NSDL IPO: Check IPO Date, Live Subscription and Key Details
National Securities Depository Limited (NSDL), established in 1996, is a SEBI-registered market infrastructure institution and currently the largest depository in India. NSDL's core business revolves around providing depository services that enable investors to hold and transfer securities (like listed and unlisted shares, mutual funds, REITs, InvITs, AIFs, debt instruments, SGBs) in dematerialized (electronic) format through demat accounts. Key functions include maintaining allotment and transfer of ownership records, facilitating asset servicing, and various transaction services. Beyond core depository services, NSDL has diversified its business verticals. It operates a payments bank through its subsidiary NSDL Payments Bank Limited (NPBL) and provides IT-enabled database management services, including KYC verification, insurance repositories, and the National Skills Registry, through NSDL Database Management Limited (NDML).
Key Metrics
Check Live GMP
Timeline
IPO Opens
30 Jul
IPO Closes
1 Aug
Allotment
4 Aug
Listing
6 Aug
IPO Objectives
- Achieve the benefits of listing the Equity Shares on BSE. The IPO is entirely an Offer for Sale (OFS), meaning the company will not receive any proceeds. All funds will go to the selling shareholders (IDBI Bank, NSE, SBI, HDFC Bank, Union Bank of India, SUUTI) to provide liquidity and comply with SEBI's ownership norms.
Strengths
- NSDL is India's top and largest depository, dominating with the most issuers, active financial instruments, and a huge 66% market share in demat settlements.
- They have a very diverse and strong business, getting steady income from core depository services (most of their profits) and also from banking and IT services.
- Their core business provides very stable and recurring revenue, acting as a buffer against ups and downs in the market.
- NSDL boasts a state-of-the-art IT system, excellent risk management, and strong cybersecurity, all certified to high global standards.
- They show consistent financial strength with good revenue and profit growth in FY25, healthy margins, and are completely debt-free, plus they have high barriers to entry for competitors.
Weaknesses
- The IPO is entirely an 'Offer for Sale,' meaning NSDL itself won't receive any money from it for its own growth or operations.
- Despite being overall dominant, NSDL has lost a lot of market share in individual (retail) demat accounts to CDSL, who now have many more.
- Their banking services, while bringing in over half of their revenue, contribute very little to their actual profits (only about 1%).
- NSDL's income heavily depends on how active the stock market is, so any big market slowdowns or less investor interest could hurt them.
- They operate under very strict rules from multiple government bodies, and any changes or non-compliance could lead to penalties or business disruption.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 2984.84 | 2257.74 | 2093.48 |
| Revenue (₹ Cr.) | 1535.19 | 1365.71 | 1099.81 |
| PAT (₹ Cr.) | 343.12 | 275.45 | 234.81 |
| Net Worth (₹ Cr.) | 2005.34 | 1684.1 | 1428.86 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|
Subscription Details
Daily Bids Status
| Date | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.26x | 1.96x | 103.97x |
| NII | 1.32x | 11.08x | 34.98x |
| S-HNI | 1.93x | 12.36x | 29.47x |
| B-HNI | 1.01x | 10.44x | 37.73x |
| RII | 0.84x | 4.19x | 7.76x |
| EMP | 1.83x | 7.69x | 15.39x |
| Total | 0.78x | 5.04x | 41.02x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 1,00,12,000 | 1,04,09,16,654 | 83,273.33 |
| NII | 75,09,001 | 26,26,50,816 | 21,012.07 |
| Small NII | 25,03,000 | 7,37,58,276 | 5,900.66 |
| Big NII | 50,06,001 | 18,88,92,540 | 15,111.40 |
| RII | 1,75,21,001 | 13,59,33,714 | 10,874.70 |
| EMP | 85,000 | 13,07,844 | 104.63 |
| Total | 3,51,27,002 | 1,44,08,09,028 | 1,15,264.72 |
Company Details
- 3rd Floor, Naman Chamber, Plot C-32, G-Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra-400051
- +91 22 2499 4200
- cs_nsdl@nsdl.com
- https://nsdl.co.in/
Registrar Details
- MUFG Intime India Private Limited (Link Intime)
- +91-22-4918 6270
- nsdl.ipo@linkintime.co.in
- https://linkintime.co.in/Initial_Offer/public-issues.html