India’s oldest securities depository, National Securities Depository Ltd. (NSDL), is preparing to launch its IPO in July 2025, aiming to raise around $400 million through an offer for sale by existing stakeholders. The company is based in Mumbai, Maharashtra, and is the largest depository in India by assets under custody.
National Securities Depository Ltd. (NSDL), India’s first and largest securities depository by assets under custody, is moving forward with its long-anticipated initial public offering (IPO), which is expected to raise approximately $400 million. Sources familiar with the matter revealed that the listing is likely to debut on Indian stock exchanges in July 2025.
Headquartered in Mumbai, Maharashtra, NSDL was established in 1996 to handle the dematerialization of securities in India and plays a critical role in the country’s financial infrastructure. The upcoming IPO will mark a significant milestone for the company, which has remained unlisted despite its foundational role in India’s capital markets.
According to earlier filings, the IPO will consist of approximately 50.1 million shares in an offer for sale (OFS) format. The proceeds will go to the selling shareholders and not to NSDL itself. Key investors participating in the OFS include IDBI Bank Ltd., National Stock Exchange of India Ltd. (NSE), and State Bank of India (SBI), all of which hold significant equity in NSDL.
The issue is being managed by ICICI Securities, Axis Capital, HSBC Holdings Plc, and IDBI Capital as lead book-running managers. The Securities and Exchange Board of India (SEBI) had cleared the draft prospectus in October 2024.
NSDL’s Managing Director and CEO Vijay Chandok declined to provide comment on the timeline of the IPO when approached. A company spokesperson also did not respond to media queries.
This public issue, if launched as scheduled, will reinforce NSDL’s market position while providing a partial exit route for key stakeholders. It also comes amid a period of increased market participation in India’s financial sector and could spark wider interest in the depository services domain.
