The National Securities Depository Limited (NSDL), India’s largest depository, has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an IPO, reports The Economic Times. 57,260,001 shares will be for sale. The stock would be listed on the BSE (Bombay Stock Exchange).

According to The Economic Times, NSDL pioneered the dematerialisation of securities in India in 1996. It is also “the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets held under custody”. Demat is an Indian term for dematerialisation account, which holds financial securities digitally. The selling shareholders are IDBI Bank, India’s National Stock Exchange (NSE), Union Bank of India, State Bank of India, and HDFC Bank.

With this IPO, NSDL is following in the footsteps of the country’s other major depository, the Central Stock Depository Limited (CDSL), which listed on BSE in 2017.