About
National Securities Depository Limited (NSDL) is a leading SEBI-registered depository in India, headquartered in Mumbai. Incorporated in 2012, NSDL has pioneered secure and efficient electronic dematerialization of securities, playing a vital role in the Indian capital markets. As of March 31, 2025, NSDL is the largest depository in terms of issuers, active instruments, demat value, and assets under custody. The company is coming out with its first Mainboard IPO, comprising an Offer for Sale of up to 50,145,001 equity shares of ₹2 each offered by existing shareholders. The issue also includes an employee reservation portion of up to 85,000 shares. The equity shares are proposed to be listed on BSE Limited. The IPO follows the book-building process as per SEBI regulations, with allocations to Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs). NSDL is a professionally managed company with no identified promoter. The object of the Offer is to enable the sale of equity shares by the selling shareholders and to list the shares on the stock exchange.
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IPO Details
| Issue Price | 760 - 800 |
|---|---|
| Minimum Lot Size Retail | 18/Lot (14,400) |
| Maximum Lot Size Retail | 13 Lots (1,87,200) |
| S-Minimum Lot Size HNI | 14 Lots (2,01,600) |
| S-Maximum Lot Size HNI | 69 Lots (9,93,600) |
| Issue Type | Offer for Sale (OFS) |
| Issue Size | 5,01,45,001 shares (aggregating up to ₹4,011.60 Cr) |
| Issue Period | 30th July - 1st August 2025 |
|---|---|
| Allotment Date | 4th August 2025 |
| Refund Initiation Date | 5th August 2025 |
| Demat Transfer Date | 5th August 2025 |
| Listing Date | 6th August 2025 |
| Employee Discount | Rs. 76 /- |
IPO Timeline
| Issue Period | 30th July - 1st August 2025 |
|---|---|
| Allotment Date | 4th August 2025 |
| Refund Initiation Date | 5th August 2025 |
| Demat Transfer Date | 5th August 2025 |
| Listing Date | 6th August 2025 |
Strengths
- Market Leadership: NSDL is India’s largest depository, holding top positions in issuers, active instruments, and demat settlement value as of March 2025.
- Technology Innovation: Strong focus on tech-driven products like blockchain platforms and real-time services, enhancing efficiency and security.
- Stable Revenue Streams: Recurring income from custody fees and transactions, with 43.56% of FY25 revenue from core depository services.
- Extensive Network: Over 294 depository participants and 65,391 service centers, ensuring wide reach and loyal customer base.
- High Entry Barriers: Regulatory approvals and infrastructure create a competitive moat, supported by zero debt and strong financials.
Risks Factors
- Regulatory Compliance: Strict SEBI oversight; non-compliance could lead to penalties or operational restrictions.
- Intense Competition: Faces rivalry from CDSL in retail segment, potentially eroding market share.
- Market Dependency: Revenue tied to trading volumes; economic downturns could reduce activity and income.
- Cybersecurity Threats: Vulnerable to breaches or glitches, risking data loss and financial penalties.
- Subsidiary Challenges: Dependence on NDML and NPBL performance amid regulatory pressures and high costs.
Check the Allotment Status:
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National Securities Depository Limited NSDL – Key Financial Metrics
| # Financial Metric | # FY 2023 (₹ lakhs / %) | # FY 2024 (₹ lakhs / %) | # FY 2025 (₹ lakhs / %) |
|---|---|---|---|
| Revenue from Operations | 1,02,198.8 | 1,26,824.4 | 1,42,014.6 |
| Operating Profit Margin* | 30.83% | 28.89% | 31.97% |
| Profit After Tax (PAT) | 23,481.0 | 27,544.5 | 34,312.4 |
| Cash & Cash Equivalents | 16,834.4 | 8,366.2 | 12,280.9 |
| Return on Capital Employed (ROCE) | 22.05% | 21.75% | 22.64% |
| Return on Equity (ROE) | 16.43% | 16.36% | 17.11% |
| Earnings Per Share (EPS) (₹) | 11.74 | 13.77 | 17.16 |
IPO FAQs
What is an IPO and how does it work?
