CDSL shares under pressure, slide 3% ahead of NSDL IPO launch on July 30
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Shares of Central Depository Services (India) Ltd (CDSL) fell by nearly 3% on Thursday to hit an intraday low of Rs 1,630.40 apiece on the NSE, as investor attention shifted towards the upcoming initial public offering (IPO) of its rival, National Securities Depository Limited (NSDL). The two companies operate as the only depositories in India and are direct competitors in the capital market infrastructure space. The dip in CDSL’s stock comes just days ahead of NSDL’s IPO, which is set to open for public subscription between July 30 and August 1. Bidding for anchor investors will take place on July 29. NSDL’s IPO has generated strong interest in the grey market, where its shares are trading at a premium of Rs 145–Rs 155, implying a potential listing gain of around 18.13% over the upper end of the price band. The company has fixed its price band between Rs 760 and Rs 800 per share, with a lot size of 18 shares, requiring a minimum investme...