The initial public offering (IPO) of the National Securities Depository Ltd, or NSDL, has commenced today and will run until 1 August 2025. The firm has announced the NSDL IPO price range at ₹760 to ₹800 for each equity share. The firm intends to generate ₹4,011.60 crore through its public offering, which is entirely an offer-for-sale (OFS). The NSDL IPO is intended for listing on the BSE and the NSE.
NSDL IPO Review
NSDL IPO offers a unique chance for investors to engage in the core of India’s securities system. Although the problem is solely an OFS matter, the firm’s annuity-like revenue model, robust margins, and leading market presence render it an appealing long-term investment. The price band is set between ₹760 and ₹800 per share. The basis of allotment will be finalised by August 4, 2025, and the tentative listing date on BSE is August 6, 2025.
NSDL Limited is the first and largest depository in the country, offering the service to maintain securities electronically. Established in 1996, NSDL currently has a robust presence throughout India.
The services offered by the company extend beyond the electronic management of equity, debentures, mutual funds, and bonds; they also encompass PAN application, National Pension System (NPS), e-KYC, and various other digital services. NSDL’s network currently spans the nation and comprises over 2.8 crore investors and approximately 2,98,000 Active Demat accounts.
Strong Infrastructure and Digital Advancement:
The technological framework of NSDL is highly robust and secure. It employs advanced data security measures that ensure investors’ information remains fully protected. NSDL’s platform collaborates with multiple financial entities, including banks, mutual funds, and stock brokers, enabling smooth transactions and validation.
Consistent Income Structure and Dependable Financial Results:
The company generates most of its revenue from transaction fees and yearly issuer charges, ensuring consistent earnings. In FY23, NSDL disclosed revenue of Rs.934 crore and a net profit of Rs.234 crore. EBITDA margins are robust according to industry benchmarks, and Return on Equity (RoE) has consistently been strong.
Regulatory Assistance and Industry Guidance:
NSDL is overseen by the Securities and Exchange Board of India (SEBI), which further boosts its reliability and dependability. The organization serves as a reliable link among investors, governmental entities, and institutions.
In the current digital era, as financial inclusion and paperless transactions rise, the significance and role of NSDL continue to grow. A robust client base, technology-driven services, and a reliable revenue model establish it as a company with long-term growth potential.
NSDL IPO – Strengths
Industry Leadership in Depository Services: NSDL is the oldest and first depository in India, founded in 1996. By March 2025, NSDL has recorded securities valued at more than Rs.325 lakh crore, establishing it as the premier depository in the nation.
Robust customer foundation and network: By March 2025, NSDL boasts more than 3.4 crore active depository accounts, linked via a network of over 2,00,000 service centers/DPs nationwide. This network quickly promotes financial inclusion and access for investors.
Robust financial performance: The firm boasts a solid financial history. The company’s PAT was Rs.234.81 crore in FY23, rising to Rs.275.45 crore in FY24 and Rs.343.12 crore in FY25. Likewise, revenue has increased for three straight years from Rs.1,099.81 crore in FY23 to Rs.1,535.19 crore in FY25.
Platform Driven by Technology: NSDL has transformed its systems to be fully digital and automated. Innovation and automation in services such as e-Voting, PAN Verification, and e-KYC have greatly enhanced the company’s operational efficiency.
Regulatory Support and Confidence: NSDL holds licenses from prominent regulatory authorities such as SEBI and RBI. This demonstrates regulatory trust and confidence in clarity, which provides reassurance to investors.
NSDL IPO – Risk
Regulatory Reliance: NSDL’s functions rely on guidelines established by SEBI, RBI, and other regulatory bodies. Regulatory alterations may impact the company’s business model and revenue framework.
Competitive Pressure from CDSL and New Players: While NSDL remains the market leader, it encounters significant competition from other depositories such as CDSL. Furthermore, the emergence of fintech firms and blockchain solutions can heighten competition further.
Concentration of Business in Indian Capital Market: The entire functioning of NSDL relies on the Indian capital market. A significant drop in the domestic market or a fall in investor interest can directly affect the company’s revenue.
Technology Threats & Cybersecurity Risks: As a digital platform, the firm faces the dangers of cyber incidents and system malfunctions. A data breach or system failure can impact the company’s reputation and its functioning.
Restricted Global Diversification: NSDL concentrates exclusively on the Indian market. Its international expansion is restricted, shielding it from global risks, yet this may also hinder its growth prospects.
NSDL IPO GMP Details
As of 30 July 2025, the GMP of NSDL IPO was ₹126. The projected listing price is ₹926, representing a 15.75% increase per share above the upper price band.
Source: Livemint Report dated 24 June, 2025
Disclaimer: The GMP (Grey Market Premium) price is an unverified market-related figure and lacks a clear foundation. The information provided above is based on news reports and is intended for informational purposes only. The investor must conduct their own investigation before utilizing it to make any investment decisions. We do not participate in, trade, or handle the grey market, nor do we advocate or support trading in the grey market.
NSDL IPO Details
IPO Dates
The NSDL IPO will be available for subscription from July 30, 2025, until August 1, 2025. Shares will be allocated to investors on August 4, 2025, with the company anticipated to be listed on the BSE on August 6, 2025.
IPO Issue Price
NSDL is providing its shares within a price range of Rs 760 to Rs 800 each. This indicates that you would need an investment of Rs 14,400 for each lot (18 shares) if you are applying for the IPO at the higher price band.
IPO Size
NSDL is issuing a total of 5,01,45,001 shares, which are worth Rs 4,011.60 Cr.
IPO Allotment Status
Investors who applied for the IPO can check their IPO allotment status on August 4, 2025, through the registrar’s website, BSE, NSE, or through the stockbroker platform.
IPO Listing Date
The shares of NSDL will be listed on the BSE on August 6, 2025.
Disclaimer: This information is intended only for educational use. The investments/securities mentioned here are not suggestions.
