by Suman Gupta/MNE
MUMBAI, 25 JULY, 2025 : National Securities Depository Ltd (NSDL) NSDL IPO is scheduled to open for subscription from Wednesday, 30th July 2025 and will close on Friday, 1st August 2025. The NSDL IPO price band has been fixed in the range of Rs. 760 to Rs. 800 per equity share of the face value of Rs. 2/- The allocation to anchor investors for the NSDL IPO is scheduled two days ahead and will take place on Tuesday, 28th July 2025.
The floor price and the cap price are 380 times and 400 times the face value of the equity shares, respectively. The NSDL IPO lot size is 18 equity shares and in multiples of 18 equity shares thereafter.
The price band indicates a sharp 22 percent decline from its current GMP / unlisted market price of Rs 1,025 per share. At the upper end of the band, the company’s market capitalisation is estimated at around Rs 16,000 crore. This is in favour of investors
NSDL’s early stakeholders are poised to reap extraordinary gains. IDBI Bank, which holds a 26 percent stake (5.22 crore shares) in NSDL, had acquired its holding at an average cost of Rs 2 per share, translating into a staggering return of over 39,000 percent—with its stake now valued at Rs 4,176 crore, up from an initial investment of Rs 10.44 crore.
HDFC Bank and SBI, holding 8 percent and 5 percent respectively, have also realised significant paper gains. HDFC Bank’s average acquisition cost of Rs 108.29 per share has turned into a stake valued at Rs 1,273 crore, while SBI’s stake—acquired at Rs 2 per share—now stands at Rs 800 crore. Union Bank of India has also seen its investment of around Rs 7 crore (at Rs 5.20 per share) swell to Rs 450 crore.
NSDL IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee portion has been reserved up to 85,000 equity shares. A discount of Rs. 76 per equity share is being offered to eligible employee in the employee reservation portion.
As per SEBI regulations, no individual entity can possess more than a 15% stake in a Market Infrastructure Institution (MII). The NSDL IPO, given that both IDBI and NSE hold over 15% of NSDL’s shares, enables these organizations to adhere to the 15% ownership cap.
The NSDL IPO comprises a complete sale of up to 5.01 crore equity shares from current shareholders. IDBI Bank intends to offload as many as 2.22 crore shares, while the National Stock Exchange (NSE) plans to offer up to 1.80 crore shares. State Bank of India (SBI) aims to sell up to 40 lakh shares, HDFC Bank will offer up to 20 lakh shares, and Union Bank of India will put forth 5 lakh shares.
Furthermore, the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will provide up to 34.15 lakh shares. All of the shares carry a face value of Rs. 2 each.
The company initially filed its draft red herring prospectus in July 2023, followed by an addendum in May 2025, which decreased the issue size from 5.72 crore shares to 5.01 crore. SEBI has granted NSDL approval to finalize its listing process by August 14, 2025.
Shares of NSDL, which were trading at Rs 1,025 in the unlisted market, have already witnessed a 20 percent correction from their recent peak of Rs 1,275 seen on June 12, 2025. This pricing move has echoed similar trends seen in other IPOs, where companies such as HDB Financial Services, Tata Technologies, AGS Transact, UTI Asset Management Company, and PB Fintech have opted to price their issues below unlisted market expectations.
Tentatively, NSDL IPO basis of allotment of shares will be finalised on Monday, August 4 and the company will initiate refunds on Tuesday, August 5, 2025. While the shares will be credited to the demat account of allottees on the same day following refund.
As of March 31, 2025, NSDL stands as India’s largest depository regarding the number of issuers, active instruments, market share in dematerialized value of settlement volume, and assets under custody, according to the CRISIL Report. Additionally, as of March 31, 2025, NSDL operated a network of 65,391 service centers for depository participants, in contrast to CDSL’s 18,918 centers.Central Depository Services (India) Limited is the sole peer of NSDL as per the RHP.
The book-running lead managers for the IPO consist of ICICI Securities, Axis Capital, HSBC Securities, IDBI Capital, Motilal Oswal, and SBI Caps.
NSDL share price is likely to be listed on BSE and NSE on Wednesday, August 6, 2025.
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