The National Securities Depository Limited (NSDL) is launching its highly anticipated Initial Public Offering (IPO) from 30th July 2025 to 1st August 2025. As India’s first and largest depository, NSDL plays a critical role in the country’s capital markets, offering services such as dematerialisation, trade settlement, and investor account maintenance.
With a robust market presence, consistent financial growth, and increasing relevance in a digital-first financial ecosystem, the NSDL IPO has attracted strong interest across investor classes. In this in-depth analysis, we explore everything you need to know—IPO structure, financials, grey market premium (GMP) trends, investment limits, and expert opinions—so you can make an informed decision.
NSDL IPO Details: Offer Structure and Key Dates
NSDL’s IPO is a book-built issue of ₹4,011.60 crore and consists entirely of an offer for sale (OFS) of 5.01 crore shares. There is no fresh issue component, meaning the proceeds will go to existing shareholders offloading their stake.
IPO Timeline
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Open Date: 30th July 2025
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Close Date: 1st August 2025
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Allotment Date: 4th August 2025
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Refund Initiation: 5th August 2025
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Listing Date (Tentative): 6th August 2025
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Listing Platform: BSE
Pricing & Lot Details
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Face Value: ₹2 per share
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Price Band: ₹760 to ₹800
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Lot Size: 18 shares per lot
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Minimum Investment (Retail): ₹14,400 for 1 lot
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Registrar: MUFG Intime India Private Limited
Share Allocation Structure
The IPO follows SEBI’s standard allocation structure:
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Qualified Institutional Buyers (QIBs): Not more than 50%
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Retail Individual Investors (RIIs): Not less than 35%
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Non-Institutional Investors (NIIs): Not less than 15%
This distribution ensures balanced participation across institutional and individual investors.
GMP Trends: Grey Market Insights Before Listing
The Grey Market Premium (GMP) reflects investor sentiment and helps gauge potential listing gains. As of 27th July 2025, the GMP for NSDL IPO stands at ₹135, implying a possible listing price of ₹935 (₹800 + ₹135), or a 16.88% listing gain.
Historical GMP Trends
| Date | IPO Price | GMP | Estimated Listing Price | Estimated Gain |
|---|---|---|---|---|
| 28-07-2025 | ₹800 | ₹135 | ₹935 | 16.88% |
| 27-07-2025 | ₹800 | ₹135 | ₹935 | 16.88% |
| 26-07-2025 | ₹800 | ₹136 | ₹936 | 17.00% |
| 25-07-2025 | ₹800 | ₹146 | ₹946 | 18.25% |
| 24-07-2025 | ₹800 | ₹167 | ₹967 | 20.88% |
While GMP is a speculative metric, consistent premiums suggest healthy demand and positive expectations from the IPO.
About NSDL: India’s Pioneer Depository
Established in 2012, NSDL is a SEBI-registered Market Infrastructure Institution (MII). It revolutionised the Indian capital markets by pioneering the concept of dematerialisation, allowing securities to be held and traded electronically.
Key Services Offered
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Maintenance of demat accounts
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Transfer and settlement of securities
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Corporate actions and e-voting
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Off-market transfers and pledging
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Consolidated Account Statements (CAS)
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Support for regulators, brokers, and investors
As of 2025, NSDL serves millions of investors through hundreds of depository participants (DPs) across India, handling trillions in assets under custody.
Financial Performance: Growth and Stability
NSDL has reported consistent growth across revenue, profitability, and net worth.
Financial Highlights (₹ in crore)
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 1,099.81 | 1,365.71 | 1,535.19 |
| PAT | 234.81 | 275.45 | 343.12 |
| EBITDA | 328.60 | 381.13 | 492.94 |
| Net Worth | 1,428.86 | 1,684.10 | 2,005.00 |
| Total Assets | 2,093.00 | 2,257.74 | 2,984.00 |
Key Takeaway:
The company has shown 12% revenue growth YoY and a 25% increase in PAT, highlighting strong operating leverage and efficient cost management.
Technical and Valuation Analysis
Pre-Issue Valuation Metrics
| Metric | Value |
|---|---|
| PE Ratio | 46.63 |
| EPS (FY25) | ₹17.16 |
| Return on Net Worth | 17.11% |
| Return on Capital Employed | 22.7% |
| Price to Book Value | 7.98 |
| EBITDA Margin | 23.98% |
| Market Cap (Post-Issue) | ₹16,000 Cr |
Peer Comparison
| Company | EPS | PE Ratio | RoNW | Revenue (Cr) |
|---|---|---|---|---|
| NSDL | 17.16 | 46.63 | 17.11% | 1,535.19 |
| Central Depository Services | 25.20 | 64.08 | 29.90% | 907.00 |
While CDSL commands a higher P/E and RoNW, NSDL’s revenue is significantly greater, reflecting deeper market penetration.
Investment Requirements and Categories
Retail Investors
| Lots | Shares | Amount |
|---|---|---|
| 1 | 18 | ₹14,400 |
| 13 | 234 | ₹1,87,200 |
High Net-Worth Individuals (HNIs)
| Category | Shares | Amount |
|---|---|---|
| S-HNI | 252-1,242 | ₹2,01,600 – ₹9,93,600 |
| B-HNI | 1,260+ | ₹10,08,000+ |
Investors can enhance allotment probability by applying from multiple demat accounts within family limits.
Objectives of the IPO
While no fresh capital is being raised, the listing aims to:
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Provide an exit route to existing shareholders
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Enhance company visibility and credibility
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Improve liquidity of shares
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Attract institutional investors
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Strengthen governance through public scrutiny
Listing on BSE aligns with the company’s vision to scale its services and reinforce its role as a national financial infrastructure provider.
Risks and Concerns
Despite its strengths, NSDL does face several challenges:
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Regulatory Dependence: As a SEBI-regulated entity, any changes in regulatory framework can impact operations.
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Execution Risk: Adopting new technologies or expanding services involves inherent execution risk.
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Legal Disputes: Some legal proceedings against the company may impact reputation.
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Limited Diversification: NSDL operates primarily within securities depository services, unlike diversified financial service players.
Expert Review: Should You Subscribe?
According to Dilip Davda, Chief Editor at Chittorgarh:
“NSDL is a pioneer in the depository ecosystem and has maintained robust financials. The IPO is fully priced but offers long-term potential. Given its market positioning, consistent dividends, and scalability, investors may consider applying for the medium to long term.”
How to Apply for the NSDL IPO
Follow these steps to apply via your broker or demat account:
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Login to your broker platform or open a new demat account with providers like Univest.
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Navigate to the IPO section.
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Select NSDL IPO and enter the desired number of lots.
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Submit your UPI details to receive a mandate.
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Approve the mandate on your UPI app to complete the process.
Applications without UPI mandate approval will be rejected.
How to Check NSDL IPO Allotment Status
After 4th August 2025, allotment status can be checked via:
BSE Website
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Visit the official BSE site
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Go to IPO Allotment Status
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Select NSDL IPO and enter your PAN or Application Number
Registrar Website (MUFG Intime India)
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Visit the MUFG Intime portal
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Click on “Allotment Status”
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Enter your PAN or application details
The status will indicate if shares have been allotted or not.
Final Thoughts: Apply or Avoid?
The NSDL IPO offers a compelling long-term investment opportunity in India’s financial infrastructure. With its leading market share, consistent financials, growing relevance in a digital-first economy, and credible leadership, NSDL is well-positioned for sustainable expansion.
Investors seeking listing gains may benefit from the healthy GMP, though it remains subject to market volatility. Long-term investors, on the other hand, will find NSDL’s business model attractive for consistent returns and capital appreciation.
