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National Securities Depository Ltd (NSDL) IPO is a bookbuilt issue of Rs 4,011.60 crore. This issue is entirely an Offer for Sale of 5.01 crore shares with no fresh issue.
The IPO opens for subscription on July 30, 2025, and closes on August 1, 2025. The allotment is expected to be finalized on Monday, August 4, 2025. The price band for the IPO is set at ₹760 to ₹800 per share, and the minimum lot size for an application is 18 shares.
Company Summary
Incorporated in 2012, National Securities Depository Limited (NSDL) is a SEBI-registered Market Infrastructure Institution (MII).
Key Figures (as of March 31, 2025):
- Active demat accounts: 39.45 million
- Registered depository participants: 294
- Registered issuers: 33,758
- Account holders are located in over 99% of Indian PIN codes and 186 countries
Company Core Activities
- Acts as a securities depository in India.
- Maintains electronic records of allotment and ownership transfer of securities.
- Provides depository services including dematerialization, trade settlement, off-market transfers, pledging of securities, and corporate actions.
- Provides asset servicing for securities held in dematerialized form.
- Offers additional services such as e-voting, consolidated account statements (CAS), and non-disposal undertakings (NDU).
Company Subsidiaries
- NSDL Database Management Limited (NDML): Offers services across e-governance, regulatory platforms, KYC, insurance repository, and collaborative industry platforms. Handles SEZ automation and the National Skills Registry.
- NSDL Payments Bank Limited (NPBL): Operates a business-to-business payments bank. Provides digital banking, domestic remittances, savings accounts, AePS, micro-ATMs, prepaid cards, UPI, POS, and third-party product distribution (insurance and mutual funds).
Company Strengths
- India’s first and leading depository, operating a wide range of technology-driven businesses.
- Strong focus on technology-led product innovation.
- Robust IT infrastructure, risk management frameworks, and cybersecurity measures focused on ensuring the safety and integrity of the depository system.
- Stable revenue base with a significant proportion of recurring revenue.
- Large Variety of Asset Classes held in Demat Accounts and Well-diversified Business Verticals.
- Experienced senior management team.
Company Financials
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,984.84 | 2,2557.74 | 2093.48 |
| Revenue | 1,535.19 | 1,365.71 | 1,099.81 |
| Profit After Tax | 343.12 | 275.45 | 234.81 |
| EBITDA | 492.94 | 381.13 | 328.6 |
| Net Worth | 2,005.34 | 1,684.1 | 1,428.86 |
| Reserves and Surplus | 232.31 | 216.35 | 199.08 |
| Amount in ₹ Crore | |||
Objectives of IPO
Achieve the benefits of listing the Equity Shares on BSE.
IPO Details
| IPO Date | July 30, 2025 to August 1, 2025 |
| Listing Date | August 6, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹760 to ₹800 per share |
| Lot size | 18 shares |
| Total Issue size | 5,01,45,001 shares (aggregating upto ₹4,011.60 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 20,00,00,000 shares |
| Share Holding Post Issue | 20,00,00,000 shares |
Category Reservation
| 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 | 1. Employee limit: Up to Rs 2 lakhs (In certain cases, employees are given a discount if the bidding amount is up to Rs 2 Lakhs) 2. If applying as RII: Up to Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and up to Rs 10 Lakhs, and bNII > Rs 10 Lakhs | Yes for Employee and RII/NII |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 18 | ₹14,400.00 |
| Retail (Max) | 13 | 234 | ₹1,87,200.00 |
| S-HNI (Min) | 14 | 252 | ₹2,01,600.00 |
| S-HNI (Max) | 69 | 1,242 | ₹9,93,600.00 |
| B-HNI (Min) | 70 | 1,260 | ₹10,08,000.00 |
Allotment Schedule
| Basis of Allotment | Mon, 4 Aug, 2025 |
| Initiation of Refunds | Tue, 5 Aug, 2025 |
| Credit of Shares to Demat | Tue, 5 Aug, 2025 |
| Tentative Listing Date | Wed, 6 Aug, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 1, 2025 |
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 |
To check allotment, click here
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