CDSL IPO Analysis Central Depository Services (India) Limited (CDSL) is entering the primary market on Monday 19 June 2017 with an offer for sale (OFS) of up to 3.52 crore equity shares of Rs. 10 each by BSE, SBI, Bank of Baroda and Calcutta Stock Exchange, in the price band of Rs. 145 to Rs. 149 per share. Listing is expected on 30 June, on NSE alone. CDSL’s operating profit (before exceptions) stood at Rs. 117 crore in FY17, up 19% YoY, while PAT came in at Rs. 87 crore, leading to net margin of 59%. FY16 reported an exceptional income of Rs. 33 crore. As of 31-3-17, net worth stood at Rs. 533 crore, translating into BVPS of Rs. 51. Company is debt-free with cash and investments of Rs. 548 crore, or Rs. 52 cash per share. BSE holds 50.05% stake , which will shrink to 24% post issue, in compliance with the provisions of the Depositories Regulations. CDSL has 14 other shareholders including SBI (9.57% pre-offer holding) , HDFC Bank (7.18% ), Standard Chartered Bank (7.18%), C...
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