National Securities Depository Ltd is set to open its much-anticipated IPO on July 30, 2025, with a price band of ₹760–₹800 per share. Backed by a strong grey market premium of ₹137, the fully offer-for-sale issue aims to raise ₹4,011.60 crore and is proposed for listing on both NSE and BSE.
National Securities Depository Ltd (NSDL), headquartered in Mumbai, Maharashtra, is a leading player in India’s capital market infrastructure. Operating in the financial services sector, NSDL facilitates the holding and transfer of securities in electronic form, ensuring transparency, efficiency, and security in the Indian securities depository system. It plays a pivotal role in dematerialisation, supporting investors, brokers, and issuers.
The company has officially announced that its initial public offering (IPO) will open on July 30, 2025, and will remain available for subscription until August 1, 2025. The price band for the IPO has been set at ₹760 to ₹800 per equity share, aiming to mobilize a total of ₹4,011.60 crore. This entire issue is structured as an offer-for-sale (OFS), meaning no new shares will be issued, and the proceeds will go to existing shareholders divesting their stake.
Also Read: IPO Breakdown: Who’s Selling What in NSDL?
The IPO has generated notable interest in the grey market, where NSDL shares are commanding a premium of ₹137, reflecting optimism for a 17% potential listing gain. The grey market trend often indicates robust demand and investor confidence ahead of listing.
Investors can bid for the IPO in lots of 18 shares, and the allotment of shares is expected to be finalized on August 2, 2025. The shares are proposed to be listed on the NSE and BSE, with a tentative listing date set for August 5, 2025.
The IPO’s official registrar is MUFG Intime India Pvt Ltd (formerly Link Intime), while the lead managers steering the issue include top financial institutions such as ICICI Securities, Axis Capital, HSBC Services, IDBI Capital Markets, Motilal Oswal, and SBI Capital Markets.
Also Read: IPO Clock Ticking: Should You Trust NSDL or Bet on CDSL?
From a financial perspective, NSDL is posting solid metrics. As of March 31, 2025, it reported a return on equity (ROE) of 17.10%, a return on capital employed (ROCE) of 22.70%, and EBITDA margins of 24%. The company’s overall profit margins stood at 22.35%, with a price-to-book value of around 8, supporting its valuation of approximately ₹16,000 crore in market capitalization.
IPO Details:
- IPO Name: National Securities Depository Ltd (NSDL) IPO
- IPO Type: 100% Offer for Sale (OFS)
- IPO Opening Date: July 30, 2025
- IPO Closing Date: August 1, 2025
- Price Band: ₹760 to ₹800 per equity share
- Issue Size: ₹4,011.60 crore
- Lot Size: 18 shares per lot
- Minimum Investment: ₹14,400 (for one lot at ₹800 per share)
- Face Value: ₹2 per equity share
- Grey Market Premium (GMP): ₹137 (as of July 29, 2025)
- IPO Allotment Date: August 2, 2025 (tentative)
- Listing Exchanges: NSE and BSE
- Tentative Listing Date: August 5, 2025
- Registrar: MUFG Intime India Pvt Ltd
- Lead Managers:
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