NSDL IPO 2025: India’s Largest Depository Goes Public – All You Need to Know

Introduction

NSDL IPO is all set to hit the markets on July 30, 2025, through a pure offer for sale route. The National Securities Depository Ltd, India’s oldest and largest depository, has filed its RHP with SEBI, marking one of the most anticipated public issues this year. With a legacy stretching back to 1996 and a foundational role in digitising the country’s securities market, NSDL’s public issue is one of the most anticipated IPOs of the year.

In this deep dive into the NSDL IPO 2025, we’ll explore the issue size, dates, shareholder details, financials, and what this listing means for investors and the broader market.

NSDL IPO Key Dates and Timeline

NSDL has filed its Red Herring Prospectus (RHP) with SEBI, officially setting the IPO in motion. Here’s the timeline every investor should note:

• Anchor Investor Bidding: July 29, 2025
• IPO Opens for Public Subscription: July 30, 2025
• IPO Closes: August 1, 2025
• Listing on BSE and NSE: August 6, 2025

This timeline positions the NSDL IPO towards the end of July, giving investors just enough time to assess its fundamentals, compare it with its peer (CDSL), and prepare for participation.

NSDL IPO Structure: Pure OFS Route

The NSDL IPO 2025 will be conducted through a pure Offer for Sale (OFS) route. This means the company itself will not raise any fresh capital. Instead, existing shareholders will offload a portion of their stake, and the proceeds will go directly to them.

The total offer comprises up to 5.01 crore equity shares. This makes the issue size approximately ₹5,010 crore, assuming a face value of ₹2 per share and indicative pricing.

The participating selling shareholders include some of India’s most prominent financial institutions:

• IDBI Bank: Offloading up to 2.22 crore shares
• National Stock Exchange (NSE): Offloading up to 1.80 crore shares
• State Bank of India (SBI): Selling up to 40 lakh shares
• HDFC Bank: Offering 20 lakh shares
• Union Bank of India: Selling 5 lakh shares
• SUUTI (Specified Undertaking of UTI): Selling 34.15 lakh shares

Each of these shares has a face value of ₹2, and the final price band is expected to be announced closer to the opening date.

Shareholding Pattern: Who Owns NSDL?

As of March 2025, NSDL’s shareholding pattern is deeply institutional, with no individual promoter or promoter group. The major shareholders include:

• IDBI Bank: 26.01%
• NSE: 24%
• HDFC Bank: 7.95%
• SBI and Deutsche Bank: 5% each
• SUUTI: 6.83%

In total, the company has nearly 20 crore outstanding shares and over 34,800 public shareholders.

The SEBI norms cap ownership in market infrastructure institutions (like depositories) at 15% per entity, encouraging diversified ownership and limiting concentration risk.

NSDL: The Backbone of India’s Capital Market

NSDL was established in 1996 as India’s first depository, bringing a digital revolution to the way securities were held and transferred. Before NSDL, investors had to hold physical certificates, which were prone to forgery, delays, and theft.

Today, NSDL:

• Holds assets worth over ₹51.1 trillion in custody
• Manages over 4 crore active investor accounts
• Facilitates over 90% of settlement volumes in the Indian securities market
• Handles dematerialisation for the largest number of issuers and instruments

Its role in transforming India into a paperless and transparent market ecosystem is monumental.

Financial Performance of NSDL

NSDL has shown consistent financial growth, making a compelling case for investors.

• FY25 Total Income: ₹731.40 crore (up 28% YoY)
• FY25 Net Profit: ₹321.60 crore (up 24.6% YoY)

Its operating efficiency, scalability, and high entry barriers make it a high-margin, low-risk business. Based on market reports, NSDL’s expected valuation is between ₹18,000 crore and ₹20,500 crore, placing it in the same league as major fintech firms.

This financial strength adds credibility to its IPO and makes it a potentially attractive long-term play for both institutional and retail investors.

NSDL vs. CDSL: What’s the Difference?

