Khaitan & Co has acted for National Securities Depository Limited, one of the largest securities depositories in the world, on its initial public offering of equity shares through an offer for sale of up to 50,145,001 equity shares by IDBI Bank Limited, National Stock Exchange of India, Union Bank of India, State Bank of India, HDFC Bank and Administrator of the Specified Undertaking of the Unit Trust of India, aggregating to INR 4,011 crore. Shardul Amarchand Mangaldas acted for the book running lead managers.
The BRLMs comprised ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors, SBI Capital Markets and HDFC Bank.
The NSDL IPO was subscribed 41.01 times. The shares debuted on August 6, 2025, at a price of ₹880, about 10% premium to issue price, closing 6 percent higher on listing day.
NSDL manages over 39 million active Demat accounts with a pan-India presence. The company reported net worth of INR 20,053 crore and profit after tax of over INR 3,431 crore as of March 31, 2025.
The Khaitan core team consisted of executive director Sudhir Bassi, partners Madhur Kohli and Vaibhav Mittal, senior associates Ira Pandya and Sarjana Das, and associates Siddharth Jain and Tejas Kothari.
The SAM team on the deal was led by partner Nikhil Naredi and inculded partner Priya Awasthi and principal associate Tarun Srikanth.
