National Securities Depository Ltd. (NSDL) is India’s first and largest depository that plays a crucial role in ensuring the smooth transfer and settlement of securities in the financial market. Over the years, NSDL has built a strong reputation as a key player in the Indian securities market, making this IPO one of the most anticipated offerings in 2025.
The company is now launching its IPO with the goal of raising ₹4,011.60 crores through an offer for sale (OFS) of up to 5.01 crore equity shares. The price band for the issue is set between ₹760 to ₹800 per share, and the IPO will open for subscription on July 30, 2025, and close on August 1, 2025.
Let’s explore the details of the NSDL IPO, its financials, the risks involved, and whether you should consider investing.
You may also read: NSDL and Its Role in India’s Financial Market Infrastructure
History around NSDL IPO
Incorporated in 1996, NSDL has been a pioneer in dematerializing securities and maintaining electronic records of securities transactions in India. As a market infrastructure institution (MII), NSDL serves as a key facilitator in the Indian securities market, offering services such as dematerialization, trade settlement, pledging of securities, and more.
The NSDL IPO marks a major milestone in its history as it seeks to become a listed entity. With a track record of stable growth, the company is now gearing up to go public in compliance with SEBI’s regulations, which require depositories to limit individual holdings to below 15%.
Objective of the company going for IPO
The primary objective of NSDL’s IPO is to allow existing stakeholders such as the National Stock Exchange (NSE), State Bank of India (SBI), IDBI Bank, and other large institutions to trim their holdings, in line with SEBI’s regulations. This is an offer for sale (OFS) and no new shares will be issued. NSDL itself will not receive any proceeds from the offering.
Also read: NSDL IPO set for launch: Key details you should know
Current status of NSDL IPO
The IPO will open for subscription on July 30, 2025, and close on August 1, 2025. The shares will be listed on the Bombay Stock Exchange (BSE), with the tentative listing date set for August 6, 2025. The IPO price band is between ₹760 and ₹800 per share, and the minimum investment for retail investors is ₹14,400 for one lot of 18 shares.
Here’s a quick overview of the key details:
| Detail | Value |
| IPO Open Date | July 30, 2025 |
| IPO Close Date | August 1, 2025 |
| Price Band | ₹760 to ₹800 per share |
| Issue Size | ₹4,011.60 crores (OFS) |
| Listing Date | August 6, 2025 |
| Lot Size | 18 shares |
NSDL IPO Financials
The following table highlights NSDL’s financial performance over the past few years:
| Financial Metric | FY 2025 | FY 2024 | FY 2023 |
| Revenue (₹ Crore) | 1,535.19 | 1,365.71 | 1,099.81 |
| Profit After Tax (₹ Crore) | 343.12 | 275.45 | 234.81 |
| EBITDA (₹ Crore) | 492.94 | 381.13 | 328.60 |
| Net Worth (₹ Crore) | 2,005.34 | 1,684.10 | 1,428.86 |
Shareholding pattern of NSDL
The current shareholding pattern is as follows:
IPO company fund utilisation plan
As this IPO is an offer for sale (OFS), no new funds will be raised by NSDL. The proceeds from the offering will go directly to the selling shareholders, and NSDL itself will not receive any capital from the IPO.
Why should you invest in the NSDL IPO?
Advantages
- Stable financial performance: NSDL has demonstrated consistent growth in both revenue and profit, with a solid financial base.
- Leading position in the market: As the first and largest depository in India, NSDL has a strong foothold in the market with a wide range of services.
- Potential for listing gains: The IPO is currently trading at a grey market premium of ₹135, which suggests a potential listing gain of 17%.
Disadvantages
- Revenue concentration risk: Over 50% of NSDL’s revenue comes from its depository services, making it vulnerable to fluctuations in the securities market.
- Stiff competition: NSDL faces strong competition from CDSL, which has a larger number of demat accounts, putting pressure on its growth.
- Regulatory risks: As a market infrastructure institution, NSDL is subject to regulatory scrutiny, and changes in regulations could impact its business operations.
Bottomline
The NSDL IPO offers an interesting opportunity for investors looking to gain exposure to the Indian securities market. With its strong financial performance and dominant market position, the IPO could be a solid investment, especially for those interested in the depository services sector. However, investors should be aware of the competitive landscape and regulatory risks before making a decision.
