Depository NSDL set to start taking investor orders for IPO next week

The National Stock Exchange (NSE) in Mumbai, India, on Wednesday, July 2, 2025. Shares of HDB rallied early in their trading debut in Mumbai today after the shadow lender's 125 billion-rupee ($1.5 billion) initial public offering — India’s biggest this year — attracted strong demand from investors. Photographer: Dhiraj Singh/Bloomberg

India’s National Securities Depository Ltd. plans to start taking investor orders as early as next week for its initial public offering, which could raise as much as $500 million, according to people familiar with the matter.

The sale will involve divestments by major investors, including IDBI Bank Ltd., the National Stock Exchange of India Ltd. and the State Bank of India, while NSDL will not receive any proceeds, according to earlier statements.

The expected proceeds exceed the approximately $400 million estimated by people familiar with the matter in June.

Deliberations are ongoing, and the size and timing of the deal may change, the people said, asking not to be identified discussing a private matter. A spokesperson for NSDL did not respond to requests for comment made via email and phone. Spokespersons from NSE and SBI declined to comment, while IDBI Bank did not immediately respond.

The IPO adds to the resurgence of Indian share sales after a slow start to the year. Investor confidence is returning amid a rally in Indian stocks, fueled by foreign inflows and aggressive monetary easing by the central bank.

NSDL, established in 1996, is the country’s largest depository in terms of assets, acting as custodian to more than 51.1 trillion rupees in securities for over 40 million investor accounts, according to its website.

ICICI Securities Ltd., Axis Capital Ltd., HSBC Holdings Plc, IDBI Capital Markets & Securities Ltd., Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd. are arranging the sale.