National Securities Depository Ltd (NSDL), the oldest and largest securities depository in India, is preparing to launch its initial public offering (IPO) on July 30. The NSDL IPO will be open for subscription until August 1, with the anchor book set to be available on July 29, as per its red herring prospectus submitted to the Securities and Exchange Board of India (SEBI).
The NSDL IPO consists entirely of an offer for sale of up to 5.01 crore equity shares from current shareholders. IDBI Bank aims to sell up to 2.22 crore shares, while the National Stock Exchange (NSE) plans to sell up to 1.80 crore shares.
State Bank of India (SBI) is looking to offload up to 40 lakh shares, HDFC Bank will offer up to 20 lakh shares, and Union Bank of India will sell 5 lakh shares. Furthermore, the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will provide up to 34.15 lakh shares. All shares carry a face value of ₹2 each.
As per SEBI regulations, no individual entity is permitted to possess more than 15% ownership in a Market Infrastructure Institution (MII). The NSDL IPO, which has both IDBI and NSE holding over 15% of NSDL’s shares, provides a way for these entities to adhere to the 15% ownership restriction.
The company initially submitted its draft red herring prospectus in July 2023 and followed up with an addendum in May 2025, which decreased the issue size from 5.72 crore shares to 5.01 crore. SEBI has permitted NSDL to finalize its listing process by August 14, 2025.
ICICI Securities, Axis Capital, HSBC Securities, IDBI Capital, Motilal Oswal, and SBI Caps are serving as the book-running lead managers for the IPO.
NSDL details
As of March 31, 2025, NSDL stands as India’s largest depository regarding the number of issuers, active instruments, market share in dematerialized value of settlement volume, and assets under custody, according to the CRISIL Report. Additionally, as of March 31, 2025, NSDL operated a network of 65,391 service centers for depository participants, in contrast to CDSL’s 18,918 centers.
On March 31, 2025, NSDL had over 39.45 million active demat accounts across 294 registered depository participants, with account holders spread across more than 99.34% of pin codes in India and in 194 countries worldwide. In the Financial Year 2025, NSDL recorded a net increase of 33,758 issuers, bringing the total to 79,773 issuers registered with them, compared to 46,015 issuers as of March 31, 2024.
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