India’s financial market infrastructure is crucial to its economic growth, ensuring secure and seamless transactions for investors. Central to this are depositories, which facilitate the electronic holding and transfer of securities, reducing the risks associated with physical certificates. Riding this momentum, National Securities Depository Limited (NSDL), the country’s largest and oldest depository, is set to launch its Initial Public Offering (IPO) on July 30, 2025. This IPO offers investors an opportunity to participate in a key player within India’s financial markets.
This article provides a comprehensive overview of the NSDL IPO details, offering key insights for potential investors.
About National Securities Depository Ltd. (NSDL)
Incorporated in 1996, National Securities Depository Limited (NSDL) has played a pivotal role in the modernisation of the Indian securities market. As India’s first and largest central securities depository, NSDL provides a strong platform for holding and transferring financial instruments such as equity shares, bonds, and mutual fund units in electronic form.
As of March 31, 2025, NSDL is the largest depository in India based on the number of issuers, active instruments, market share in demat value of settlement volume, and value of assets held under custody. It has over 39.45 million active demat accounts serviced through 294 depository participants. NSDL’s operations are crucial for the efficient functioning of the Indian capital market, facilitating processes like settlements, corporate actions, and KYC services. NSDL operates under the regulatory oversight of SEBI, ensuring transparency and investor protection.
The company’s business model primarily generates revenue from annual custody fees charged to issuers, annual maintenance fees from depository participants, and transaction fees for effecting trades.
National Securities Depository Limited (NSDL) IPO Details
The NSDL IPO is a book-building issue aiming to raise up to ₹4,011.60 crore. This entire issue is an Offer For Sale (OFS) of up to 5,01,45,001 equity shares by existing shareholders. There is no fresh issue component, meaning the company itself will not receive any proceeds from the IPO. The NSDL IPO price band has been set at ₹760 to ₹800 per share, with a face value of ₹2 per share.
The IPO includes a reservation of 85,000 shares for eligible employees, who will receive a discount of ₹76 per share.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Wed, Jul 30, 2025 |
| IPO Close Date | Fri, Aug 1, 2025 |
| Tentative Allotment | Mon, Aug 4, 2025 |
| Initiation of Refunds | Tue, Aug 5, 2025 |
| Credit of Shares to Demat | Tue, Aug 5, 2025 |
| Tentative Listing Date | Wed, Aug 6, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on Aug 1, 2025 |
Key IPO Details
| Event | Details |
| IPO Date | July 30, 2025 to August 1, 2025 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Issue Price Band | ₹760 to ₹800 per share |
| Lot Size | 18 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 5,01,45,001 shares (aggregating up to ₹4,011.60 Cr) |
| Employee Discount | ₹76.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE |
| Shareholding (Pre-Issue) | 20,00,00,000 shares |
| Shareholding (Post-Issue) | 20,00,00,000 shares |
Lot Size of NSDL IPO
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 18 | ₹14,400 |
| Retail (Max) | 13 | 234 | ₹1,87,200 |
| S-HNI (Min) | 14 | 252 | ₹2,01,600 |
| S-HNI (Max) | 69 | 1,242 | ₹9,93,600 |
| B-HNI (Min) | 70 | 1,260 | ₹10,08,000 |
National Securities Depository Limited Financials
NSDL has demonstrated consistent financial growth. The company’s revenue from operations increased from ₹1,021.99 crore in FY23 to ₹1,420.15 crore in FY25. Concurrently, the Profit After Tax (PAT) has risen from ₹234.81 crore in FY23 to ₹343.12 crore in FY25.
Key Performance Indicators (as of Mar 31, 2025)
- Market Capitalisation: ₹16,000 Cr (at upper price band)
- Return on Net Worth (RoNW): 17.11%
- PAT Margin: 22.35%
- Debt-to-Equity Ratio: The company has a strong, cash-rich balance sheet with no long-term debt.
- Price to Earnings (P/E) Ratio (FY25): 46.6 (at upper price band)
Company Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,984.84 | 2,258 | 2,093.48 |
| Revenue | 1,535.19 | 1,366 | 1,099.81 |
| Profit After Tax | 343.12 | 275 | 234.81 |
| EBITDA | 492.94 | 381 | 328.6 |
| Net Worth | 2,005.34 | 1,684 | 1,428.86 |
| Reserves and Surplus | 232.31 | 216.32 | 199.08 |
National Securities Depository Limited: Industry Outlook
The depository market in India has witnessed rapid growth, with total client accounts growing at a CAGR of approximately 27.4% between FY2017 and FY2025. This growth is expected to continue at an 11-12% CAGR between FY2025 and FY2027. Key drivers for this expansion include:
- Increasing Retail Participation: A growing number of individual investors are entering the securities market.
- Digitalisation of Financial Services: Technology streamlining various financial processes, including dematerialisation and settlements.
- Government and Regulatory Support: Policies promoting financial inclusion and a transparent regulatory environment.
- Growth in Financial Products: Expansion of offerings like mutual funds, bonds, and other securities requiring depository services.
NSDL’s strategic importance as a market infrastructure institution positions it to benefit significantly from these trends.
Use of IPO Proceeds
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
| 1 | Achieve the benefits of listing the Equity Shares on BSE | — |
National Securities Depository Limited IPO Peer Comparison
NSDL operates in a duopoly market alongside Central Depository Services Limited (CDSL). While both are crucial for India’s depository system, investors often compare their financials and market positioning.
How To Apply for the National Securities Depository Limited (NSDL) IPO Online?
- Log in to your Torus Digital Account
- Select the IPO issue
- Enter the number of lot sizes and price
- Provide your UPI ID
- Complete the transaction on your UPI app
If you want to apply for an IPO, consider opening a Torus Digital Demat account for a seamless experience.
Conclusion
The upcoming NSDL IPO presents a unique opportunity for investors to participate in a strategically important and consistently profitable segment of India’s financial market infrastructure. As India’s largest and oldest depository, NSDL plays a critical role in facilitating securities transactions, benefiting from the ongoing growth in demat accounts and financial market activity.
NSDL’s strong financial performance, robust business model, and the favourable industry outlook driven by increasing retail participation and digitalisation position it as a resilient and attractive investment. While the IPO is entirely an Offer for Sale, its listing will bring greater transparency and liquidity. Potential investors should carefully evaluate NSDL’s fundamental strengths, competitive landscape, and the broader trends in the Indian capital markets before making an investment decision. Keep an eye on upcoming IPOs for more investment opportunities.
