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Depository service co NSDL in talks with investment banks for Rs.4,500-Cr IPO

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National Securities Depository Ltd (NSDL), India's biggest depository services company, has initiated talks with investment banks for an initial public offering worth INR 4,500 crore at an enterprise valuation of INR 16,000-17,000 crore. As of 31 May, NSDL had over 27.6 million investor accounts, with a demat custody value of INR 297.55 trillion. The depository has a market share of more than 89% in terms of demat assets value. NSDL's biggest shareholders are IDBI Bank and the National Stock Exchange (NSE), holding 26% and 24%, respectively. State Bank of India, Union Bank of India and Canara Bank own 5%, 2.81% and 2.30%, respectively, while the central government, through the Specified Undertaking of the Unit Trust of India (SUUTI) holds 6.83%. Other shareholders include HDFC Bank, Citibank, HSBC, Standard Chartered Bank, Deutsche Bank, Kotak Mahindra Life Insurance Co. Ltd and IIFL Special Opportunities Fund.