NSDL Reduces IPO Size Ahead of IPO Listing

19 May 2025

​National Securities Depository Ltd. (NSDL) has revised its upcoming Initial Public Offering (IPO), reducing the offer size from 57.26 million to 50.15 million shares. This adjustment is detailed in an addendum to its draft red herring prospectus.

Offer Size Comparison (Old vs New):

Selling Shareholder	Earlier OFS (Shares)	Revised OFS (Shares)
IDBI Bank Ltd	22,220,000	22,220,000
NSE (National Stock Exchange)	18,000,001	18,000,001
Union Bank of India	5,625,000	500,000
State Bank of India	4,000,000	4,000,000
HDFC Bank Ltd (SS)	4,000,000	2,010,000
SUUTI (UTI Administrator)	3,415,000	3,415,000
Total	57,260,001	50,145,001

Why the Cut?

• The downsizing is primarily to comply with SEBI’s 15% ownership cap on entities in market infrastructure institutions. IDBI Bank and NSE needed to reduce their holdings to meet this limit.

What's Next?

• SEBI has extended the IPO listing deadline to July 31, 2025.
• ICICI Securities, Axis Capital, HSBC Securities, IDBI Capital, Motilal Oswal, and SBI Capital Markets are managing the issue as lead managers.
• NSDL is now aligning the offer to meet both regulatory and market expectations.