New Delhi: India’s leading market infrastructure institution, National Securities Depository Limited (NSDL), has officially announced the price band for its highly anticipated initial public offering (IPO). The IPO will open for subscription on Wednesday, July 30, 2025, and close on Friday, August 1, 2025, while the anchor book will open a day earlier on Tuesday, July 29.
NSDL IPO Price Band and Lot Size
The shares will be available in a price range of ₹760 to ₹800 per share. Investors can apply for a minimum of 18 equity shares and in multiples thereafter. At the upper price band, one lot will cost ₹14,400. Retail investors can apply for up to 13 lots.
Entirely an Offer-for-Sale (OFS)
The NSDL IPO is a pure offer-for-sale (OFS), meaning no fresh shares will be issued. Instead, existing shareholders are offloading up to 5,01,45,001 equity shares (face value ₹2 each). At the upper end of the price band, the total issue size stands at around ₹4,011 crore.
Key Selling Shareholders
Some major institutional investors are offloading a significant part of their holdings:
- IDBI Bank: Up to 2.22 crore shares
- National Stock Exchange (NSE): Up to 1.80 crore shares
- State Bank of India: Up to 40 lakh shares
- HDFC Bank: Up to 40 lakh shares
- Union Bank of India: Up to 5 lakh shares
- Administrator of SUUTI: Up to 34.15 lakh shares
As per SEBI rules, no single entity can hold over 15% stake in a market infrastructure institution like NSDL, which is why several stakeholders are diluting their stakes.
SEBI Deadline & Company Financials
NSDL, which is registered as a Market Infrastructure Institution (MII) under SEBI, has received an extension to complete its IPO listing by August 14, 2025. This follows an earlier extension granted in April 2025, which the company couldn’t meet due to internal delays.
Financially, NSDL is in strong shape:
- FY25 Net Profit: ₹343.12 crore
- FY24 Net Profit: ₹275.45 crore
- FY25 Revenue: ₹1,535.19 crore
- FY24 Revenue: ₹1,365.71 crore
At the IPO’s upper band, the company is estimated to command a market cap of ₹16,000 crore.
Employee & Investor Quotas
NSDL has earmarked 85,000 equity shares for eligible employees, who will get a special discount of ₹76 per share.
Here’s how the rest of the IPO is divided:
- 50% for Qualified Institutional Buyers (QIBs)
- 15% for Non-Institutional Investors (NIIs)
- 35% for Retail Individual Investors (RIIs)
Listing Date & Lead Managers
The company’s shares are expected to be listed on both BSE and NSE with a tentative debut date of Wednesday, August 6, 2025.
Lead book-running managers for the NSDL IPO include:
- ICICI Securities
- Axis Capital
- IDBI Capital Markets & Securities
- Motilal Oswal Investment Advisors
- SBI Capital Markets