NSDL IPO Overview
National Securities Depository Limited (NSDL) IPO is opening on 30th July 2025 and closing on 1st August 2025, with 29th July 2025 as the anchor book date. The IPO comes with a price band of ₹760–₹800 per share, a face value of ₹2, and a lot size of 18 shares.
The Grey Market Premium (GMP) has been between ₹135–₹154, indicating high expectations for listing gains.
What You Need to Know About It
Release Date and Distribution
- Opening Date: 30 July 2025
- Closing Date: 1 August 2025
- Allotment Confirmation: Approximately 4 August 2025
IPO Price and Expected Listing
- Price Range: ₹760 – ₹800 per share
- Grey Market Premium (GMP): ~₹135 – ₹154
- Indicative Listing Price: ₹935 – ₹954
Issue Size and Share Details
- Total OFS Shares: 50,145,001 at ₹4,011.6 Crores
- Face Value: ₹2 per share
- Lot Size: 18 shares
Also Read: Sri Lotus Developers IPO Date, Price, Review & GMP
Key NSDL IPO Facts
Deep Dive: NSDL IPO Details
1. Issue Size & Allocation
The entire transaction is an Offer for Sale (OFS) of 50,145,001 shares (no fresh money is raised for the company), valued at ₹4,011.6 Cr.
Allocation Distribution:
- QIB (including Anchor): 50% (~25 mn shares)
- HNI: 15% (~7.5 mn shares)
- - Low HNI (₹2–10 L): 5%
- - Large HNI (>₹10 L): 10%
- Retail: 35% (~17.5 mn shares)
2. Grey Market Premium & Expected Listing
A GMP of ₹135–₹154 indicates potential listing gains of 17–19% above the higher price band. If this premium holds, the share could list between ₹935–₹954, reflecting strong market demand.
3. Application & Allotment Timeline
| Bid Dates | 30 Jul – 1 Aug 2025 |
| Date Basis of Allotment | Approximately 4 August 2025 |
| Refunds & Demat Credits | 5 Aug 2025 |
| Listing at BSE | 6 Aug 2025 |
Financial Overview (₹ Crore)
Here's a look at NSDL's financial performance over the last three fiscal years, showing consistent growth in revenue and profitability.
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 2,093.48 | 2,257.74 | 2,984.84 |
| Revenue | 1,099.81 | 1,365.71 | 1,535.19 |
| Profit After Tax | 234.81 | 275.45 | 343.12 |
| EBITDA | 328.60 | 381.13 | 492.94 |
| Net Worth | 1,428.86 | 1,684.10 | 2,005.34 |
| Reserves & Surplus | 199.08 | 216.32 | 232.31 |
Principal Risks
- No new money raised: This is a 100% Offer-for-Sale, meaning NSDL itself receives no money. Future expansion may depend on internal funds or borrowings.
- Single-Exchange Listing: Listing only on BSE may decrease overall liquidity compared to dual-listed IPOs, potentially resulting in larger bid-ask spreads.
- Regulatory Focus: NSDL is closely monitored by SEBI. Negative shifts in depository regulations could significantly impact revenues.
- High Valuation: With a market cap of ~₹16,000 Cr versus a net worth of ₹2,005 Cr, the IPO is priced at a Price-to-Book of ~8x, a premium that might see a correction post-listing.
- GMP Volatility: The GMP has ranged widely from ₹29 to ₹154, showing speculative pressure that can evaporate after listing and reduce gains.
- UPI/ASBA Execution Risk: Applications can be declined due to lapsed mandates or bank system failures, causing missed allotments.
Also Read: Laxmi India Finance IPO Date, Price, GMP & Review 2025
Original Insights
Employee Confidence Signal
The ₹76 per share employee discount is extremely generous, signaling that NSDL is rewarding the loyalty of its core team.
Promoter Shortage Brings Governance Focus
As a professionally managed firm with no identifiable promoter, NSDL's governance and board oversight will face intense scrutiny—a risk and benefit of its trusted position.
Grey Market as a Sentiment Meter
Erratic GMP fluctuations are more than a price gauge; they are an instant proxy for market sentiment on infrastructure-related IPOs.
OFS Stakeholders' Exit Strategy
The coordinated exit by large financial institutions (IDBI, NSE, SBI, HDFC) implies they see current valuations as a strategic window for monetization.
NSDL IPO Subscription Details
The following table shows the final subscription status. All categories were fully subscribed.
| Category | Allocation (Shares) | Subscription Ratio |
|---|---|---|
| Retail | 17,523,827 | 1.00× |
| HNI Small | 2,503,404 | 1.00× |
| HNI Large | 5,006,808 | 1.00× |
| Employee | 85,000 | 1.00×* |
Company Overview: National Securities Depository Limited (NSDL)
Founded in 1996 and headquartered in Mumbai, NSDL is India's first and largest central securities depository. It is trusted by regulators, issuers, investors, and brokers to hold and settle securities electronically.
Frequently Asked Questions (FAQs)
What is NSDL and why do we need it?
NSDL is India's leading securities depository where your shares, bonds, and mutual funds are held in electronic format. By eliminating physical certificates, it reduces the risk of loss, theft, or forgery and speeds up transfers and eliminates paper.
How do I use my broker to place an application for NSDL IPO?
Go to your broker's IPO application site. Select NSDL IPO, select your lot size (18 shares per lot) and insert the ID price between ₹760 and ₹800. Verify payment through UPI or ASBA. Check your application in the "Portfolio → IPO" section.
What does Grey Market Premium (GMP) indicate?
GMP is an indicative price of IPO shares before they are listed. Good demand and potential returns of about 17–19% upon listing are indicated by a higher GMP (₹135–₹154 in this instance).
When will I receive allotment status and shares credited?
Finalization of Allotments: Approximately 4 August 2025. Refunds & Demat Credit: 5th August 2025. Trading Starts: 6 August 2025 on BSE.
Is there any reservation for staff?
Yes, 85,000 shares are available for employees at a discount of ₹76 per share. Employee full subscription is a sign of confidence from management.
What are the key risks I should know?
This is a 100% offer-for-sale—no new capital comes to NSDL for expansion. Solo listing on BSE could restrict liquidity in comparison to dual-listing IPOs. Regulatory updates or UPI/ASBA implementation problems may impact allotment or settlement.
How is NSDL different from CDSL?
NSDL was the first depository in India (1996) and is institutionally supported by IDBI, NSE, and UTI. CDSL (1999) is supported mainly by banks and BSE. Both provide the same kind of services, but NSDL has a greater market share and longer history.
Which multiples of valuation are we working with?
At a post-issue implied market capitalization of ~₹16,000 Cr against net worth of ₹2,005 Cr, the IPO is on 8 times book value, a premium to peers—reflecting NSDL's strong moat.
