Who's selling in the NSDL IPO? HDFC, SBI, NSE, others eye windfall from OFS

NSDL IPO will be a pure offer for sale (OFS) of 50.14 million equity shares, with no fresh capital being raised by the company

NSDL IPO: As the country’s largest depository, National Securities Depository Limited (NSDL) is set to launch its ₹4,011.60 crore Initial Public Offering (IPO) on July 30, shareholders including the National Stock Exchange (NSE), HDFC Bank, State Bank of India (SBI), and others are poised to unlock substantial returns through this public issue.

 

The public offering will be an eniterly offer for sale (OFS) of 50.14 million equity shares, with no fresh capital being raised by the company. According to the Red Herring Prospectus (RHP), the shareholders participating in the OFS include IDBI Bank, NSE, HDFC Bank, SBI, Union Bank of India, and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI).   

 

IDBI Bank is offloading 22,220,000 equity shares, while NSE is selling 18,000,001 shares. HDFC Bank is divesting 2,010,000 shares, SBI is offering 4,000,000 shares, Union Bank of India is selling 500,000 shares, and SUUTI is offering 3,415,000 shares. 

(Source: NSDL RHP)

 

 

                    NSDL has confirmed that the entire IPO proceeds will go to these existing shareholders, who are divesting part of their stakes at a price band of ₹760 to ₹800 per share. At the upper end of this range, the listing implies a significant windfall for early institutional investors.

 

With average acquisition costs as low as ₹2 per share for IDBI Bank, SBI, and SUUTI, the IPO represents nearly a 400-fold return on their investment. Even NSE, which acquired shares at ₹12.28 apiece, is set to earn over ₹1,417 crore in profit (Including the taxes, if there are any) 

Selling Shareholders	No. of Shares Offered	Average Cost of Acquisition	Total Cost of Acquisition	IPO Price (Upper end)	Total Generated Revenue from OFS	Profit (Including taxes, if any )
IDBI Bank	22,220,000	₹2.00	₹44,440,000	₹800	₹17,776,000,000	₹17,731,560,000
NSE	18,000,001	₹12.28	₹221,040,012.28	₹800	₹14,400,000,800	₹14,178,960,787.72
HDFC Bank	2,010,000	₹108.29	₹217,662,900	₹800	₹1,608,000,000	₹1,390,337,100
SBI	4,000,000	₹2.00	₹8,000,000	₹800	₹3,200,000,000	₹3,192,000,000
Union Bank of India	500,000	₹5.20	₹2,600,000	₹800	₹400,000,000	₹397,400,000
Unit Trust of India	3,415,000	₹2.00	₹6,830,000	₹800	₹2,732,000,000	₹2,725,170,000

 

Among all participants, IDBI Bank is expected to generate the highest return, with an estimated profit of ₹1,773.16 crore, followed by NSE at ₹1,417.90 crore. HDFC Bank is projected to earn ₹139.03 crore, while SBI is likely to make ₹319.20 crore. SUUTI’s estimated profit stands at ₹272.52 crore.

 

 

It is worth noting that this listing will make NSDL the second publicly traded depository in the country, following Central Depository Services (India) (CDSL), which has been listed and trading on the NSE since 2017.