Shardul Amarchand Mangaldas advises the Book Running Lead Managers on USD 457 million IPO of National Securities Depository Limited

August 11, 2025

Shardul Amarchand Mangaldas & Co. acted as the Indian legal counsel to the book running lead managers, ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, IDBI Capital Markets & Securities Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited on the initial public offering (IPO) of National Securities Depository Limited (Issuer).

The IPO comprised an offer for sale of 50,145,001 equity shares aggregating to approximately USD 457 million by the selling shareholders, IDBI Bank Limited, National Stock Exchange of India Limited, State Bank of India, Administrator of the Specified Undertaking of the Unit Trust of India, HDFC Bank Limited, and Union Bank of India.

The Issuer is the largest depository in India and a prominent market infrastructure institution, registered with the Securities and Exchange Board of India.

The transaction was led by Nikhil Naredi, Partner; Priya Awasthi, Counsel; Tarun Srikanth, Principal Associate; Shruthi Hariharan, Senior Associate; Manish Soni, Associate; Soundarya Mathavan, Associate and Shariba Tasneem, Associate.