Shares of CDSL surge 80% on market debut

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Ltd (CDSL) made a remarkable stock market debut today, listing at a premium of almost 68 per cent from the issue price of Rs 149. Later, it touched a high of Rs 268, up 79.86 per cent.

The stock listed at Rs 250, a sharp jump of 67.78 per cent from the issue price on the NSE. The bumper listing followed expectations as the stock was oversubscribed by over 170.16 times between June 19 to June 21, 2017. The qualified institutional buyers (QIBs) portion was oversubscribed 148.71 times, while the non-institutional investors' section was subscribed 563.03 times and retail investors 23.83 times.

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Earlier last week, Central Depository Services (India) Ltd's Rs 370 crore IPO was subscribed 169.41 times at the close of bidding. Against an issue size of 2.48 crore shares, bids for more than 422 crore equity shares were received. Shares of CDSL were listed only on the National Stock Exchange (NSE) and not on the Bombay Stock Exchange (BSE) as the latter is the promoter of the depository.

Ahead of the IPO, the company sold shares worth Rs 154.06 crore to anchor investors including Abu Dhabi Investment Authority, Goldman Sachs and Indian asset managers such as DSP BlackRock and SBI Mutual Fund.

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CSDL, which acts as a depository arm of the Bombay Stock Exchange, is the only depository service in India that has launched an IPO. Depository's business is to keep records of shares and securities owned by an individual or an entity.

The company reported a consolidated net profit of Rs 85.78 crore for the financial year 2017 on revenues (operations) of Rs 146 crore, according to its IPO prospectus.

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Central Depository Services Ltd (CDSL) on Tuesday filed a draft prospectus with the capital markets regulator Securities and Exchange Board of India for an initial.

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