NSDL IPO opens for subscription on July 30, 2025, and closes on August 1, 2025. Incorporated in 2012, National Securities Depository Limited (NSDL) is a SEBI-registered Market Infrastructure Institution (MII), providing depository and asset servicing solutions in India’s capital market.
NSDL primarily functions as a securities depository, maintaining electronic records related to allotment and transfer of securities. It plays a crucial role in dematerialisation, trade settlements, pledging, off-market transfers, and handling corporate actions for dematerialised securities.
In addition to its core depository services, NSDL also provides several value-added services, such as e-voting for shareholders, consolidated account statements (CAS) for investors, and non-disposal undertakings (NDUs), helping stakeholders manage compliance and reporting more efficiently.
This blog will further cover NSDL IPO details, including issue size, price band, business model insights, and financial performance.
NSDL IPO Date
The key pointers for the NSDL IPO dates are:
- Bidding Opening Date: July 30, 2025
- Bidding Closing Date: August 1, 2025
- Allotment Date: August 4, 2025
- Initiation of Refunds (in case of less or no allotment): August 5, 2025
- Shares Credited to Your Demat Account: August 5, 2025
- IPO Listing Date: August 6, 2025
- Listing on Exchange: BSE
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NSDL: IPO Issue Size
NSDL IPO valuation, as denoted by the market capitalization, is in the range of ₹15,200 crores to ₹16,000 crores.
Here are the important NSDL IPO details:
- NSDL IPO Price Band: ₹760 to ₹800 per share
- Lot Size: 18 shares
- Issue Size and Amount: 5.01 crore shares (aggregating up to ₹4,011.60 Cr)
- OFS and Amount: 5.01 crore shares (aggregating up to ₹4,011.60 Cr)
NSDL IPO Proceeds Usage
NSDL IPO proceeds will be used for the following purposes:
- Offer for Sale (OFS): The IPO includes an offer for sale of up to 50,145,001 equity shares of face value ₹2 each by the selling shareholders. The proceeds from this will go to the selling shareholders. The selling shareholders are NSE, IDBI Bank, and Union Bank of India.
- Listing Benefits: The company aims to list its equity shares on the BSE to enhance visibility, provide liquidity to shareholders, and establish a public market for its shares.
NSDL IPO Reservations
NSDL IPO reservations to different investors are:
- For QIBs: Not more than 50% of the Net Offer
- For NIIs: Not less than 35% of the Net Offer
- For Retail Investors: Not less than 15% of the Net Offer
NSDL IPO Lot Size
NSDL IPO lot size is 18 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 18 | ₹14,400 |
| S-HNI (Min) | 14 | 252 | ₹2,01,600 |
| B-HNI (Min) | 70 | 1,260 | ₹10,08,000 |
NSDL IPO: Company Overview
Established in 2012, National Securities Depository Limited (NSDL) is a SEBI-registered Market Infrastructure Institution (MII), playing a key role in India’s capital market ecosystem. As one of the country’s leading securities depositories, NSDL is responsible for maintaining electronic records of security allotments and ownership transfers, ensuring safe and efficient handling of dematerialised securities.
NSDL offers a broad range of services, including dematerialisation, trade settlement, off-market transfers, pledging of securities, and execution of corporate actions. It also handles asset servicing for all securities held in electronic form. Beyond its core functions, the company provides additional services like e-voting for shareholders, consolidated account statements (CAS), and non-disposal undertakings (NDU).
NSDL operates through two subsidiaries. NSDL Database Management Limited (NDML) delivers solutions across e-governance, regulatory platforms, KYC, insurance repositories, and manages the National Skills Registry and SEZ automation. The second subsidiary, NSDL Payments Bank Limited (NPBL), offers business-to-business-to-consumer digital banking services such as AePS, savings accounts, micro-ATMs, prepaid cards, UPI, POS solutions, and distribution of third-party products like insurance and mutual funds.
As of March 31, 2025, NSDL reported 394.5 lakh active demat accounts, with its services reaching over 99% of Indian PIN codes and users in 194 countries. The platform is supported by a network of 294 registered depository participants and 79,773 registered issuers.
NSDL IPO: Revenue Streams and Strengths
NSDL earns revenue primarily through its core depository services. This includes annual custody fees charged to issuers and annual maintenance fees collected from depository participants. Each corporate account is subject to a fixed yearly fee. In addition to this, NSDL also charges transaction fees from both depository participants and securities issuers.
NSDL’s competitive strengths lie in its position as India’s first and most trusted depository, its advanced technology infrastructure, and a stable revenue model with recurring income. The company also benefits from a diverse portfolio of asset classes, a well-diversified set of business verticals, and a highly experienced senior management team.