An IPO (Initial Public Offering) is when a private company offers its shares to the public to raise capital and becomes publicly listed. In India, companies list their shares on exchanges (NSE/BSE) through IPOs. During the IPO subscription period, investors bid for shares via a broker or trading app. After the IPO closes, shares are allotted to investors and start trading on the stock market.
How to apply for an IPO with Zerodha or Upstox?
You can apply through online brokers like Zerodha or Upstox. For example, Zerodha’s Kite platform lets you apply via UPI or ASBA: log in to Kite, go to Bids → IPO → Apply, select the IPO, enter your bid quantity and price, submit, and approve the UPI mandate. Upstox works similarly: log in to the Upstox app or website, find the IPO section, select the IPO, enter lot size and bid price, input your UPI ID, and authorize the payment. Make sure your Demat account and linked bank account are ready before applying.
How is an IPO allotted to investors?
IPO shares are allocated by category. Typically, Indian IPOs have quotas for Retail, High Net Worth Individuals (HNIs), and Qualified Institutional Buyers (QIBs). Retail and HNI allotments usually use a lottery if oversubscribed, whereas QIBs get prorata allotment. For example, if demand from retail investors far exceeds available shares, a lottery (draw) decides who gets shares. Unsuccessful applicants simply get their blocked funds released.
What is GMP (Grey Market Premium) in an IPO?
GMP stands for Grey Market Premium. It is the unofficial premium above the IPO price that shares trade for in the grey market before listing. For example, if an IPO is priced at ₹100 and grey market traders are paying ₹120 per share, the GMP is ₹20. A positive GMP indicates strong demand and suggests potential listing gains, but remember this market is unregulated and unofficial, so GMP is only an indicative signal, not a guarantee.
What is the IPO calendar and where can I find upcoming IPOs?
An IPO calendar is a schedule of upcoming IPO issues (opening/closing dates, sizes, etc.). In India, IPO calendars are published on financial websites and exchange portals. For instance, sites like Chittorgarh or IPOWatch list upcoming IPOs and their timelines. You can also check NSE or BSE official websites under “New Listings” or “Upcoming Issues” for authoritative updates.
What are IPO listing gains and how do they work?
Listing gain is the profit an investor makes if a stock’s listing (opening) price is higher than its IPO issue price. In other words, if you bought at ₹150 and the stock opens at ₹200 on day one, your listing gain is ₹50 per share. Many investors apply to IPOs hoping for such gains. However, share prices can also fall on listing day if demand is weak, so listing gains are not guaranteed.
How does an IPO give profit to investors?
Investors profit from IPOs mainly in two ways: listing gains and longterm growth. On listing day, a share price often jumps if demand is strong, yielding an immediate gain. Over the longer term, if the company performs well, investors can earn from stock price appreciation. As one analysis notes, IPO investors aim for “longterm stock growth or immediate listing gains”. Always remember that IPOs carry risk, so profits depend on both market demand and company fundamentals.
Which IPO is best to buy today?
There’s no one “best” IPO to buy; it depends on the company’s fundamentals and market sentiment. Indian investors typically check the IPO’s prospectus, valuation, and oversubscription levels. The grey market premium (GMP) can give a clue: a high GMP suggests strong demand and potential listing gains. For example, if a GMP is ₹30 on a ₹100 issue, investors expect about a ₹30 upside on listing. However, always do your research on the business model and pricing. High demand or a big GMP doesn’t guarantee a profitable investment, so choose IPOs carefully.
Are IPOs safe investments?
IPOs can be profitable but come with risk. Often a heavily oversubscribed IPO will see a big price jump on day one (strong initial demand). However, many factors affect postlisting performance. As noted, “a high oversubscription does not always mean strong postlisting performance”. New IPO companies may be volatile initially, so share prices can fall if market conditions change. Retail investors should be cautious: IPO gains can be high, but IPOs also carry uncertainties and require strong risk tolerance.
How to check IPO allotment status?
After the allotment date, you can check your IPO status on exchange or registrar websites. For example:
- BSE: Go to BSE’s “Application Status Check”, select Equity, pick the IPO and enter your PAN or application number.
- NSE: Visit NSE’s “Application Status Check” under Resources/Tools, select your IPO, and enter your PAN/application details.
This will show whether your bid was allotted and how many shares you got. You can also check the registrar’s site (e.g. Bigshare, KFintech) by entering PAN or application number as guided.