NSDL IPO
ListedMainboardOpens 30 July 2025Closes 1 August 2025
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…
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).
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Key ratios
As per RHP / filingsTimeline
IPO Opens
30 Jul
IPO Closes
1 Aug
Allotment
4 Aug
Listing
6 Aug
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 30 July 2025 |
| IPO Close Date | 1 August 2025 |
| Allotment Date | 4 August 2025 |
| Listing Date | 6 August 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,400 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,87,200 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,01,600 |
SHNI (Max)Below ₹10,00,000 | 69 | ₹9,93,600 |
BHNIAbove ₹10,00,000 | 70 | ₹10,08,000 |
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.) | 2,984.84 | 2,257.74 | 2,093.48 |
| Revenue (₹ Cr.) | 1,535.19 | 1,365.71 | 1,099.81 |
| PAT (₹ Cr.) | 343.12 | 275.45 | 234.81 |
| Net Worth (₹ Cr.) | 2,005.34 | 1,684.1 | 1,428.86 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|
Subscription Details
Daily Bids Status
| Category | 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 | 15,111.4 |
| RII | 1,75,21,001 | 13,59,33,714 | 10,874.7 |
| EMP | 85,000 | 13,07,844 | 104.63 |
| Total | 3,51,27,002 | 1,44,08,09,028 | 1,15,264.72 |
Company Details
- National Securities Depository Ltd.
- 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
Frequently Asked Questions
See live numbers on GMP, Subscription, and Allotment pages.
NSDL IPO News & Updates
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NSDL IPO IPO Pages
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NSDL IPO Details
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NSDL IPO GMP
Live grey market premium and listing estimate
NSDL IPO Subscription
QIB, NII, Retail, SHNI and BHNI subscription
NSDL IPO Allotment
Allotment date, chances, and check by PAN
NSDL IPO Review
SWOT, strengths, risks, and IPO review
NSDL IPO FAQ
Common questions on dates, GMP, and allotment
NSDL IPO Registrar
Registrar website and how to check allotment
NSDL IPO Timeline
Open, close, allotment, and listing dates
NSDL IPO News
Updates, blogs, and latest IPO news
Sources
We match NSDL IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private Limited (Link Intime)Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.