The company aims to raise ₹4,011.60 crore from its public issue, a completely offer-for-sale (OFS). The NSDL IPO is proposed for listing on the NSE and the BSE.
On the NSDL IPO opening date, the company's shares are available at a robust premium in the grey market. According to market observers, NSDL shares are available at a premium of ₹135 in the grey market today. This means the NSDL IPO GMP (Grey Market Premium) today is ₹135, which signals around 17% listing gain potential in this OFS.
NSDL IPO subscription status
Bidding for this offer for sale will begin at 10:00 AM today. On a trading day, bidders can bid for the public issue from 10:00 AM to 5:00 PM.
NSDL IPO details
1] NSDL IPO GMP today: According to market observers, the company's shares are available at a premium of ₹135.
2] NSDL IPO date: The public issue has opened today and will remain open until 1 August 2025.
3] NSDL IPO price: The depository company has declared a price band of ₹760 to ₹800 per equity share.
4] NSDL IPO size: The company aims to raise ₹4,011.60 crore from this public offer, which is entirely reserved for OFS.
5] NSDL IPO lot size: A bidder can apply in lots, and one lot of the initial offer comprises 18 company shares.
6] NSDL IPO allotment date: The most likely date for finalizing share allocation is 2 August 2025.
7] NSDL IPO registrar: MUFG Intime India Private Limited (Link Intime) has been appointed the official registrar of the public issue.
8] NSDL IPO lead managers:ICICI Securities, Axis Capital, HSBC Services, IDBI Capital Market, Motilal Oswal, and SBI Capital have appointed the public issue lead managers.
9] NSDL IPO listing date: The public issue is proposed for listing on the BSE and the NSE, and the most likely date for share listing is 5 August 2025.
NSDL IPO: Apply or not?
10] NSDL IPO review: Assigning a 'subscribe' tag to the public issue, Gaurav Goel, Founder & Director at Fynocrat Technologies, said, "The NSDL IPO represents a rare opportunity for investors to participate in the backbone of India's securities infrastructure. Despite the issue being entirely an OFS, the company's annuity-style income model, strong margins, and dominant market position make it an attractive long-term bet. With a P/E of 47x FY25 earnings, the valuation is fair when compared to its listed peer CDSL, especially given NSDL's larger scale and diversified service portfolio," adding, "We assign a "Subscribe for the long term" tag to this IPO. Investors looking to gain exposure to India's growing capital market infrastructure and the financialization of savings should find NSDL a compelling addition to their portfolio."
Kalp Jain, Research Analyst, INVasset PMS, also assigned a 'subscribe' tag saying, "NSDL's institutional franchise, steady annuity-like cash flows, and sectoral leadership offer a strong case for anchor allocations. At ~46× PE, this IPO appeals to investors seeking long-term exposure to India's capital market infrastructure."
"As of March 2025, NSDL manages over ₹500 lakh crore in assets under custody and services more than 3.9 crore active demat accounts. While its peer CDSL leads in retail accounts, NSDL retains a commanding 66.03% share in terms of value of dematerialised securities. The firm also serves as the principal repository for FPIs and institutions and operates strategic subsidiaries like NSDL Payments Bank and NSDL Database Management. For FY25, it reported ₹1,535 crore in revenue (up 12%) and ₹343 crore in PAT (up 25%), with free cash flow surpassing ₹290 crore and healthy EBITDA-like margins," Kalp Jain added."
"NSDL operates in competitive segments like e-governance, digital KYC, database management, and inclusive banking services through its subsidiaries. While the depository space benefits from structural tailwinds, key risks include market volatility, regulatory changes, and technological disruptions. Financially, NSDL reported FY24 revenue of ₹1,420 crore (up 12% YoY) and PAT of ₹343 crore (up 24.7% YoY), implying a valuation of ~49x earnings. CDSL, in comparison, trades at ~65x, given its lead on the technology front. However, the current discount in NSDL's pricing seems to adequately account for this gap, making its valuation appear fair. Backed by a stable business model, healthy cash flows, and steady growth prospects, NSDL remains well-positioned in India's growing capital markets," said Sachin Jasuja, Founding Partner & Head Equities at Centricity WealthTech.