NSDL IPO: Everything You Need to Know about the IPO opening on July 30
After conservative pricing, NSDL’s ₹4,000 crore IPO is set to open for public bidding. This marks India’s second depository to go public, with a valuation of ₹16,000 crore. Backed by marquee institutions like NSE and IDBI Bank, NSDL’s IPO offers investors a rare chance to own a stake in India’s largest depository and a core pillar of the country’s financial market infrastructure.
NSDL IPO Date & Launch Details
- NSDL IPO date: Opens for public subscription from July 30, 2025, and closes on August 1, 2025
- Anchor investor bidding: Scheduled for July 29, 2025, one day before the public issue
- Expected NSDL IPO listing date: Tentatively August 6, 2025, on BSE and NSE
NSDL IPO Price Band & Investment Details
- Price band: ₹ 760 to ₹ 800 per share (face value ₹ 2)
- Why the pricing? The band is approximately 22% lower than recent unlisted market trades (~₹ 1,025 per share), offering a discount aimed at broad participation
- Lot size: 18 shares minimum for retail investors amounting to ₹13,680 at ₹760/share
NSDL IPO Details & Structure
- IPO size: Entirely an Offer For Sale (OFS) of approximately 5.01 crore shares, raising around ₹ 4,011–4,012 crore.
- No fresh issue: NSDL itself receives no proceeds from the IPO; existing shareholders like NSE, SBI, IDBI Bank, HDFC Bank, Union Bank, and SUUTI offload shares for regulatory compliance.
Here’s the Shareholder Breakdown
- Major sellers:
- IDBI Bank: ~2.22 crore shares
- NSE: ~1.8 crore shares
- SBI: ~40 lakh shares
- HDFC Bank: ~20 lakh shares
- Union Bank: 5 lakh shares
- SUUTI (Administrator of the Specified Undertaking of the Unit Trust of India): ~34.15 lakh shares
Valuation, GMP & Market Sentiment
- Implied valuation: At ₹ 800 per share, NSDL’s valuation stands around ₹ 16,000 crore
- Market reaction: Shares of peer depository CDSL slipped ~3% ahead of NSDL’s IPO, as investors shift focus to NSDL
Why This IPO Matters (NSDL IPO News & Significance)
- Regulatory compulsion: Existing shareholders must meet SEBI norms that cap individual ownership of Market Infrastructure Institutions (MIIs) at 15%, leading NSE and IDBI to divest.
- Institutional milestone: NSDL will be India's second public depository to list after CDSL's listing in 2017
- Core infrastructure: As of December 31, 2024, NSDL was India's largest depository in terms of demat value, number of issuers, and volume
NSDL IPO Summary Table
Category | Details |
|---|---|
NSDL IPO Date | July 30 to August 1, 2025 |
Anchor IPO nsdl date | July 29, 2025 |
NSDL IPO Price Band | ₹760–₹800 per share (discount vs grey market) |
Lot Size / Retail | 18 shares (₹13,680 per lot) |
Issue Size | ~5.01 crore shares (₹ 4,011 crore) |
Seller Shareholders | IDBI, NSE, SBI, HDFC, Union Bank, SUUTI |
Basis of Allotment | ~August 4, 2025 |
Listing Date | ~August 6, 2025 (BSE & NSE) |
Valuation | ~₹ 16,000 crore |
Key Considerations for Investors
- The discounted pricing versus unlisted valuation may offer downside protection, but grey market indicators reflect high investor enthusiasm.
- Retail vs HNI/NII allocation: 35% of the issue is reserved for retail investors, 50% for QIBs, and the rest for NIIs.
- Risk factors: NSDL makes money from charging its customers for the services it provides, including custody fees, AMC charges, transactions fees, and software license and communications fees. It also earns revenue by providing payment services through its payments bank, micro ATMs, UPI, etc.
The primary driver of the company’s revenues is the stock market activity, so any change in sentiment in India’s stock market, will impact the company’s business as well.
There is also intense competition it faces from CDSL in the retail broking space.
- Ensure you apply before August 1 and keep bank-led refund/allotment dates (August 4-6) in mind.
About NSDL
National Securities Depository Limited (NSDL) is set to become India’s second listed depository after CDSL. As of December 31, 2024, it is the largest depository in India by number of issuers, active instruments, market share in demat value, and assets under custody.
NSDL pioneered the dematerialisation of securities in India in 1996 and operates as a SEBI-registered Market Infrastructure Institution, offering a wide range of services to the financial and securities markets.
Strong Financials
With over 5 crore demat accounts, leadership in digital and blockchain adoption, and a consistently growing client base, NSDL is a key enabler of India’s capital market infrastructure.
Period | Net Profit (Rs in crore) | Revenue(Rs in crore) | Operating Cash Flows (Rs in crore) | Free Cash Flow (Rs in crore) |
2024-25 | 343.1 | 1,420.10 | 557.80 | 483.60 |
2023-24 | 275.4 | 1,268.20 | 112.90 | -131.00 |
2022-23 | 234.8 | 1,022.00 | 507.90 | 459.10 |
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