National Securities Depository Limited (NSDL), one of the world’s largest securities depositories, was established in August 1996. It has developed a state-of-the-art infrastructure that manages most securities held and settled in dematerialized form in the Indian capital market. Prior to NSDL’s inception, the Indian capital market faced challenges such as bad deliveries and delayed transfer of title due to paper-based settlements. The Depositories Act, 1996, facilitated the establishment of NSDL, revolutionizing securities settlement.

IPO Details and Subscription Information

The National Securities Depository IPO is a book-built issue aggregating approximately ₹4,011.60 Crores through an Offer for Sale of 5.01 Crore equity shares. The IPO opens on July 30, 2025, and closes on August 1, 2025. The allotment of shares is expected on August 4, 2025, with listing scheduled tentatively for August 6, 2025, on the BSE and NSE.

The price band is fixed between ₹760 and ₹800 per equity share. At the upper band price of ₹800, the company’s market capitalization will stand at ₹16,000 Crores. The lot size is 18 shares, requiring a minimum retail investment of ₹14,400. High-Net-Worth Individuals (HNIs) must apply for a minimum of 14 lots (252 shares), amounting to ₹2,01,600.

The Book Running Lead Managers (BRLMs) managing the issue include ICICI Securities Limited, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, IDBI Capital Markets & Securities Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited. The registrar is MUFG Intime India Private Limited.

Grey Market Premium and Subscription Status

The Grey Market Premium (GMP) for NSDL IPO was reported at ₹144 on July 27, 2025, indicating a potential listing gain of approximately 17.98%. However, grey market prices do not guarantee actual market performance post-listing as they depend on unregulated demand and supply dynamics.

On the first day of subscription (July 30, 2025), the IPO was subscribed 0.21 times. Investors can track the live subscription status on the BSE website.

Anchor Investor Participation

NSDL raised approximately ₹1,201.43 Crores from anchor investors at ₹800 per share. A total of 1,50,17,999 shares were allocated to anchor investors, which is part of the Qualified Institutional Buyers (QIBs) quota.

Company Overview and Financial Highlights

NSDL operates as a professionally managed entity without any identifiable promoter. It has played a transformative role in modernizing India’s securities market infrastructure through dematerialization and electronic settlement systems.

Financially, NSDL has demonstrated consistent growth:

• Revenues from operations for FY23, FY24, and FY25 stood at ₹10,998.14 Million, ₹13,657.05 Million, and ₹15,351.87 Million respectively.

• EBITDA grew from ₹3,168.01 Million (FY23) to ₹4,729.61 Million (FY25).

• Profit After Tax (PAT) increased steadily from ₹2,348.10 Million (FY23) to ₹3,431.24 Million (FY25).

Key financial ratios as of FY24 include:

• Pre-issue and post-issue EPS: ₹17.16

• Pre-issue P/E ratio: 46.62x

• Post-issue P/E ratio: 46.63x (against industry average P/E of 68x)

• Return on Capital Employed (ROCE): 22.70%

• Return on Equity (ROE): 18.60%

• Return on Net Worth (RoNW): 17.11%

These figures suggest that the IPO is fairly valued relative to industry benchmarks.

Investment Perspective

Given the company’s leadership position, robust financials, and strategic role in India’s capital market infrastructure, the IPO is expected to attract considerable investor interest. The listing gains projected by the grey market premium and solid fundamentals make this a noteworthy opportunity for investors with a moderate to high risk appetite.

How to Check Allotment Status

Investors can check the IPO allotment status starting August 4, 2025, via the registrar’s website by:

• Navigating to the IPO allotment page

• Selecting National Securities Depository Limited IPO from the IPO list

• Entering their application number, PAN, or DP Client ID

• Submitting details to view allotment status

IPO Objectives

NSDL will not receive any proceeds from this Offer for Sale. All net proceeds after expenses will be credited to the selling shareholders proportionate to their sale of offered shares.

Disclaimer

This article is for informational purposes only and should not be construed as financial advice. Investors should consult financial advisors before making investment decisions. Investment in securities is subject to market risks.

The Upcoming IPOs in this week and coming weeks are BLT Logistics, Bhadora Industries, Highway Infrastructure, Flysbs Aviation, Parth Electricals & Engineering, Jyoti Global Plast, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Jyoti Global Plast.

The Current active IPO are B.D. Industries (Pune), NSDL, Takyon Networks, Mehul Colours, M&B Engineering, Sri Lotus Developers & Realty, Aditya Infotech, Lakshmi India Finance, Kaytex Fabrics, Umiya Mobile, Repono.

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