IPO Details

Bidding Dates

30 Jul '25 - 01 Aug '25

Minimum Investment

₹13,680/ 1 Lot (18 Shares)

Price Range

₹760-₹800

Maximum Investment

₹1,87,200/ 13 Lots (234 Shares)

Retail Discount

To be announced

Issue Size

₹4,011.60 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)   |  

National Securities Depository Limited IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Jul 30, 25

IPO Closing Date

Aug 01, 25

Basis of Allotment

Aug 04, 25

Initiation of Refunds

Aug 05, 25

IPO Listing Date

Aug 06, 25

About NSDL IPO

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

  1. 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.
  1. 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.
  1. 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

  1. The IPO is purely an Offer for Sale (OFS) of up to 5.73 crore equity shares by existing shareholders.
  2. The company aims to list its shares on the BSE to enhance brand visibility and market presence.
  3. 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:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How to apply for NSDL IPO online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the NSDL IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. 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)

NSDL IPO Registrar

Financial Performance of National Securities Depository Limited

Particulars Year ending on March 31, 2025 Year ending on March 31, 2024 Year ending on March 31, 2023
Revenue from Operation (in ₹ million) 14,201.46 12,682.44 10,219.88
Profit/ (loss) for the year (in ₹ million) 3,431.24 2,754.45 2,348.10
Earnings per Share (₹) 17.16 13.77 11.74
Net Worth (in ₹ million) 20,053.41 16,840.97 14,288.61
Return on Equity (%) 18.6 19.0 17.8
Return on net worth (in %) 17.11 16.36 16.43
EBITDA (in ₹ million) 4,929.43 3,811.33 3,286.04

Know before investing

Strengths

6
  1. India’s largest depository, holding 88.39% securities by value.

  2. Introduced dematerialisation, transforming India’s securities settlement landscape forever.

  3. First to offer blockchain-based security monitoring for debentures.

  4. Stable recurring revenue from annual custody and service fees.

  5. Wide asset coverage including equities, bonds, gold, and funds.

  6. Experienced leadership team averaging 20+ years in financial services.

Risks

6
  1. A shift in investor preference away from securities could reduce revenue.

  2. Overdependence on depository services limits NSDL’s income diversification.

  3. Business is vulnerable to external market factors like inflation and GDP.

  4. Failure to innovate or adopt new tech may impact future growth.

  5. System glitches or cyberattacks could harm NSDL’s operations and image.

  6. Intense competition may impact pricing, margins, and client acquisition.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

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

NSDL IPO FAQs

What is the NSDL IPO?

NSDL IPO is a 100% book-built issue IPO. It runs from July 30, 2025, to August 1, 2025. 

When will the NSDL IPO be allotted?

The Basis of Allotment will happen on Monday, August 4, 2025.   

When will the NSDL IPO open for subscription?

The IPO subscription window will open on July 30, 2025. 

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 18 shares. 

When will National Securities Depository Limited IPO list on exchanges?

The listing date for NSDL IPO is Wednesday, August 6, 2025. 

What is the issue size of the NSDL IPO?

The issue size of the NSDL IPO is ₹4,011.60 crore.

What are the open and close dates of the NSDL IPO?

The open and close dates for NSDL IPO are from July 30, 2025, to August 1, 2025.

What would be the listing gains on the NSDL IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange 

How to increase your chances of getting an NSDL IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the NSDL IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of NSDL Limited using one PAN?

You can submit only one application using your PAN card. 

How to read NSDL's financial statements?

To read NSDL’s financial statements, download the IPO’s RHP document. 

What is 'pre-apply' for NSDL Limited IPO?

Pre-apply allows investors to apply for the NSDL IPO two days before the subscription period opens, ensuring an early submission of your application. 

If I pre-apply for the NSDL Limited IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours. 

When will I know if my NSDL IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts. 

Who is the registrar of NSDL IPO?

MUFG Intime India Private Limited (Link Intime) is the registrar managing the IPO allotment process and handling investor-related queries. 

Where is the NSDL IPO getting listed?

NSDL IPO is proposed to be listed on the Bombay Stock Exchange (BSE).