NSDL shares jump 15 pc in debut trade

Shares of National Securities Depository Ltd (NSDL) on Wednesday listed with a premium of 15 per cent against the issue price of Rs 800.

The depository's stock is listed at Rs 880 apiece, a jump of 10 per cent from the issue price on the BSE. Later, it rose by 15 per cent to trade at Rs 920 on the exchange.

The company's market valuation stood at Rs 18,249 crore on the BSE.

Meanwhile, the market is trading in the negative territory. The 30-share BSE Sensex declined 102.09 points or 0.13 per cent to 80,608.16.

The Rs 4,011 crore Initial Public Offering (IPO) of NSDL received 41 times subscription on the closing day of bidding on Friday.

Last week, the NSDL mobilised over Rs 1,201 crore from anchor investors.

The initial share sale had a price band of Rs 760-800 per share.

The depository's public issue solely consists of an Offer For Sale (OFS) component of 5.01 crore shares, and those selling shares under this are National Stock Exchange of India (NSE), State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India, and Administrator of Specified Undertaking of the Unit Trust of India (SUUTI).

Since the public issue is entirely an OFS, NSDL will not receive any proceeds from the IPO.

The upcoming listing will make NSDL the country's second publicly traded depository after Central Depository Services Ltd (CDSL), which was listed on the NSE in 2017.

NSDL is a Sebi-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. Following the introduction of the Depositories Act in 1996, it pioneered the dematerialisation of securities in India in November 1996.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)