The NSDL IPO is a book building process valued at ₹4,011.60 crores. This issue consists entirely of an offer for sale of 5.01 crore shares.
The NSDL IPO will be open for subscription starting July 30, 2025, and will close on August 1, 2025. The allotment for the NSDL IPO is anticipated to be finalized on Monday, August 4, 2025. It is expected that the NSDL IPO will be listed on the BSE, with a tentative listing date set for Wednesday, August 6, 2025.
The price band for the NSDL IPO is established between ₹760 and ₹800 per share. The application lot size is 18 shares. Retail investors need to make a minimum investment of ₹13,680 (for 18 shares). For sNII, the lot size investment is 14 lots (which equals 252 shares), totaling ₹2,01,600, while for bNII, it is 70 lots (1,260 shares), amounting to ₹10,08,000.
ICICI Securities Limited serves as the book-running lead manager for the NSDL IPO, and MUFG Intime India Private Limited (Link Intime) acts as the registrar for this issue.
NSDL IPO Details
| IPO Date | July 30, 2025 to August 1, 2025 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Issue Price Band | ₹760 to ₹800 per share |
| Lot Size | 18 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 5,01,45,001 shares (aggregating up to ₹4,011.60 Cr) |
| Employee Discount | ₹76.00 |
| Issue Type | Book building IPO |
| Listing At | BSE |
| Share Holding Pre Issue | 20,00,00,000 shares |
| Share Holding Post Issue | 20,00,00,000 shares |
NSDL IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Investor Category Reservations
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 2 Lakhs | Yes |
| Employee + RII/NII |
| Yes for Employee and RII/NII |
NSDL IPO Timeline (Tentative Schedule)
NSDL IPO opens on July 30, 2025, and closes on August 1, 2025.
| IPO Open Date | Wed, Jul 30, 2025 |
| IPO Close Date | Fri, Aug 1, 2025 |
| Tentative Allotment | Mon, Aug 4, 2025 |
| Initiation of Refunds | Tue, Aug 5, 2025 |
| Credit of Shares to Demat | Tue, Aug 5, 2025 |
| Tentative Listing Date | Wed, Aug 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 1, 2025 |
NSDL IPO Lot Size
Investors can bid for a minimum of 18 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 18 | ₹14,400 |
| Retail (Max) | 13 | 234 | ₹1,87,200 |
| S-HNI (Min) | 14 | 252 | ₹2,01,600 |
| S-HNI (Max) | 69 | 1,242 | ₹9,93,600 |
| B-HNI (Min) | 70 | 1,260 | ₹10,08,000 |
About National Securities Depository Ltd.
Founded in 2012, National Securities Depository Limited (NSDL) is a Market Infrastructure Institution (MII) registered with SEBI.
Core Activities:
Serves as a securities depository in India.
Keeps electronic records of securities allotment and ownership transfers.
Offers depository services such as dematerialization, trade settlement, off-market transfers, pledging of securities, and corporate actions.
Delivers asset servicing for securities in dematerialized form.
Provides additional services like e-voting, consolidated account statements (CAS), and non-disposal undertakings (NDU).
NSDL Database Management Limited (NDML): Provides services in e-governance, regulatory platforms, KYC, insurance repository, and collaborative industry platforms. Manages SEZ automation and the National Skills Registry.
NSDL Payments Bank Limited (NPBL): Functions as a business-to-business payments bank. Offers digital banking, domestic remittances, savings accounts, AePS, micro-ATMs, prepaid cards, UPI, POS, and third-party product distribution (insurance and mutual funds).
Key Figures (as of March 31, 2025):
Active demat accounts: 39.45 million
Registered depository participants: 294
Registered issuers: 33,758
Account holders present in over 99% of Indian PIN codes and in 186 countries
Competitive Strengths:
India’s pioneering and foremost depository, managing a diverse array of technology-driven businesses.
Strong emphasis on technology-driven product innovation.
Solid IT infrastructure, risk management frameworks, and cyber-security measures aimed at safeguarding the depository system's safety and integrity.
Consistent revenue base with a substantial portion of recurring income.
Wide range of asset classes held in demat accounts and a well-diversified business model.
Seasoned senior management team.
Company Financials
National Securities Depository Ltd.'s revenue increased by 12% and profit after tax (PAT) rose by 25% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,984.84 | 2,257.74 | 2,093.48 |
| Revenue | 1,535.19 | 1,365.71 | 1,099.81 |
| Profit After Tax | 343.12 | 275.45 | 234.81 |
| EBITDA | 492.94 | 381.13 | 328.60 |
| Net Worth | 2,005.34 | 1,684.10 | 1,428.86 |
| Reserves and Surplus | 232.31 | 216.32 | 199.08 |
| Amount in ₹ Crore | |||
Key Performance Indicator (KPI)
The market capitalization of NSDL IPO is ₹16000.00 Cr.
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 17.11% |
| ROCE | 22.7% |
| RoNW | 17.11% |
| PAT Margin | 22.35% |
| EBITDA Margin | 23.95% |
| Price to Book Value | 7.98 |