SEBI Approves IPOs Of NSDL, Standard Glass Lining Technology And Zinka Logistics Solutions

The Securities and Exchange Board of India has approved the initial public offerings of National Securities Depository Ltd., Standard Glass Lining Technology Ltd., and Zinka Logistics Solutions Ltd.

NSDL has received SEBI clearance more than a year after the company submitted its preliminary IPO to the regulator in July 2023. The depository obtained SEBI's observation on Sept. 30, according to an update on the SEBI website.

Both Standard Glass Lining Technology and Zinka Logistics Solutions had filed their respective draft IPO papers with Sebi in July 2024.

In SEBI's parlance, obtaining its observation means go-ahead to launch public issues.

National Securities Depository

Leading depository National Securities Depository Ltd.'s IPO is a complete offer for sale of more than 5.72 crore equity shares by shareholders, as per the draft red herring prospectus.

Under the OFS, IDBI Bank plans to offload 2.22 crore shares, NSE will divest 1.80 crore shares, Union Bank of India will sell 56.25 lakh shares, and State Bank of India and HDFC Bank will each offload 40 lakh shares.

NSDL will not receive any proceeds from the IPO, as the public issue is completely an OFS.

NSDL is a SEBI-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. Following the introduction of the Depositories Act in 1996, NSDL pioneered the dematerialisation of securities in India in November of that year.

This will mark the country's second publicly traded depository to list on the bourse, after Central Depository Services got listed on NSE in 2017.

Standard Glass Lining Technology

The Hyderabad-based Standard Glass Lining Technology has received SEBI's observation on Oct. 1. The firm had filed its draft IPO papers with SEBI in July 2024.

The IPO worth Rs 600 crore comprises a fresh issue of shares worth up to Rs 250 crore and an offer-for-sale of 1.84 crore shares aggregating up to Rs 350 crore.

Standard Glass Lining Technology is a company that manufactures specialised engineering equipment for the pharmaceutical and chemical sectors in India.

The company is to use the proceeds from the fresh issue towards payment of debt, funding inorganic growth, and for general corporate purposes.

Zinka Logistics Solutions

The Bengaluru-based Zinka Logistics Solutions has received SEBI's observation on Oct. 3. The firms had filed their draft IPO papers with SEBI in July 2024.

The IPO is a mix of fresh issuance of Rs 550 crore and an OFS of up to 2.16 crore equity shares by promoters and investor shareholders.

The proceeds from the fresh issuance will be utilised for funding towards sales and marketing costs, investment in Blackbuck Finserve for financing the augmentation of its capital base to meet its future capital requirements, and funding of expenditure in relation to product development and general corporate purposes.

(With inputs from PTI)