CDSL (Central Depository Services Ltd), NSDL’s younger peer, went public in 2017 and has delivered multi-bagger returns since then. CDSL is often considered the “retail-friendly” depository due to its higher individual investor footprint, while NSDL services more institutional clients.

Some key differentiators:

• Market Share: NSDL still holds a larger share in terms of assets under custody.
• Technology Edge: NSDL has long invested in infrastructure and automation, making it the depository of choice for large institutions.
• Ownership: CDSL is backed by BSE, while NSDL is backed by NSE and large banks.

Both companies operate under SEBI’s purview and provide similar services but target slightly different customer bases.

NSDL vs. CDSL – Quick Comparison

Feature	NSDL	CDSL
Founded	1996	1999
Type	Unlisted (IPO opens July 30, 2025)	Listed since 2017
Primary Focus	Institutional clients, FPIs, custodians	Retail investors, fintech tie-ups
Demat Accounts (June 2025)	~4 crore	~15.3 crore
Assets Under Custody (AUC)	₹49.5 lakh crore	₹71 lakh crore
FY25 Revenue	₹1,535 crore	₹1,199 crore
FY25 Net Profit	₹343 crore	₹526 crore
EBITDA Margin (FY25)	~25%	~52%
Market Cap (Est.)	₹25,000–30,000 crore (unlisted valuation)	₹36,000 crore (listed)
Key Shareholders	IDBI, NSE, SBI, HDFC, SUUTI	BSE
PE Ratio (Est.)	~74x (Unlisted)	~69x
Strategic Edge	Regulatory alignment, FPI focus	Cost-efficient, retail-driven growth

Unlisted Market Buzz: NSDL Share Price Trends

Ahead of the IPO, NSDL shares have been trading actively in the unlisted market, with prices ranging between ₹1,025–1,275 per share. However, in the past one month, the stock is down by about 18%, likely due to increased supply expectations and the formal IPO announcement.

Such fluctuations are typical in the grey market before a major IPO. Investors should use these signals to understand demand sentiment and valuation expectations.

Objectives of the NSDL IPO

Since the IPO is an OFS, NSDL will not receive any proceeds from this issue. The entire amount raised will be distributed among the selling shareholders, proportionate to the number of shares sold by each.

That said, the IPO serves two major strategic objectives:

1. Compliance with SEBI norms: All Market Infrastructure Institutions are expected to go public for better transparency.
2. Brand visibility and public trust: Being listed enhances NSDL’s corporate profile and trust among retail investors.

Why Investors Should Watch This IPO

The NSDL IPO 2025 represents a rare opportunity to invest in a mission-critical market infrastructure company. It enjoys a quasi-monopolistic position, strong balance sheet, stable margins, and rising investor base.

With Indian capital markets expanding rapidly and demat accounts crossing 15 crore nationwide, NSDL’s services are becoming more important than ever.

If the valuations are reasonable, this IPO could be a solid long-term compounder.

NSDL IPO – FAQs

What is the date of NSDL IPO?
NSDL IPO opens on July 30, 2025, and closes on August 1, 2025.

Who will sell shares in the NSDL IPO?
IDBI, NSE, SBI, HDFC Bank, Union Bank, and SUUTI will sell shares.

Is NSDL issuing fresh shares in the IPO?
No, NSDL IPO is a pure offer for sale (OFS); the company won’t receive any funds.

Where will NSDL list its shares?
NSDL will list on BSE and NSE on August 6, 2025.

How many shares are on offer in NSDL IPO?
Up to 5.01 crore equity shares are up for sale.

What is the face value of each NSDL share?
Each share has a face value of ₹2.

What is NSDL’s core business?
NSDL offers depository services and manages electronic records of securities.

How much profit did NSDL make in FY25?
NSDL reported a net profit of ₹343 crore in FY25.

How does NSDL compare with CDSL?
NSDL focuses more on institutional clients, while CDSL leads in retail accounts.

Will NSDL use IPO money for expansion?
No, all proceeds will go to selling shareholders.

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