National Securities Depository Limited (NSDL) is the nation’s first depository service company is expected to launch its first public offering (IPO) in the month of May 2023, according to sources who spoke with CNBC TV18 on August

The company is scheduled to submit the red herring draft prospectus of the IPO at the end of the year those who have been informed of the developments informed the news channel.

The estimated size of the offer is to be between the range of around Rs 3,500 crore up to Rs 4,000 crore and the value of the company is expected to be between 12,000-14,000 crores, the sources stated.

The IPO is anticipated to be a complete offering for sale (OFS) and they also stated, adding the following: ICICI Securities, HSBC, Axis Securities, HDFC Securities, Motilal Oswal, SBI Cap and IDBI Cap are likely to be the banks that will accept the deal.

Through the IPO, NSDL would become the second depositary to be listed on exchanges, following Central Depository Services Ltd (CSDL).

NSDL is supported by the IDBI Bank and the National Stock Exchange of India (NSE) who have 26.1 per cent and 24 per cent stakes in the company according to June 2022.