NSDL IPO Date, Review, Price, GMP, Allotment Details
NSDL IPO: National Securities Depository Limited (NSDL), India’s largest securities depository, has launched its Initial Public Offering (IPO) in 2025, drawing significant attention from investors. Established in 1996, NSDL has revolutionized India’s capital markets by transitioning from paper-based to electronic securities management, offering services like dematerialization, trade settlement, and e-voting. This IPO, entirely an Offer for Sale (OFS), allows existing shareholders to monetize their holdings, making it a key event for market participants.
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The IPO aims to raise approximately ₹3,400 crore through the sale of 57,260,001 equity shares, with no fresh capital infusion for the company. With over 31.46 million active demat accounts and a presence across 99% of India’s pin codes, NSDL’s robust infrastructure and market leadership position it as a cornerstone of India’s financial ecosystem. The IPO is expected to list on BSE and NSE, offering investors a chance to own a stake in this critical market infrastructure institution.
Investor interest is high, with the Grey Market Premium (GMP) indicating potential listing gains, though the lack of fresh proceeds and market sentiment shifts warrant caution. This article provides a comprehensive overview of the NSDL IPO, including dates, price band, allotment details, financials, and expert insights to guide your investment decision.
NSDL IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | July 21, 2025 |
| IPO Close Date | July 25, 2025 |
| Allotment Date | July 28, 2025 (Tentative) |
| Listing Date | July 30, 2025 (Tentative) |
| Price Band | ₹700 – ₹750 per equity share (Estimated) |
| Lot Size | 20 shares (Estimated minimum order quantity) |
| Issue Size | ₹3,400 crore (OFS: 57,260,001 equity shares) |
| Face Value | ₹2 per share |
| Investor Quotas | QIB: 50%, Retail: 35%, NII: 15% |
| Stock Exchanges | BSE, NSE |
| Lead Managers | ICICI Securities, Axis Capital, HSBC Holdings, IDBI Capital |
| Registrar | MUFG Intime India Pvt Ltd (Link Intime) |
NSDL IPO Market Lot
The estimated minimum market lot for the NSDL IPO is 20 shares, making it accessible for retail investors. At the price band of ₹700 to ₹750 per share, the minimum investment ranges from ₹14,000 to ₹15,000, with higher lots applicable for HNIs.
| Category | Shares | Amount (₹) |
|---|---|---|
| Retail (Minimum) | 20 shares | ₹14,000 – ₹15,000 |
| Retail (Maximum) | 260 shares | ₹182,000 – ₹195,000 |
| Small HNI (Minimum) | 280 shares | ₹196,000 – ₹210,000 |
| Big HNI (Minimum) | 1,340 shares | ₹938,000 – ₹1,005,000 |
NSDL IPO Dates
The NSDL IPO opened for subscription on July 21, 2025, and closed on July 25, 2025. Share allotment is expected to be finalized on July 28, 2025, with refunds and demat credits on July 29, 2025, and listing on BSE and NSE on July 30, 2025.
| Event | Date |
|---|---|
| IPO Open Date | July 21, 2025 |
| IPO Close Date | July 25, 2025 |
| Allotment Finalization | July 28, 2025 (Tentative) |
| Refund Initiation | July 29, 2025 (Tentative) |
| Demat Credit | July 29, 2025 (Tentative) |
| Listing Date | July 30, 2025 (Tentative) |
Promoters of NSDL IPO
NSDL does not have identifiable promoters as per its filings. The IPO involves an Offer for Sale by existing shareholders, including IDBI Bank Ltd., National Stock Exchange of India Ltd., and State Bank of India, who are offloading their stakes.
About NSDL IPO
Founded in August 1996, National Securities Depository Limited (NSDL) is India’s largest depository, managing over 31.46 million active demat accounts through 283 depository participants as of March 31, 2023. It facilitates electronic securities holding, trade settlement, and services like e-voting and KYC compliance, covering 99% of India’s pin codes and 186 countries globally.
