The initial public offering (IPO) of Central Depository Services (India) Ltd (CDSL) was oversubscribed 1.01 times on the first day of issue on Monday.
CDSL is one of India’s two depositories-the other is National Securities Depository Ltd-which holds securities in electronic form. Of their respective quota of reserved shares, non-institutional investors bid about 45.10%, retail investors bid an impressive 247.13% approximately, while employees bid about 8.49%. The IPO will be open for 3 days.
The shares were allotted to the anchor investors at Rs 149 per share, the top end of the Rs 145 to Rs 149 per share price band for the initial public offering (IPO).
CDSL’s Rs 524 crore IPO has been subscribed 129.17% at 3:10 pm.
The public offering of 24.83 million shares – excluding the anchor investors’ portion – received bids for almost 28.75 million, or 1.16 times, stock-exchange data showed in the afternoon. CDSL has a market share of 43 per cent in cumulative demat accounts.
The issue consists entirely offer for sale which involves 33.7% stake of shareholders including 26.1% of BSE, 1% of Calcutta Stock Exchange, 2.1% of Bank of Baroda and 4.6% will be sold of State Bank of India.
CDSL had on Friday raised a little over Rs 154 crore from anchor investors. For FY17, it reported a net profit of Rs. 87 crore on revenues of Rs. 146 crore.