NSDL IPO is a book-built issue of ₹4,011.60 crore, consisting entirely of an offer for sale of 5.01 crore equity shares. There is no fresh issue component in the IPO. The subscription window for the IPO opens on July 30, 2025, and closes on August 1, 2025.
The basis of allotment is likely to be finalised on August 4, 2025. The equity shares are proposed to be listed on BSE, with a tentative listing date scheduled for August 6, 2025. The price band for the NSDL IPO is fixed between ₹760 and ₹800 per share.
Investors can apply for a minimum of one lot, which consists of 18 equity shares, amounting to an investment of ₹13,680 for retail investors. For sNII (small non-institutional investors), the minimum application size is 14 lots, or 252 shares, totalling ₹2,01,600. For bNII (big non-institutional investors), the minimum is 70 lots, or 1,260 shares, amounting to ₹10,08,000.
ICICI Securities Limited is the book-running lead manager for the IPO. The registrar handling the issue is MUFG Intime India Private Limited (Link Intime). Further details are available in the RHP.
Industry Outlook
- India’s capital markets have experienced robust expansion between FY17 and FY23. The number of demat accounts surged from 27.85 million to 114.5 million, growing at a 26.57% CAGR. NSE-listed companies' market capitalisation also increased at a 14% CAGR during the same period, indicating rising investor participation and deepening financial markets.
- Mutual fund AUM grew from ₹17,456 billion in FY17 to ₹39,420 billion in FY23, at a 14% CAGR. SIP contributions rose from ₹439 billion to ₹1,560 billion, marking a 24% CAGR. The growing adoption of SIPs and mutual fund products reflects higher retail engagement and financial literacy.
- The total volume of equity offerings in FY23 stood at 249, with a total value of ₹740 billion. Rights issues saw a 70% jump in volume, and IPO activity increased 37% year-on-year. This surge contributes to more transactions and compliance, directly benefiting depositories like NSDL.
NSDL IPO Objectives
- The IPO is purely an Offer for Sale (OFS) of up to 5.73 crore equity shares by existing shareholders.
- The company aims to list its shares on the BSE to enhance brand visibility and market presence.
- The listing will help create a public market for NSDL’s equity shares in India, enabling better liquidity for shareholders.
About National Securities Depository Limited
National Securities Depository Limited (NSDL) is a SEBI-registered market infrastructure institution that plays a vital role in India’s financial and securities markets. Established after the Depositories Act of 1996, NSDL was the first to introduce dematerialisation of securities in the country. As of March 31, 2023, NSDL stands as India’s largest depository by the number of issuers, active instruments, and value of assets held under custody.
The organisation operates a secure and efficient digital platform that allows investors to hold various securities—such as equities, debt instruments, mutual fund units, and government securities—in demat form. These securities are held through demat accounts maintained by depository participants. NSDL supports key services like settlement of trades, off-market transfers, pledges, and corporate actions.
NSDL also provides e-services such as e-voting and consolidated account statements. Through its subsidiaries—NSDL Database Management Limited (NDML) and NSDL Payments Bank Limited (NPBL)—the company offers e-governance, regulatory platforms, KYC solutions, and digital banking services.
As of March 31, 2023, NSDL had over 31.46 million active demat accounts and 40,987 registered issuers. The company's services span more than 99% of India’s pin codes and reach 186 countries globally, showing its strong footprint and reliability in capital market infrastructure.
How To Check the Allotment Status of the National Securities Depository Limited IPO?
A: Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How to apply for NSDL IPO online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the NSDL IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of NSDL IPO
Registered office: 301, 3rd Floor, Naman Chambers, G-Block, Plot No. C-32, Bandra Kurla Complex, Bandra East, Mumbai – 400 051, Maharashtra, India
E-mail:cs_nsdl@nsdl.com
Telephone: +91 22 6944 8500/8400
NSDL IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not more than 50% of the Net Offer |
|
Retail Shares |
Not less than 35% of the Net Offer |
|
NII Shares |
Not less than 15% of the Net Offer |
NSDL IPO Lot Size Details
|
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 |
NSDL IPO Investor Category and Bidding Limits
|
Category |
Investment Range |
Cut-off Price Option |
|
Retail (RII) |
Up to ₹2 lakhs |
Allowed |
|
Small HNI (sNII) |
₹2 lakhs to ₹10 lakhs |
Not Allowed |
|
Big HNI (bNII) |
Above ₹10 lakhs (within NII quota) |
Not Allowed |
|
Employee |
Up to ₹2 lakhs |
Allowed |
|
Employee + RII/NII |
· Employee: Up to ₹2 lakhs · RII: Up to ₹2 lakhs · sNII: ₹2–10 lakhs · bNII: Above ₹10 lakhs |
Allowed |
Key Performance Indicators for NSDL IPO
|
KPI |
Value |
|
RoCE (%) |
22.7 |
|
RoNW (%) |
17.11 |
|
PAT Margin (%) |
22.35 |
|
EBITDA Margin (%) |
23.95 |
|
Price to Book Value |
7.98 |
NSDL IPO Prospectus
NSDL IPO Registrar and Lead Managers
NSDL IPO Lead Managers
- ICICI Securities Limited
Registrar for NSDL IPO
MUFG Intime India Private Limited (Link Intime)
- Contact Number: +91-22-4918 6270
- Email Address: ipo@linkintime.co.in
NSDL IPO Registrar
Financial Performance of National Securities Depository Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ million) | 14,201.46 | 12,682.44 |
| Profit/ (loss) for the year (in ₹ million) | 3,431.24 | 2,754.45 |
| Earnings per Share (₹) | 17.16 | 13.77 |
| Net Worth (in ₹ million) | 20,053.41 | 16,840.97 |
| Return on Equity (%) | 18.6 | 19.0 |
| Return on net worth (in %) | 17.11 | 16.36 |
| EBITDA (in ₹ million) | 4,929.43 | 3,811.33 |
Know before investing
Strengths
8India’s largest depository, holding 88.39% securities by value.
Introduced dematerialisation, transforming India’s securities settlement landscape forever.
First to offer blockchain-based security monitoring for debentures.
Stable recurring revenue from annual custody and service fees.
Wide asset coverage including equities, bonds, gold, and funds.
Experienced leadership team averaging 20+ years in financial services.
Strong cybersecurity systems with 24/7 monitoring and global frameworks.
Expanding depository reach through tech upgrades and market awareness drives.
Risks
8A shift in investor preference away from securities could reduce revenue.
Overdependence on depository services limits NSDL’s income diversification.
Business is vulnerable to external market factors like inflation and GDP.
Failure to innovate or adopt new tech may impact future growth.
System glitches or cyberattacks could harm NSDL’s operations and image.
Intense competition may impact pricing, margins, and client acquisition.
Regulatory delays or shareholder non-compliance may disrupt business plans.
Dependence on depository participants may limit service delivery control.
Peer Details of National Securities Depository Limited
| Company Name | Face Value (₹) | Net Worth (₹ Million) | EPS (Basic & Diluted) (₹) | RoNW (%) |
|---|---|---|---|---|
| NSDL | 2 | 20,053.41 | 17.16 | 17.11 |
| CDSL | 10 | 17,603.45 | 25.20 | 29.90 |
