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NSDL IPO: Important RHP Points
Original: National Securities Depository Ltd (NSDL) IPO Important RHP Points
Takeaway
NSDL is a duopoly cash-generating monopoly business attractively priced vs CDSL - suitable for long-term portfolios despite payments bank fraud-risk concerns.
Summary
- NSDL IPO opens 30 Jun, closes 1 Aug; price band Rs 760-800, lot of 18 shares (Rs 14,400 min), Rs 16,000 cr m-cap at upper band
- Valuation: 46.6x P/E vs competitor CDSL at 66x P/E - looks cheap but revenue mix is very different from CDSL
- Revenue mix: Payments Bank (via NSDL Payments Bank/Jiffy) 52.9%, Depository services 43.55%, NDML/KYC services 7.05% - opened 16L new accounts last year
- Strong promoters: IDBI Bank 26.1%, NSE 24%, HDFC Bank 7.95%, plus SBI, Citi, HSBC, UBI, Canara; debt-free, asset-light, Rs 200 cr+ cash, Rs 2000 cr equity
- 3-yr financials: 17.18% revenue CAGR, 21.2% operating profit CAGR, 25-26% op margins, 20% PAT CAGR; recommends applying via family demat accounts for better allotment odds
NSDL IPOdepositoryCDSL
Original description
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