NSDL IPO
NSDL IPO — date, price band, lot size & details 2025
NSDL listed on 6 Aug 2025 at ₹880, 10% above the ₹800 issue price.
National Securities Depository is a SEBI-registered market infrastructure institution that acts as a securities depository in India. It had 39.45 million active demat accounts on 31 March 2025.
Stock price
NSDL is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 30 Jul 2025
- Close 01 Aug 2025
- Allotment 04 Aug 2025
- Refund/credit 05 Aug 2025
- Listing 06 Aug 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 30 Jul to 1 Aug, 2025 |
|---|---|
| Price Band | ₹760 – ₹800 |
| Face Value | ₹2 |
| Lot Size | 18 Shares |
| Issue Size | ₹4010.95 Cr |
| Sale Type | OFS only |
| Listing On | BSE |
| Employee Discount | Rs 76.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,400 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 18 shares at the ₹800 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 18 | ₹14,400 |
| Retail (max) | 13 | 234 | ₹1,87,200 |
| S-HNI (min) | 14 | 252 | ₹2,01,600 |
| S-HNI (max) | 69 | 1,242 | ₹9,93,600 |
| B-HNI (min) | 70 | 1,260 | ₹10,08,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 1,099.81 crore in FY2023 to Rs 1,535.19 crore in FY2025.
- 02Profit after tax rose from Rs 234.81 crore in FY2023 to Rs 343.12 crore in FY2025.
- 03The company had 39.45 million active demat accounts on 31 March 2025.
- 04Return on equity was 17.11% and return on capital employed was 22.7%.
- 05The PAT margin was 22.35%, and net worth stood at Rs 2,005.34 crore on 31 March 2025.
Risks · 6
- 01The whole Rs 4,010.95 crore issue was offer for sale. The company got no fresh money.
- 02The company has no identifiable promoter, and existing shareholders sold Rs 4,010.95 crore of shares in the issue.
- 03The P/E was 46.62 at the upper band of Rs 800, based on EPS of Rs 17.16.
- 04The shares listed only on BSE, at Rs 880 against the issue price of Rs 800.
- 05As a market infrastructure institution it is closely regulated by SEBI, and fees on its 39.45 million accounts depend on that regulation.
- 06NSDL Payments Bank operates in a low margin business, and the group EBITDA margin was 23.95%.
Three years of numbers
All figures in ₹ crore, as reported in the NSDL offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2,984.84 | 2,257.74 | 2,093.48 |
| Total Income | 1,535.19 | 1,365.71 | 1,099.81 |
| Profit After Tax | 343.12 | 275.45 | 234.81 |
| EBITDA | 492.94 | 381.13 | 328.60 |
| NET Worth | 2,005.34 | 1,684.10 | 1,428.86 |
| Reserves and Surplus | 232.31 | 216.32 | 199.08 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the NSDL RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
NSDL IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹17.16 | ₹17.16 |
| P/E Ratio (x) | 46.62 | 46.62 |
| Market Cap at Offer Price (₹ Cr) | ₹15,996.27 | ₹15,996.27 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹800 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the NSDL IPO will be updated shortly.
NSDL IPO Anchor Investors
61 anchor investors across 46 fund houses committed ₹1,201.49 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It also offers e-voting and consolidated account statements. On 31 March 2025 it had 39.45 million active demat accounts, 294 registered depository participants and 33,758 registered issuers.
NSDL Database Management handles e-governance, KYC and insurance repository services. NSDL Payments Bank runs a business-to-business payments bank.
The company is professionally managed and has no identifiable promoter. The IPO was entirely an offer for sale of Rs 4,010.95 crore, so the company received no money from it.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
NSDL IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
HSBC Securities & Capital Markets (India) Pvt. Ltd.
13 issues handledBest listing: Tenneco Clean Air India (+27.2%). Weakest: Canara HSBC Life Insurance Co (0.0%).
SBI Capital Markets Ltd.
23 issues handledBest listing: Indo-MIM (+44.3%). Weakest: Ajax Engineering (-8.4%).
Axis Capital
40 issues handledBest listing: Moneyview (+61.8%). Weakest: Clean Max Enviro Energy Solutions (-8.8%).
ICICI Securities
34 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Motilal Oswal Investment Advisors
40 issues handledBest listing: GNG Electronics (+49.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
IDBI Capital Markets & Securities Ltd.
5 issues handledBest listing: Bharat Coking Coal (+95.7%). Weakest: Central Mine Planning & Design Institute (-7.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of NSDL?
The current Grey Market Premium is ₹124, or 16% over the issue price.
What is the NSDL IPO price band?
₹760 to ₹800, on a face value of ₹2.
When is the allotment?
The basis of allotment is 4 August 2025, with listing on 6 August 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
