National Securities Depository Limited (NSDL) IPO: Analysis, GMP

NSDL IPO - Company Analysis

NSDL IPO or National Securities Depository Limited IPO, a Mainboard IPO, is a book-built issue of Rs. 4,011.60 Cr (5.01 Cr Shares) by National Securities Depository Limited (NSDL). It is a trading Market Infrastructure Institution (MII) registered with SEBI and was established in 1996.

NSDL is the first and leading depository in India, running a variety of tech-driven companies.

This company is backed by prominent banks and financial institutions like NSE, IDBI Bank, State Bank of India, HDFC Bank, etc, giving more strength to the company.

During FY2025, it held a market share of 73.04% in terms of the number of unlisted firms (equity) that were registered with a depository, 66.03% in terms of the value of shares settled in demat form, and 65.27% of all active instruments.

It also held a 96.98% market share of the dematerialized value of the debt securities in custody, which totaled Rs. 52,195.07 billion.

As of March 31, 2025, it had dematerialized 99.99% of the value of debt, equities, and other instruments held by international portfolio investors in India.

It held Rs. 70,167.65 Bn in assets in custody for individuals (including non-resident individuals) and Hindu Undivided Family ("HUF") accounts, which accounted for 67.90% of the total value of such assets under custody in dematerialized form across depositories. 

Core Services:

• Acts in India as a securities depository.

• Maintains electronic records concerning allotment and transfer of ownership of securities.

• Provides depository services relating to demat of securities, trade settlement, off-market transfer, pledging, and corporate actions.

• Asset servicing for securities held in demat form.

• Other services include e-voting, consolidated account statement (CAS), and non-disposal undertaking (NDU).

 

 

Subsidiaries:

NSDL Database Management Limited (NDML): Provides e-governance services, regulatory platforms, KYC, insurance repositories, and collaborative industry platforms. They are involved in SEZ automation and the National Skills Registry.

NSDL Payments Bank Limited (NPBL): It covers various services like digital banking, prepaid cards, savings accounts, micro-ATMs, POS, domestic remittances, AePS, etc, and operates a B2B payments bank.

 

Key Facts:

(As of 31 Mar 2025)

• Active demat accounts: 39.45 million

• Registered depository participants: 294

• Registered Issuers: 33,758

• In 186 countries and more than 99% of Indian PIN codes are registered issuers.

 

NSDL IPO Details

The NSDL IPO open date is from Jul 30 to Aug 01, with IPO allotment on Aug 04, refund initiation on Aug 05, and listing on Aug 06, 2025.

The Rs. 4,011.60 crore mainline IPO comprises a wholly an offer for sale (OFS) of 5.01 crore Shares. nbsp; 

The NSDL IPO listing date is on Wednesday, 06 August 2025, and it will be listed at BSE. The NSDL IPO price band is Rs. 760 to Rs. 800 for each Share.

Events	Date
IPO Opening Date	Jul 30, 2025
IPO Closing Date	Aug 01, 2025
IPO Allotment Date	Aug 04, 2025
Refund Initiation	Aug 05, 2025
IPO Listing Date	Aug 06, 2025

 

NSDL IPO - Shockers & Lesser Known Things

HDFC Bank sold a part of its stake in NSDL ahead of the central securities depository's Rs 4,012 Cr IPO, which is likely to fetch huge returns and meet the growing retail demand in the unlisted market.

 

NSDL Unlisted Share Price

After a dramatic 20% fall from its June 2025 top of Rs. 1,275, NSDL's IPO pricing of Rs. 800 represents a sharp 22% discount from its recent unlisted share price of Rs. 1,025, leaving unlisted investors facing significant losses, even with 10-20% listing gains.

Trend in Demat Accounts in India (Industry Outlook) 

The Demat Accounts in India grew at a CAGR of 21.94% from FY2014 to FY2025, 27.4% between FY2017 to FY2025, and about 36.4% between FY2020 to FY2025.

Projected CAGR in Demat Account

The overall number of client accounts or Demat accounts will increase during the FY2025 and FY2027 at a CAGR of 11-12% (CRISIL Intelligence).

 

If you want to apply for the IPO, click to open a Demat Account.

