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

The highly anticipated NSDL IPO appears to be on track, but a sharp decline in the company's unlisted share price has raised eyebrows. The drop comes amid cooling market enthusiasm and regulatory deadlines. Investors are watching closely as NSDL approaches SEBI’s extended July 31, 2025, listing deadline.

Unlisted Share Price Drops as IPO Nears

NSDL’s unlisted shares have dropped nearly 19% from their 52-week high of ₹1,275 to around ₹1,035. This correction, including a 6% drop in a single session, reflects waning investor sentiment following HDB Financial’s recent listing. The grey market, though unofficial, often signals broader expectations and pricing trends ahead of IPOs.

IPO Offer Size Revised Amid Regulatory Pressure

NSDL, which received SEBI’s nod for its IPO in September 2024, revised its offer size to 50.15 million shares, down from 57.26 million. The issue is expected to raise about ₹3,300 crore ($400 million) and will be listed on both BSE and NSE. ICICI Securities is the lead manager, with MUFG Intime India as the registrar.

Read More: Upcoming NFOs This Week: Opening from July 7, 2025!

NSDL IPO: SEBI Deadline of July 31

SEBI granted NSDL an extension till July 31, 2025, to complete its listing process. The delay stems from IDBI Bank and NSE needing to reduce their stakes in NSDL below the mandated 15%. Currently, they hold 26.10% and 24% respectively. Non-compliance could require NSDL to seek another extension or fresh approval.

NSDL Business Overview and Financial Snapshot

Established in 2012 and active since 1996 in the depository space, NSDL supports trade settlement and back-end infrastructure for Indian markets. In FY24, revenue reached ₹1,268.24 crore, up from ₹1,021.93 crore in FY23. Depository services contributed 37.3% to FY24’s revenue. Dividend payouts have declined over time, and a stock split was executed in FY23, lowering the face value from ₹10 to ₹2.

Conclusion

While the NSDL IPO remains one of the most awaited listings, investor mood has cooled in the unlisted market. With a revised issue size, regulatory deadlines, and shareholder stake adjustments pending, the road to listing will be watched closely by market participants.

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