India’s largest depository, NSDL, will launch its IPO on July 30 with a 100% offer-for-sale of 5.01 crore shares by major stakeholders including IDBI Bank, NSE, HDFC Bank, SBI, and Union Bank, in compliance with SEBI’s ownership regulations.
India’s leading depository, National Securities Depository Ltd (NSDL), is poised to open its Initial Public Offering (IPO) on July 30, 2025, as it aligns with the Securities and Exchange Board of India’s (SEBI) regulations requiring individual holdings in a Market Infrastructure Institution (MII) to be below 15%.
The IPO will be an Offer for Sale (OFS) comprising 5.01 crore equity shares held by prominent stakeholders. This strategic divestment aims to comply with the ownership limit rule set by SEBI.
Among the participants, IDBI Bank is set to offload 2.22 crore shares, and the National Stock Exchange (NSE) will sell 1.80 crore shares. Meanwhile, State Bank of India (SBI) will release 40 lakh shares, HDFC Bank plans to offer 20 lakh shares, and Union Bank of India will sell 5 lakh shares.
The IPO will open for subscription from July 30 to August 1, with the anchor book opening on July 29. Final listing is expected by August 14, 2025, as approved by SEBI. The offer comprises solely of existing shareholders divesting part of their stake; no fresh issue of shares is involved.
Also Read: IPO Clock Ticking: Should You Trust NSDL or Bet on CDSL?
This move reflects strategic shareholder alignment and regulatory adherence. In its draft red herring prospectus initially filed in July 2023 and later amended in May 2025, NSDL revised the issue size downward from 5.72 crore to 5.01 crore shares, signaling a streamlined offering aligned with updated market dynamics.
As of March 31, 2025, NSDL retained its position as India’s largest depository by number of issuers, dematerialized instrument volume, and assets under custody. It operated 65,391 service centers via its depository participants, a scale far larger than any competitor.
NSDL serviced over 39.45 million active demat accounts across 294 registered participants, covering 99.34% of Indian pin codes and 194 countries globally, demonstrating its vast reach. Notably, NSDL saw a sharp rise in the number of registered issuers, growing from 46,015 in FY24 to 79,773 in FY25 — a net increase of 33,758.
This IPO not only enables regulatory compliance but also strengthens NSDL’s public market presence ahead of India’s evolving capital market landscape.
With India’s capital markets becoming increasingly sophisticated, NSDL’s public offering is poised to draw attention from both retail and institutional investors. The IPO is expected to act as a benchmark for transparency, scale, and regulatory adherence in market infrastructure institutions.
READ MORE ON