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	2,984.84	2,257.74	2,093.48
Total Revenue	1,535.19	1,365.71	1,099.81
PAT	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

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	5,578.46	1,128.82	5,079.39
Net Cash Flow Investing Activities	(5,023.18)	(1,775.64)	(4,417.05)
Net Cash Flow Financing Activities	(163.82)	(200)	(200)

 

Revenue Bifurcation 

Revenue from operations Breakdown

(Amount in millions)

(Source RHP)

 

The Objective of The Issue

The company will not receive any of the offer's revenues, or "offer proceeds," and the selling shareholders will be responsible for paying any associated costs.

Click to check the IPO application status.

Peers of NSDL Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Central Depository Services (India) Limited	10	25.20	68.04

Valuation

Metric	Value
ROE	17.11%
ROCE	22.7%
RoNW	17.11%
P/E	46.62x
EBITDA	23.95%
Price to Book Value	7.98

 

Evaluation

The NSDL IPO price is between Rs. 760 to Rs. 800 for each Share.

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 17.16 from the last year, the resulting P/E ratio is 46.62x (taking the upper price of Rs. 800). When compared with the industry’s average P/E of 68.04x, this indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fully priced for the investors.

Explore the Aditya Infotech IPO.

NSDL vs CDSL - Peer Analysis

Revenue Source

Revenue from Operations

(Amount in Mn)

PAT Margin

(Amount in Mn)

EBITDA Margin

(Amount in Mn)

 

IPO's Strengths 

• India's First and leading Depository carries out a variety of technology-driven businesses.

• Product innovation driven by technology has received a lot of attention.

• The Depository System's security and integrity are guaranteed by strong cybersecurity protocols, risk management frameworks, and IT infrastructure.

• Stable revenue base with a significant proportion of recurring revenue.

• A very large variety of asset classes is held in demat accounts and well-diversified business verticals.

 

 

IPO’s Weaknesses

• The transaction volume-based service contributes significantly to revenues for NSDL. Any decline in trading activity because of market conditions, investor sentiment can adversely impact revenues and profitability.

• NSDL depends on a very complex Information Technology architecture for its operations. Any cyber attack or technical failure might hinder its operations.

• The company has to comply with the SEBI regulations. A change in the law or compliance requirements would cause the escalated cost or operational problems

 

NSDL IPO GMP 

NSDL IPO GMP today is Rs. 161 as of 25 July 2025, while writing this information. Hence, with the upper price of Rs. 800, its estimated listing price might be Rs. 961 (Upper price + Current GMP).

NSDL IPO Summary 

The NSDL Limited IPO with a face value of Rs. 2 per Share offers a total issue size of 5,01,45,001 Shares (Rs. 4,011.60 Cr).

IPO Opening & Closing Date	Jul 30, 2025 to Aug 01, 2025
Face Value	Rs. 2 per Share
Issue Price	Rs. 760 to Rs. 800
Lot Size	18 Shares
Issue Size	5,01,45,001 Shares (Rs. 4,011.60 Cr)
Offer for Sale	5,01,45,001 Shares (Rs. 4,011.60 Cr)
Fresh Issue	-
Listing At	BSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Private Limited (Link Intime)

NSDL IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (18 Shares) amounting to Rs. 14400 and 13 Lots (234 Shares) amounting to Rs. 187200, respectively, while for HNI investors, the minimum Lot is 14 (252 Shares) amounting to Rs. 201600.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	69 Lots
B-HNI (Minimum)	70 Lots

 

 

NSDL IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

NSDL IPO Lead Managers

• ICICI Securities Limited.

 

Dividend Policy

The company has paid a dividend of Rs. 1.0 per equity share in the FY2024 and FY2023, respectively.

 

 

Conclusion

With a 73% market share and strong recurring income, NSDL IPO gives investors a chance to become a part of India's biggest and first depository. With its diverse offerings, robust tech-driven operations, and consistent financial development, NSDL is ideally positioned within the thriving capital markets ecosystem. Its lower P/E ratio than its industry peers indicates fair price, despite risks such as reliance on transaction volumes and IT vulnerabilities.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.