National Securities Depository Limited (NSDL), one of the largest depositories in the world, was established in August 1996 to digitize and modernize securities settlements in India. Before NSDL's inception, India's century-old capital market was plagued by paper-based trade settlements, leading to bad deliveries, forgery, and delayed title transfers. The Depositories Act of 1996 enabled the formation of NSDL, fundamentally reshaping Indian capital markets.

IPO Structure and Offer Details

The NSDL IPO is a Book Built Issue, entirely composed of an Offer for Sale (OFS) totaling ₹4,011.60 Crores. This comprises the sale of 5.01 crore equity shares by existing shareholders. Notably, the company will not receive any proceeds from this offer, as the entire amount will be distributed among the selling shareholders.

The IPO opened for subscription on July 30, 2025, and closed on August 1, 2025. The price band was set at ₹760 to ₹800 per equity share, and the market capitalization at the upper end stands at ₹16,000.00 Crores.

• Lot size: 18 shares

• Retail minimum investment: ₹14,400

• HNI minimum investment: ₹2,01,600 (14 lots or 252 shares)

Listing Timeline

The basis of allotment is expected to be finalized by Monday, August 4, 2025, and listing on NSE and BSE is tentatively scheduled for Wednesday, August 6, 2025.

Book Running Lead Managers and Registrar

The IPO is managed by some of the top investment banks in India:

• ICICI Securities Ltd

• Axis Capital Ltd

• HSBC Securities and Capital Markets (India) Pvt Ltd

• IDBI Capital Markets & Securities Ltd

• Motilal Oswal Investment Advisors Ltd

• SBI Capital Markets Ltd

The registrar to the IPO is MUFG Intime India Private Limited.

Subscription Status: Final Day (August 1, 2025)

On the final day, NSDL IPO was subscribed 3.36 times, indicating robust investor interest across segments. Here's a quick breakdown:

• Qualified Institutional Buyers (QIBs): Strong participation due to anchor book and institutional appetite.

• Non-Institutional Investors (NIIs): High net-worth individuals responded positively.

• Retail Investors: Participated well, given the company's brand and profitability.

Anchor Investors Participation

Before the IPO opened to the public, NSDL raised ₹1,201.43 Crores from anchor investors at the upper price band of ₹800 per share. A total of 1,50,17,999 equity shares were allocated.

Anchor investors include top domestic mutual funds, global investment firms, and insurance companies.

Note: Anchor shares are part of the QIB quota and are subject to a lock-in period of 30 days from the date of allotment.

Grey Market Premium (GMP)

As of July 27, 2025, the NSDL IPO Grey Market Premium (GMP) is ₹144, suggesting a likely listing price of ₹944, representing a 17.98% premium over the upper band of ₹800.

Disclaimer: Grey Market Premium is unofficial and should not be the sole basis for investment. It is based on unregulated market trends and not SEBI-approved.

IPO Allotment Guide: How to Check Allotment

The NSDL IPO allotment status will be available on the registrar’s website by August 4, 2025. Here’s how you can check it:

1. Visit the registrar's IPO allotment status page.

2. Select “National Securities Depository Limited IPO” from the dropdown.

3. Enter either your Application Number, PAN, or DP Client ID.

4. Click on Submit to view the allotment details.

NSDL Financial Highlights (FY23 to FY25)

Key Financial Ratios (Post-Issue)

• Pre-Issue EPS: ₹17.16

• Post-Issue EPS: ₹17.16

• Pre-Issue P/E Ratio: 46.62x

• Post-Issue P/E Ratio: 46.63x

• Industry P/E: 68x

• ROCE: 22.70%

• ROE: 18.60%

• RoNW: 17.11%

These numbers reflect a steady financial performance with healthy profitability and operational efficiency. Compared to the industry P/E, the IPO appears fairly valued.

Objective of the IPO

Since this is an Offer for Sale, NSDL will not receive any proceeds from the IPO. The funds raised will go to existing shareholders, proportional to the number of shares each has offered in the sale.

Important Note:

• Market Maker reservation is merged with NII category (if applicable).

• Subscription and issue sizes vary based on assumptions made at the lower or upper end of the price band.

NSDL IPO Review: Apply or Avoid?

NSDL is a professionally managed entity with no identifiable promoter, a rarity in the Indian IPO space. It has established itself as a critical pillar of the Indian financial ecosystem, holding demat accounts, settlement services, and investor services.

Its strong financials, operational metrics, and anchor participation make it a high-quality offering. However, since this is entirely an OFS, some long-term investors may prefer fresh issue opportunities.

Still, the attractive GMP, strong fundamentals, and widespread investor trust suggest good potential for listing gains.

Conclusion

The National Securities Depository Limited IPO is one of the most awaited public issues in the financial sector this year. It combines strong financials, an essential business model, top-tier management, and solid institutional interest.

Investors seeking listing gains with limited downside risk may consider applying. Long-term investors should assess the lack of fresh capital infusion and monitor post-listing performance for future entry opportunities.

Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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