NSDL IPO: Depository to Begin Taking Investor Orders

The National Securities Depository Ltd (NSDL) is preparing to open investor orders for its initial public offering (IPO) as early as next week. The offering is expected to raise up to $500 million, according to the news reports. This figure is higher than the earlier estimate of around $400 million in June 2025.

Existing Shareholders to Sell Stakes

The IPO will be conducted through an offer-for-sale (OFS) route. Existing stakeholders, including IDBI Bank Ltd., the National Stock Exchange of India Ltd. (NSE), and the State Bank of India (SBI) will offload portions of their holdings. NSDL itself will not receive any proceeds from the offering.

The proposed IPO adds to a growing list of Indian companies tapping the public markets after a relatively slow start to the year. Rising investor interest is being observed against the backdrop of increased foreign investment and a more accommodative monetary policy environment.

NSDL’s Role 

Founded in 1996, NSDL is India’s largest depository in terms of assets under custody. It holds over ₹51.1 trillion worth of securities and manages more than 40 million investor accounts, as per its official website.

Read more: NSDL IPO: Unlisted Share Price Drops 19%; Will India’s Largest Depository List by SEBI’s July 31 Deadline?

Advisors Managing the Issue

The list of appointed book-running lead managers includes ICICI Securities Ltd, Axis Capital Ltd, HSBC Holdings Plc, IDBI Capital Markets & Securities Ltd., Motilal Oswal Investment Advisors Ltd., and SBI Capital Markets Ltd. These firms will oversee the sale process.

Conclusion

NSDL’s upcoming IPO will be one of the larger public offerings in recent months, driven by shareholder divestments. Final details are expected to be confirmed soon, with investor orders likely to open next week.

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