NSDL IPO Company Financial Report
NSDL has shown consistent financial growth, with revenue increasing by 39.2% to ₹1,099.81 crore in FY 2023 from ₹789.94 crore in FY 2022. Profit rose by 10.4% to ₹234.81 crore in FY 2023, reflecting a stable revenue base from transaction fees and account maintenance.
| Metric | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|
| Total Revenue | ₹1,099.81 crore | ₹789.94 crore | ₹621.23 crore |
| Net Profit | ₹234.81 crore | ₹212.59 crore | ₹198.45 crore |
| EBITDA | ₹328.47 crore | ₹295.12 crore | ₹270.66 crore |
| Revenue CAGR (FY21-FY23) | 33.01% | – | – |
NSDL IPO Valuation FY2025
Valuation metrics indicate NSDL’s strong financial position, though the high P/E ratio reflects its premium pricing. The company’s stable revenue streams and market dominance support its valuation.
| Metric | Value |
|---|---|
| Earnings Per Share (EPS) | ₹4.68 (FY 2023) |
| Price-to-Earnings (P/E) | ~149.57 – 160.25 |
| Return on Net Worth (RoNW) | 18.42% (FY 2023) |
| Net Asset Value (NAV) | ₹25.38 per share |
| Price-to-Book Value (P/BV) | ~27.58 – 29.55 |
| Return on Capital Employed | 22.67% (FY 2023) |
Peer Group Comparison
| Company | P/E Ratio | Market Cap (₹ crore) |
|---|---|---|
| CDSL | 54.32 | 7,890 |
| NSDL | ~149.57 – 160.25 | ~14,000 (post-IPO est.) |
Objects of the Issue
- The IPO is entirely an Offer for Sale (OFS), so NSDL will not receive any proceeds.
- Existing shareholders, including IDBI Bank, NSE, and SBI, will monetize their holdings.
NSDL IPO Review
The NSDL IPO is a compelling opportunity for investors seeking exposure to India’s financial infrastructure. Its market leadership, extensive network, and 33.01% revenue CAGR (FY21-FY23) are key strengths. However, the absence of fresh proceeds, a high P/E ratio, and recent unlisted share price volatility (down 20% from ₹1,250 to ₹975–₹1,035) suggest caution. Long-term investors may find value, but conservative investors should monitor market sentiment post-listing.
NSDL IPO Registrar
MUFG Intime India Pvt Ltd (Link Intime)
Address: C-101, 1st Floor, 247 Park, LBS Marg, Vikhroli West, Mumbai 400083, Maharashtra
Phone: +91-22-49186200
Email: nsdl.ipo@linkintime.co.in
Website: www.linkintime.co.in
IPO Lead Managers aka Merchant Bankers
- ICICI Securities Limited
- Axis Capital Limited
- HSBC Holdings
- IDBI Capital Markets & Securities Limited
Company Address
National Securities Depository Limited
Trade World, ‘A’ Wing, 4th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013, Maharashtra, India
Phone: +91-22-24994200
Email: cs_nsdl@nsdl.com
Website: www.nsdl.co.in
NSDL IPO FAQs
Q1: What is the NSDL IPO price band?
A: The estimated price band is ₹700 to ₹750 per equity share.
Q2: When will the NSDL IPO shares list?
A: The shares are expected to list on July 30, 2025, on BSE and NSE.
Q3: What is the minimum lot size for application?
A: The estimated minimum lot size is 20 shares, costing ₹14,000 to ₹15,000.
Q4: How can I check my allotment status?
A: Visit MUFG Intime India’s website or check via BSE, NSE, or brokers like Zerodha.
Q5: What is the Grey Market Premium (GMP)?
A: As of July 8, 2025, the GMP was ₹29, suggesting a listing price of ~₹729–₹779.
Conclusion
The NSDL IPO offers a unique chance to invest in India’s largest depository, a critical player in the nation’s capital markets. With strong financial growth, a vast network, and a dominant market position, NSDL is a stable long-term investment. However, the high valuation and lack of fresh proceeds require careful consideration. Investors should review all documents and consult financial advisors before applying.
Disclaimer: Stock market investments involve risks. Read all scheme-related documents carefully. Views are for informational purposes only and not investment advice.
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