National Securities Depository Limited (NSDL), one of the main institutions supporting India’s stock market system, has completed its anchor investor round and raised ₹1,201.4 crore. This strong response from investors shows the high level of trust in NSDL’s business and its important role in the country’s financial market. This robust response from 61 institutional investors reflects strong faith in NSDL’s business model and its vital position in India’s financial system. The company is gearing up for its IPO launch scheduled on July 30, 2025.
About NSDL: India’s Leading Depository Institution
Founded in 1996, NSDL initiated the shift from physical share certificates to electronic, or dematerialised, securities in India. As of 31 March 2025, NSDL stands as the largest depository in India based on key indicators such as:
- Number of issuers
- Market share in demat settlement volumes
- Active instruments
- Total value of assets held under custody
NSDL handles around 87% of the total value of securities in India, playing a crucial role in keeping the stock market running smoothly. It helps ensure that share transactions are secure, fast, and reliable across the country.
Details of the NSDL IPO
This IPO is structured as an Offer for Sale (OFS) worth ₹4,011.6 crore, meaning no new shares will be created. In this IPO, shares are being sold by current stakeholders such as IDBI Bank, NSE, SBI, HDFC Bank, Union Bank of India, and SUUTI (Specified Undertaking of UTI).
- Price band: ₹760 – ₹800 per share
- Minimum lot size: 18 shares (approximate minimum investment ₹14,400 at the top price)
- IPO Dates: 30 July – 1 August 2025
- Allotment Date: 4 August 2025
- Listing Date: 6 August 2025 on BSE and NSE
Investor Interest and Grey Market Premium
The IPO has sparked strong investor interest, with the grey market premium hovering between ₹135 and ₹155. This premium translates to an expected listing gain of roughly 17% to 19.4% over the upper price band, signalling positive investor sentiment. Priced at ₹800 per share, NSDL is valued at nearly 46.6 times its estimated FY25 earnings, giving it a market cap of around ₹16,000 crore.
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Financial Strength of NSDL
As one of the two main securities depositories in India, NSDL holds a key position in the country’s financial system. It provides safe and secure dematerialised account services, allowing investors to hold shares and securities electronically. This system does away with traditional paper share certificates, making it easier, quicker, and more secure to settle trades electronically. NSDL enjoys a strong institutional franchise with steady cash flows and continues to lead India’s capital markets infrastructure, making it an attractive investment opportunity
NSDL’s financial performance as of 31 March 2025 highlights a strong and stable business:
- Net worth: ₹20,053.41 crore
- Revenue from operations: ₹14,201.46 crore
- Profit after tax: ₹3,431.24 crore
- Earnings per share (EPS): ₹17.16
- Net asset value (NAV) per share: ₹100.27
These numbers show that NSDL holds a leading position and plays an important part in India’s capital market system. .
Who Is Managing the IPO?
The IPO is being managed by well-known financial firms like ICICI Securities, Axis Capital, and HSBC Securities & Capital Markets, IDBI Capital Market Services, Motilal Oswal Investment Advisors, and SBI Capital Markets. Their combined expertise aims to ensure a smooth IPO process.
Why the NSDL IPO Matters for Investors
For retail investors looking to invest in the backbone of India’s financial markets, the NSDL IPO is a rare opportunity. As India’s first and largest electronic depository, NSDL’s public listing opens a new chapter for private investors to own a share in this essential market infrastructure.
Authoritative sources: The detailed IPO filings with SEBI and reports by CRISIL confirm NSDL’s market leadership and financial health.
