NSDL IPO open date is July 21, 2025 and the IPO will close on July 25, 2025.
The company reported revenue of ₹1,099.81 crores in 2023 and profit of ₹234.81 crores in 2023.
NSDL, established in 1996, pioneered dematerialization of securities in India and is regulated by SEBI as a market infrastructure institution. Here, operates as the largest depository in India in terms of number of issuers, demat settlement value, and assets under custody.
We have research about NSDL has two subsidiaries: NSDL Database Management Limited (NDML) and NSDL Payments Bank Limited (NPBL), offering services like e-governance, KYC, insurance repository, and digital banking solutions.
NSDL IPO Details
| IPO Open Date: | July 30, 2025 |
| IPO Close Date: | August 1, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹760 to ₹800 Per Share |
| Employee Discount: | ₹76 Per Share |
| Issue Size: | Approx ₹4011.60 Crores |
| Offer for Sale: | Approx 5,01,45,001 Equity Shares |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
Market Lot Sizes of NSDL IPO
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 18 | ₹14,400 |
| Retail Maximum | 13 | 234 | ₹1,87,200 |
| S-HNI Minimum | 14 | 252 | ₹2,01,600 |
| B-HNI Minimum | 68 | 1,260 | ₹10,08,000 |
Dates Calendar of NSDL IPO
The NSDL IPO date is July 21 and the close date is July 25.
| IPO Open Date: | July 21, 2025 |
| IPO Close Date: | July 25, 2025 |
| Basis of Allotment: | July 28, 2025 |
| Refunds: | July 29, 2025 |
| Credit to Demat Account: | July 29, 2025 |
| IPO Listing Date: | July 30, 2025 |
Promoters of NSDL IPO
NSDL is a professionally managed company with no identifiable promoter as per SEBI regulations. Key personnel include Padmaja Chunduru (MD & CEO) and Chandresh Shah (CFO). The company is governed by a professional board with diverse experience. Pre- and post-IPO shareholding of large institutional investors is relevant but not disclosed in detail.
NSDL IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
| 2021 | ₹526.12 | ₹279.54 | ₹188.57 | ₹1,504.01 |
| 2022 | ₹821.29 | ₹541.69 | ₹212.59 | ₹1,692.75 |
| 2023 | ₹1,099.81 | ₹789.94 | ₹234.81 | ₹2,093.48 |
NSDL IPO Valuation – FY2023
Check NSDL IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 17.8% |
| ROCE: | 21.8% |
| EBITDA Margin: | N.A.% |
| PAT Margin: | 21.35% |
| Debt to equity ratio: | N.A. |
| Earning Per Share (EPS): | ₹11.74 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 16.43% |
| Net Asset Value (NAV): | ₹71.44 |
NSDL Business Overview with Segment and Reach
NSDL’s primary business is to act as a securities depository, offering services such as demat accounts, settlement of trades, and custody of securities. Through NDML and NPBL, NSDL offers diversified tech-enabled services like digital KYC, insurance repositories, regulatory tech platforms, and payment banking.
As of FY23, NSDL served a wide base of issuers, intermediaries, and investors across India, making it the backbone of India’s capital market infrastructure.
Depository Industry Trends and Market Share Leadership
India’s depository industry has seen rapid growth post-2017 with rising financialization and digital adoption. NSDL is the industry leader by demat settlement value and assets under custody, while CDSL leads in retail demat accounts.
The overall trend is toward digital transformation, increasing participation, and regulatory tech demand. NSDL is competing with CDSL in depository services and faces indirect competition from players in KYC, insurance repository, and payment banking.
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Central Depository Services Limited | 26.41 | 45.13 | 21.95% | 120.30 | 620.94 Cr. |
Objects of the Issue
The entire IPO is an Offer for Sale (OFS) by existing shareholders. No fresh issue of shares will be made. Therefore, the company will not receive any proceeds from the IPO. The objective is to provide liquidity to shareholders and to benefit from listing gains and public market visibility.
What is Risks into NSDL?
Major risks include over-dependence on SEBI and regulatory changes that may affect pricing and service structure. Rising tech disruptions and competition from CDSL and fintech startups are also risks. The loss-making NPBL segment poses future capital requirements. Further, receivable recovery delays and investment concentration in mutual funds pose liquidity and credit risk concerns.
NSDL IPO Registrar
MUFG Intime India Private Limited
Phone: + 91 810 811 4949
E-mail: nsdl.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
IPO Lead Managers aka Merchant Bankers
- ICICI Securities Limited
- Axis Capital Limited
- HSBC Securities and Capital Markets (India) Private Limited
- IDBI Capital Markets & Securities Limited
- SBI Capital Markets Limited
- Motilal Oswal Investment Advisors Limited
Company Address
National Securities Depository Limited
Trade World, ‘A’ Wing, 4th Floor,
Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013,
Maharashtra, India
Phone: +91 22 2499 4200
E-mail: cs_nsdl@nsdl.com
Website: https://nsdl.co.in
NSDL IPO FAQs
What does NSDL do?
NSDL is India’s largest depository, handling dematerialized securities and settlement infrastructure.
When NSDL IPO will open for subscription?
The IPO is to open on July 21, 2025 for QIB, NII, and Retail Investors. The IPO will close on July 25, 2025.
What is NSDL IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
What is NSDL IPO Issue Size?
NSDL IPO issue size is ₹[.] crores.
What is NSDL IPO Price Band?
NSDL IPO Price Band is ₹[.] to ₹[.].
What is NSDL IPO Lot Size?
The minimum bid is [.] Shares with ₹[.] amount.
What is the NSDL IPO Allotment Date?
NSDL IPO allotment date is July 28, 2025.
What is the NSDL IPO Listing Date?
NSDL IPO listing date is July 30, 2025. The IPO is to list on BSE & NSE.
Is NSDL a government company?
No, it’s a professionally managed private entity regulated by SEBI.
How profitable is NSDL?
Very profitable – with 58.11% EBITDA margin and 43.42% PAT margin in FY23.
Is NSDL’s valuation fair vs CDSL?
CDSL may have higher valuation due to retail investor edge, but NSDL shows better institutional stability and margin consistency.
What is Objective of NSDL IPO?
The NSDL IPO is entirely an Offer for Sale (OFS) of up to 57.26 million equity shares by six shareholders including IDBI Bank, NSE, SBI, UTI, Union Bank, and HDFC Bank. Since no fresh issue is made, the company will not receive any IPO proceeds. The intent is to provide liquidity and a market for existing shareholders while offering public investors access to NSDL equity.
What are NSDL’s strengths?
Market leadership in custody value, regulatory trust, stable margins, and diverse offerings.
How does NSDL make money?
Through transaction fees, issuer charges, annual maintenance, and digital infra services.
Is NSDL dependent on any single client?
Not significantly; it serves a large and diversified base across India.