CDSL IPO fully subscribed on Day 1

Minerva Studio

The IPO opened for bidding today, 19 June 2017 and closes on 21 June 2017.

The retail investors' portion was subscribed 1.7 times the shares reserved for them.

CDSL raised Rs 154.06 crore ($24 million) from the anchor investors by selling 10.34 million shares at Rs 149 apiece, the upper end of the Rs 145-149 price band.

The company is one of the two depositories in India which naturally makes it a sought-after upcoming IPO. NSDL is the competitor of CDSL and CDSL's growth is sustainable and remarkable. However, in terms of market share, the company is the second largest depository in India. The Bombay Stock Exchange is set to reduce its stake in CDSL from the current 50 per cent to 24 per cent through an offer for sale (OFS).

CDSL's IPO, the first by a securities depository firm in India, comprises only an offer for sale by its shareholders, including BSE, State Bank of India, Bank of Baroda and Calcutta Stock Exchange. However, there are risks as well, such as losses from an interruption in the IT systems or revenue loss from falling trading volumes. Just like its revenues, CDSL has seen an uptick in profits as well. For FY17, it reported a net profit of Rs. 87 crore on revenues of Rs. 146 crore. In the latest year, its profitability was at 53.2%. CDSL works in a different business model. Out of the Rs 74.1 crore, it earned a year ago, CDSL paid a total of Rs 31.4 crore in the form of dividends.

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