NSDL to launch ₹4,012 cr OFS-only IPO on July 30; IDBI Bank, NSE, SBI, HDFC Bank, UBI to trim stakes

The highly anticipated initial public offering (IPO) of National Securities Depository Ltd (NSDL) will hit Dalal Street on July 30, 2025. The company, which provides depository services for securities in the Indian financial market, has set a price band of ₹760-800 per share for its IPO, aiming to raise ₹4,012 crore at the upper end of the price band. At this valuation, the company’s market capitalisation is pegged at around ₹16,000 crore.

The NSDL IPO is a complete an offer-for-sale (OFS) of 5.01 crore shares by existing shareholders, including IDBI Bank, NSE, SBI, HDFC Bank, Union Bank of India, and others. As there is no fresh issue component, the company will not receive any proceeds from the offering.

Under the OFS, IDBI Bank will offload up to 2.22 crore shares, while the National Stock Exchange (NSE) plans to sell up to 1.80 crore shares. Additionally, State Bank of India (SBI), HDFC Bank, and Union Bank of India will sell 40 lakh, 20 lakh, and 5 lakh shares, respectively. The administrator of the specified undertaking of the Unit Trust of India (SUUTI) will offload up to 34.15 lakh shares. All shares have a face value of ₹2 each.

Top 6 shareholders hold over 72% stake in NSDL

As per the IPO document, IDBI Bank is the largest shareholder in NSDL with a 26.10% stake, owning 5.22 crore shares in the depository firm. It is followed by the NSE, which holds 4.8 crore shares, translating to a 24% stake.

HDFC Bank ranks third, with 1.59 crore shares, accounting for 7.95% of the total equity. The Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) owns 1.37 crore shares, amounting to 6.83%.

Public sector such as SBI and Union Bank of India also feature among the top stakeholders. SBI holds 1 crore shares or 5.00%, while Union Bank owns 56.25 lakh shares, equating to 2.81%.

Collectively, these six entities hold 14.54 crore shares, representing 72.70% of NSDL’s total equity base.

Key things to know about NSDL IPO

The lot size for the IPO is 18 shares, with a minimum application amount of ₹13,680 for retail investors applying for one lot. The IPO will open on July 30 and close on August 1, with share allotment expected by August 4, 2025. The tentative listing date on both BSE and NSE is August 6, 2025.

NSDL initially filed its draft red herring prospectus (DRHP) in July 2023, followed by an addendum in May 2025, which revised the issue size from 5.72 crore to 5.01 crore shares. The capital market regulator granted approval for the company to complete its listing process by August 14, 2025.

In terms of allocation, not more than 50% of the issue is reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and a minimum of 35% for retail investors. Up to 85,000 equity shares have been reserved for employees, who are also eligible for a discount of ₹76 per share under the employee quota.

As of March 31, 2025, NSDL is the largest depository in India, leading in key metrics such as the number of issuers, active instruments, market share in demat settlement value, and value of assets under custody, according to a CRISIL report cited in the DRHP. The depository maintained a wide operational reach through 65,391 depository participants’ service centres and managed 39.45 million active demat accounts. During FY25, NSDL added 33,758 new issuers, increasing the total to 79,773, compared to 46,015 issuers at the end of FY24. The company also recorded an average of 15,320 new demat accounts opened daily during the financial year.

On the financial front, NSDL demonstrated a robust financial performance over the last three fiscal years, with consistent growth in revenue, profit, and operating earnings. Between FY23 and FY25, the company’s revenue from operations surged from ₹1,021.99 crore to ₹1,420.15 crore, while profit after tax increased from ₹234.81 crore to ₹343.12 crore during the same period. In terms of earnings before interest, tax, depreciation, and amortisation (EBITDA), the company reported a strong compound annual growth rate (CAGR) of 22.42%, rising from ₹328.60 crore in FY23 to ₹492.94 crore in FY25.

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