NSDL IPO – Key Details and Investment Highlights
The NSDL IPO will open on July 30, 2025, and close on August 1, 2025. It is a Book Built Issue, with the company aiming to raise approximately ₹4,011.60 crores. The IPO consists of an Offer for Sale (OFS) of up to 5,01,45,001 equity shares with a face value of ₹2 each. (There is no fresh issue component.)
The price band for the IPO is set between ₹760 to ₹800 per share. The quota for different investor categories is as follows:
Retail Investors: 35%
Qualified Institutional Buyers (QIBs): 50%
High Net-worth Individuals (HNIs): 15%
The basis of allotment is expected to be finalized on August 4, 2025, and the listing date is set for August 6, 2025, on both BSE and NSE.
Financial Performance
NSDL has shown steady growth over the years:
Revenue increased to ₹1,535.19 crores in FY 2025, up from ₹1,365.71 crores in FY 2024.
Net profit rose to ₹343.12 crores in FY 2025, compared to ₹275.45 crores in FY 2024.
NSDL IPO Objectives:
The objectives of the NSDL IPO are as follows:
- Offer for Sale (OFS):
To facilitate the sale of up to 5,01,45,001 equity shares of face value ₹2 each by the existing shareholders. The company will not receive any proceeds from the OFS. - Listing Benefits:
To achieve the benefits of listing the equity shares on the BSE, including enhanced visibility, brand value, and access to a wider investor base.
NSDL IPO Review (Apply or Not)
- May Apply
NSDL IPO Date & Price Band Details:
| IPO Open Date: | July 30, 2025 |
| IPO Close Date: | August 1, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹760 to ₹800 Per Share |
| Employee Discount: | ₹76 Per Share |
| Issue Size: | Approx ₹4011.60 Crores |
| Offer for Sale: | Approx 5,01,45,001 Equity Shares |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
NSDL IPO Lot Size:
The minimum lot size for the NSDL IPO is 18 shares, requiring an investment of ₹14,400 per lot.
Retail investors can apply for up to 13 lots, which equals 234 shares, with a maximum application amount of ₹1,87,200.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 18 | ₹14,400 |
| Retail Maximum | 13 | 234 | ₹1,87,200 |
| S-HNI Minimum | 14 | 252 | ₹2,01,600 |
| B-HNI Minimum | 68 | 1,260 | ₹10,08,000 |
NSDL IPO Allotment & Listing Date (Details)
| IPO Open Date: | July 24, 2025 |
| IPO Close Date: | August 1, 2025 |
| Basis of Allotment: | August 4, 2025 |
| Refunds: | August 5, 2025 |
| Credit to Demat Account: | August 5, 2025 |
| IPO Listing Date: | August 6, 2025 |
NSDL IPO GMP Today:
The latest Grey Market Premium (GMP) for the NSDL IPO is ₹135. Based on the upper price band of ₹800, the estimated listing price is ₹935 (₹800 + ₹135), indicating a potential listing gain of approximately 16.88% per share.
Promoters of NSDL IPO
NSDL does not have an identifiable promoter, as it is a professionally managed company with institutional shareholders.
About NSDL (National Securities Depository Limited)
Established in August 1996, NSDL is one of India’s leading depository service providers. The company has built a robust and scalable infrastructure using innovative and adaptive technology to support investors and brokers in India’s capital markets.
As of March 31, 2023, NSDL managed over 31.46 million active demat accounts through a network of 283 registered depository participants (DPs). These accounts are spread across more than 99% of India’s pin codes and in 186 countries around the world.
NSDL enables investors to hold and transact in securities digitally through Demat Accounts, providing a secure and efficient way to manage financial assets.
The upcoming NSDL IPO is structured entirely as an Offer for Sale (OFS) of 5.72 crore equity shares. Major existing shareholders such as IDBI Bank, National Stock Exchange (NSE), State Bank of India (SBI), HDFC Bank, and Union Bank of India will be divesting their stakes through this offering.
NSDL IPO – Financial Performance
NSDL has shown steady financial growth over the last two fiscal years:
Net Profit: ₹343.12 crores in FY 2025, compared to ₹275.45 crores in FY 2024
Revenue: ₹1,535.19 crores in FY 2025, up from ₹1,365.71 crores in FY 2024
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
| 2023 | ₹1,099.81 | ₹789.94 | ₹234.81 | ₹2,093.48 |
| 2024 | ₹1,365.71 | ₹1009.39 | ₹275.45 | ₹2,257.74 |
| 2025 | ₹1,535.19 | ₹1084.14 | ₹343.12 | ₹2,984.84 |
NSDL IPO Valuation – FY2025
Below are the key valuation metrics for NSDL based on its FY 2025 financials:
| KPI | Values |
| ROE: | 17.11% |
| ROCE: | -% |
| EBITDA Margin: | N.A.% |
| PAT Margin: | 22.35% |
| Debt to equity ratio: | N.A. |
| Earning Per Share (EPS): | ₹17.16 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 17.11% |
| Net Asset Value (NAV): | ₹100.27 |
NSDL IPO Registrar
MUFG Intime India Private Limited
Phone: + 91 810 811 4949
E-mail: nsdl.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
IPO Lead Managers aka Merchant Bankers
- ICICI Securities Limited
- Axis Capital Limited
- HSBC Securities and Capital Markets (India) Private Limited
- IDBI Capital Markets & Securities Limited
- SBI Capital Markets Limited
- Motilal Oswal Investment Advisors Limited
NSDL Company Address
National Securities Depository Limited
Trade World, ‘A’ Wing, 4th Floor,
Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013,
Maharashtra, India
Phone: +91 22 2499 4200
E-mail: cs_nsdl@nsdl.com
Website: https://nsdl.co.in
