NSDL IPO listing: National Securities Depository Limited (NSDL) shares made a robust debut on the bourses on Wednesday, August 6, listing at ₹880 on BSE, a premium of 10 percent to its issue price of ₹800.
The ₹4,011.60 crore IPO witnessed robust investor interest during its subscription window from July 30 to August 1, garnering an overall subscription of 41.02 times. The strong demand was reflected in total bids for 144.08 crore shares, significantly exceeding the 3.51 crore shares on offer. This is the second publicly listed depository in the country after Central Depository Services (India) Ltd (CDSL), which made its debut on the stock exchanges in 2017.
Among the investor categories, the Qualified Institutional Buyer (QIB) segment saw the most aggressive participation with a subscription of 103.97 times. Non-institutional investors (NIIs) subscribed their quota 34.98 times, while the retail portion was subscribed 7.76 times. The employee category also attracted healthy interest, being subscribed 15.39 times.
About the IPO
The NSDL IPO was entirely an offer-for-sale (OFS) of 5.01 crore equity shares, with no fresh issue component. The entities offloading their stake include the National Stock Exchange of India (NSE), HDFC Bank, IDBI Bank, Union Bank of India, State Bank of India (SBI), and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI).
The lot size for the IPO was fixed at 18 shares, requiring a minimum investment of ₹13,680 for retail individual investors. Additionally, the issue had a reservation of up to 85,000 shares for eligible employees at a discount of ₹76 per share to the final issue price.
Since there was no fresh issue involved, NSDL will not receive any proceeds from the IPO. However, the company stated that listing its equity shares on the BSE is expected to enhance its visibility, improve its brand image, and create a public market for its shares in India.
Ahead of the IPO, NSDL raised ₹1,201.44 crore from anchor investors, with the anchor bidding date scheduled on July 29, 2025. ICICI Securities Limited acted as the book-running lead manager for the IPO, while MUFG Intime India Private Limited (Link Intime) served as the registrar to the issue.
About the Company
Incorporated in 2012, National Securities Depository Limited (NSDL) is a SEBI-registered Market Infrastructure Institution (MII) in India. It operates as a securities depository, maintaining electronic records of securities allotment and ownership transfers. NSDL offers a range of depository services such as dematerialization, trade settlement, off-market transfers, pledging of securities, and handling corporate actions. Additionally, it provides asset servicing for securities held in dematerialized form.
NSDL reported a 24.57 percent rise in its profit after tax, reaching ₹343.12 crore for the financial year ended March 31, 2025, compared to ₹275.44 crore in FY24. The company’s revenue from operations also saw a healthy growth of 11.97 percent, increasing to ₹1,420.14 crore in FY25 from ₹1,268.24 crore in the previous year.
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