India’s National Securities Depository has set a price band of 760-800 rupees per share for its initial public offering via an offer-for-sale, according to a newspaper ad on Friday, making it one of the country’s largest public issues this year.
At the upper end of the price band, the IPO is expected to raise about 40 billion rupees ($464 million), and values the company at 160 billion rupees.
The IPO will be open for bids between July 30 and August 1, while anchor investors can submit their bids on July 29.
India's primary market has picked up after a slow start to 2025. So far in July, 10 companies have listed, while four more IPOs are either currently open or have been announced.
NSDL, India's largest securities depository, will not issue new shares. Shareholders such as IDBI Bank and National Stock Exchange of India plan to pare their stakes to meet the mandated 15% ownership cap for the depository, a market infrastructure institution.
India's markets regulator mandates that no entity other than a select group of institutional investors can own more than 15% in market infrastructure institutions such as stock exchanges, clearing corporations, and depositories.
HDFC Bank and State Bank of India will also sell shares at the IPO.
IDBI Bank and NSE hold stakes of 26.1% and 24%, respectively, while HDFC Bank has a 7.95% stake. State Bank of India holds about 5%.
NSDL had filed draft papers for its IPO in July 2023, but the process was put on hold by the regulator in August. Approval came in October 2024, clearing the way for the listing.
ICICI Securities, Axis Capital, and HSBC are among the book-running lead managers.
