The NSDL IPO is making waves in the Indian capital markets, offering investors an opportunity to own a stake in the nation’s largest depository. Scheduled to open on July 30, 2025, and close on August 1, 2025, this much-anticipated event is drawing considerable interest, not only for its scale but also for what it means for the country’s market infrastructure
About NSDL IPO
National Securities Depository Limited (NSDL), established in 1996, is India’s largest securities depository, holding billions of shares, bonds, and other assets in electronic format. The NSDL upcoming IPO is a pure offer for sale (OFS), with major institutional shareholders like NSE, IDBI Bank, and Union Bank of India offloading a total of 50.1 million equity shares. The price band has been set at ₹760–₹800 per share, and the total public issue is expected to raise approximately ₹4,000 crore. Investors can bid for a minimum of 18 shares, making the minimum investment ₹14,400.
All shares offered belong to existing shareholders, so NSDL itself will not receive the issue proceeds. The IPO listing is planned for the Bombay Stock Exchange (BSE) on August 6, 2025
- Pure OFS: No new shares; only existing shares are being sold.
- Valuation Target: Around ₹16,000 crore post-listing.
- Timelines:
- Open: July 30, 2025
- Close: August 1, 2025
- Allotment: August 4, 2025
- Listing: August 6, 2025
- Lead Managers: ICICI Securities, Axis Capital, HSBC Securities, IDBI Capital, Motilal Oswal Investment, SBI Capital.
NSDL’s robust financial performance and national reach make this IPO particularly attractive to investors seeking stable, long-term growth
NSDL vs CDSL: Key Differences
While both NSDL and CDSL are critical to India’s demat and settlement operations, they differ in some core aspects:
| Criteria | NSDL | CDSL |
|---|---|---|
| Year Established | 1996 | 1999 |
| Stock Exchange Association | Linked with NSE | Linked with BSE |
| Promoters | NSE, IDBI, UTI | BSE, several public and private banks |
| Demat Account Format | 14-character alphanumeric (starts with ‘IN’) | 16-digit numeric |
| Target Audience | Institutional and HNI investors | Retail investors |
| Technology Focus | Scalable, high-volume systems | User-friendly for daily investors |
| Market Share | Larger by value/custody | Larger by retail demat accounts |
| Cost Structure | Premium pricing | Competitive for small investors |
| Ancillary Services | PAN, NPS, Central KYC, e-Gov services | e-KYC, central KYC registry via CVL subsidiary |
While NSDL’s IPO marks a significant moment for India’s financial sector, understanding these differences helps investors see where the two depositories fit in the broader market landscape.
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