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Chandigarh – The National Securities Depository Limited (NSDL), India’s premier depository services provider, is set to make its public market debut with a much-anticipated Initial Public Offering (IPO) that will open for subscription on Wednesday, July 30, 2025, and close on Friday, August 1, 2025. The IPO marks a significant milestone in the Indian capital markets, giving retail and institutional investors an opportunity to own a stake in a key infrastructure institution of the securities market.
Offer Details
The IPO is entirely an Offer for Sale (OFS) of up to 5.01 crore equity shares, with no fresh issue component. The company has fixed a price band of ₹760 to ₹800 per equity share with a face value of ₹2 per share.
The bidding will be open to retail, qualified institutional buyers (QIBs), and non-institutional investors (NIIs), with Anchor Investor Bidding opening a day earlier on July 29, 2025.
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Minimum Bid Lot: 18 shares
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Bid multiples: 18 shares thereafter
At the upper end of the price band, the total offer size is estimated to be around ₹4,011.6 crore, making it one of the biggest IPOs in the financial services infrastructure segment in recent years.
Selling Shareholders
The offer includes shares from six key stakeholders:
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IDBI Bank Ltd: Up to 2.22 crore shares
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National Stock Exchange (NSE): Up to 1.80 crore shares
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Union Bank of India: Up to 5 lakh shares
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State Bank of India (SBI): Up to 40 lakh shares
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HDFC Bank: Up to 20.10 lakh shares
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Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI): Up to 34.15 lakh shares
These existing shareholders will be diluting part of their stake in NSDL through the OFS route.
About NSDL
Established in 1996, NSDL is India’s first and largest depository, playing a pivotal role in digitising India’s capital markets. With over 3 crore demat accounts, NSDL manages securities valued at over ₹400 lakh crore. It provides essential services such as dematerialization, settlement, corporate actions processing, KYC services, and acts as a central recordkeeping agency for various government schemes.
Over the years, NSDL has become a backbone of the Indian securities market infrastructure, trusted by regulators, intermediaries, issuers, and investors alike.
Market Listing and Management
The equity shares of NSDL will be listed on the Bombay Stock Exchange (BSE). The BSE has been designated as the primary stock exchange for this offer.
The company has appointed a consortium of leading investment banks as Book Running Lead Managers (BRLMs), including:
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ICICI Securities Ltd
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Axis Capital Ltd
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HSBC Securities and Capital Markets (India) Pvt Ltd
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IDBI Capital Markets & Securities Ltd
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Motilal Oswal Investment Advisors Ltd
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SBI Capital Markets Ltd
HDFC Bank Ltd will act as the Marketing Book Running Lead Manager (M-BRLM).
Investors can refer to the Red Herring Prospectus (RHP) filed with the Registrar of Companies, Maharashtra, Mumbai, dated July 23, 2025, for detailed financial and business information.
RHP Link: NSDL RHP
Strategic Importance of the IPO
This IPO is considered strategically significant for Indian markets as NSDL is a core institution within the capital market ecosystem. A successful listing could:
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Enhance corporate transparency
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Boost investor confidence in capital markets infrastructure
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Unlock value for public-sector shareholders
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Allow NSDL to expand visibility, governance, and operational independence
Market experts believe NSDL’s strong fundamentals, recurring income model, and central role in securities infrastructure make it an attractive long-term investment.
What’s Next?
Following the offer, NSDL is expected to further strengthen its service portfolio in:
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Digital documentation solutions
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Corporate bonds depository growth
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Government e-services integration
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Global data repository systems
With a strong regulatory framework and growing investor participation in capital markets, NSDL’s market position is well poised for the next phase of growth.
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