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NSDL IPO: Financial Performance
National Securities Depository Ltd. key financials for different periods are as follows:
| Cons. Metrics (in ₹ crores) | FY 2025 | FY 2024 | YoY Change |
|---|---|---|---|
| Operating Revenue | 1,420.15 | 1,268.24 | 11.98% |
| EBITDA | 492.94 | 381.13 | 29.34% |
| PAT (Profit After Tax) | 343.12 | 275.45 | 24.57% |
| Net Worth | 2,005.34 | 1,684.10 | 19.07% |
| Demat Custody Value (in lakh crores) | 464.16 | 423.44 | 9.62% |
| EPS (Basic in ₹) | 17.16 | 13.77 | 24.62% |
- NSDL’s consolidated operating revenue grew 11.98% YoY to ₹1,420.15 crores in FY25, driven by higher demand and strong revenue strategies.
- EBITDA rose 29.34% to ₹492.94 crores, reflecting improved efficiency and cost management.
- Consolidated PAT increased 24.57% to ₹343.12 crores, showing strong profitability.
- Net Worth grew 19.07% to ₹2,005.34 crores, indicating solid financial health.
- Demat Custody Value rose 9.62% to ₹464.16 lakh crores, signaling increased investor activity.
- EPS jumped 24.62% to ₹17.16, highlighting better returns for shareholders.
NSDL IPO Details: Comparison with CDSL
NSDL’s direct competitor is only CDSL, as they both operate in a duopoly market. In FY25, NSDL held a market share of 42.62% in standalone total income, while CDSL had a higher share at 57.38%. However, when it comes to the demat value of equity in unlisted companies, NSDL holds a significantly stronger position, commanding a share of 90.02%.
As of March 31, 2025, NSDL held around 85.06% and 86.81% of total securities in terms of numbers and values, respectively. NSDL had 65,391 depository participants’ service centres, compared to only 18,918 centres for CDSL.
In terms of fundamentals, NSDL has a Price-to-Earnings (PE) ratio of 46.63. On the other hand, CDSL is trading at a high PE ratio of 68.04, reflecting an undervalued opportunity in this IPO.
NSDL IPO Risk Factors
NSDL IPO GMP is ₹147 as of July 25, 2025 (at 16:36). It is expected to list at an 18.38% gain at a price of ₹947. However, GMP is not a safe or assured criterion to bid for an IPO.
National Securities Depository Ltd. is exposed to various risk factors that can eventually affect its business and investors’ perception:
- If investors begin shifting their focus away from securities to other asset classes, demand for NSDL’s services may decline. This could negatively affect its revenue, operations, and financial health.
- Failure to innovate or successfully launch new technology-driven services could hinder future growth. Lack of market acceptance for new offerings may weaken NSDL’s competitiveness.
- A large share of NSDL’s income depends on transaction volumes in the securities market. Any decline in trading activity due to external factors could impact its cash flow and profitability.
- Operating under strict regulatory oversight, NSDL must comply with SEBI’s requirements. Any lapse could result in legal action or regulatory penalties.
- NSDL faces strong competition from CDSL in a tightly regulated market. Inability to stay competitive could harm its business and financial standing.
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Frequently Asked Questions – FAQs
1. What are the key dates for the NSDL IPO?
The NSDL IPO will open for subscription on July 30, 2025, and close on August 1, 2025. The allotment is expected on August 4, 2025, with the listing likely on August 6, 2025, on the BSE.
2. What is the issue size of the NSDL IPO?
The IPO includes an Offer for Sale of 5,01,45,001 equity shares by existing shareholders. The exact amount to be raised in this IPO is ₹4,011.60 crores. There is no fresh issue component in this IPO.
3. How will NSDL use the IPO proceeds?
Since this is a pure Offer for Sale (OFS), the proceeds will go to the selling shareholders. The IPO also aims to provide listing benefits, such as enhanced visibility and liquidity.
4. What are the core services provided by NSDL?
NSDL acts as a securities depository, maintaining electronic records of ownership and facilitating dematerialisation, trade settlements, off-market transfers, pledging, and corporate actions. It also offers services like e-voting, CAS, and NDUs.
5. What are the key risks associated with NSDL’s business?
NSDL’s revenue depends on high trading volumes in the securities market. A slowdown in trading, a lack of product innovation, or a shift in investor interest away from securities could negatively impact its growth and earnings.
References:
https://www.axiscapital.co.in/contents/National%20Securities%20Depository%20Limited-RHP-1753330976.pdf
https://www.investorgain.com/gmp/national-securities-depository-limited-nsdl-ipo-gmp/1324/
Author: All Content is verified by SMC Global Securities.
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