MUMBAI: Depository firm NSDL is targeting to launch its much awaited Rs 3,000-crore initial public offering (IPO) by next month, a senior official said on Thursday. As a market infrastructure institution (MII), National Securities Depository Ltd (NSDL) also needs other approvals apart from the draft red herring prospectus, the official said, adding that it is this approval which has a looming deadline.
“Our dates are expiring next month. We are rushing against time to get things done fast. We will try (to launch the IPO before that),” the official said, replying to a specific query on the timeline for the IPO.
The 12-month deadline for the DRHP expires in September, but it is the MII approval given by Sebi which is prompting the depository handling a bulk of India’s dematerialised accounts to expedite the share sales process.
Asked if the choppy market conditions are leading to a delay, the official said even in this situation there are some offerings hitting the market.
Responding to a question on the reasons behind the delay in share sale, the official pointed towards challenges on the manpower front, saying the amount of work to be done is very large.
NSDL had received a go-ahead from Sebi for the IPO in September last year.
As per reports, NSE, State Bank of India (SBI) and HDFC Bank plan to offload 5.72 crore equity shares in the issuance which will be a complete offer for sale (OFS).
Last week, NSDL had reported a 30 per cent jump in its December quarter net at Rs 85.8 crore, up from Rs 66.09 crore in the year-ago period. Its total income had increased 16.2 per cent to Rs 391.21 crore in the October-December 2024 period.