unit Trust of India. The transaction team at CMS IndusLaw consisted of Kaushik Mukherjee (Partner), Kanika Sachdeva (Counsel), Anumeha Agrawal (Senior Associate), and Satakshi N Dixit (Associate).
Khaitan & Co advised NSDL on this IPO. The transaction team at Khaitan & Co included Sudhir Bassi, Madhur Kohli, Vaibhav Mittal, Ira Pandya, Sarjana Das, Siddharth Jain, and Tejas Kothari.
The offering was through an offer for sale of up to 50,145,001 equity shares. The IPO was listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
This successful IPO underscores the confidence that investors have in NSDL's role in ensuring the safety and integrity of transactions and facilitating the smooth functioning of the securities market.
Personal finance enthusiasts and business investors closely watched the Initial Public Offering (IPO) of National Securities Depository Limited (NSDL), given its crucial role in the Indian financial system. The IPO, which saw a massive subscription rate of 41.01 times, also marked an opportunity for individuals seeking diversification in their personal-finance portfolios.
