Sidley advised the book-running lead managers, ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal, and SBI Capital Markets, on the US$460 million initial public offering (IPO) of equity shares of National Securities Depository Limited (NSDL). The shares were listed on the BSE.
NSDL is one of the world’s largest depositories and the largest depository in India in terms of value of assets under custody as of March 31, 2025.
This is the largest IPO of a market infrastructure institution in India and marks the public debut of a key pillar of India’s capital markets ecosystem. The IPO was met with strong investor demand, being oversubscribed by 41 times overall.
Manoj Bhargava (Singapore) led the Sidley team, which included Harekrishna J. Ashar (London), Rachna Talati, Valerie Ching, Oindree Bandyopadhyay, Dhanush Dinesh, and legal assistant Sanketh Hareesh Kumar (all Singapore), with support from Daniel O’Shea, Carla G. Teodoro, Nicholas R. Brown, Alvin Wang, and Michael H. Sliskovich (all New York).
