BSE Ltd subsidiary Central Depository Services Ltd (CDSL) received robust response from investors on last day of its initial public offering. 

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Till 1600 hours the company's IPO was oversubscribed by 168.54 times, as per NSE data. 

The total bids received by the company was 418 crore shares out of which 20.7 shares' bids were received at cut-off price, as against the total issue size of 2.48 crore. 

The IPO was expected to raise Rs 524 crore. The company has set a price band ranging between Rs 145 per share and Rs 149 per share.

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The issue consists entirely offer for sale which involves 33.7% stake of shareholders including 26.1% of BSE, 1% of Calcutta Stock Exchange, 2.1% of Bank of Baroda and 4.6% will be sold of State Bank of India.

On the first day of IPO, investors cumulatively bid over 5.09 crore equity shares, subscribing by 2.05 times.

Before the IPO, the company raised about Rs 154.07 crore from 15 anchor investors. 

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From the beginning of CDSL's listing buzz, the company had received a thumbs-up from investors. 

Payal Pandya and Siddhartha Khemka, analysts at Centrum Wealth Research said, “Given the current decent financials such as high margins, healthy return ratios, free cash flow generation and strong balance sheet, the issue may attract good subscription in the current market scenario where there is lot of buying interest in primary as well as secondary offerings.”

Krishna Rana, Analyst at Sushil Finance, had said, "We feel this is an excellent oligopolistic business which generates high amount of cash year on year. The definite earning visibility and Long runway of growth opportunities is likely to give this company a premium on listing."

Giving it "Subscribe" rating, Stewart & Mackertich in its research report mentioned that as CDSL will be the first depository to get listed, hence no comparable valuations are available. At the lower end of the price band Rs 145, the offer is valued at 17.68 times FY17 earnings per share and at the upper end of the price band Rs 149, it is valued at 18.17 times. 

"Given the stable earnings, rising economies of scale, clean balance sheet, gaining market share and optimistic industry outlook, the valuation seems reasonable and hence we recommend Subscribe rating to the issue".