NSDL Financial Services Sets IPO Price Band at ₹760-₹800; Lot Size and Investment Details

Mumbai, 29 July 2025: National Securities Depository Limited (NSDL) has officially announced the price band and lot size for its much-anticipated initial public offering (IPO), scheduled to open on 30 July 2025 and close on 1 August 2025. The company, India’s first and largest depository, aims to raise ₹4,011.60 crore through a pure offer-for-sale (OFS) of 5.01 crore equity shares.

Price Band Between ₹760-₹800 to Guide Investor Sentiment

NSDL’s IPO price band has been fixed in the range of ₹760 to ₹800 per equity share. The face value of each share is ₹2. This pricing signals a valuation reflective of the company’s strong fundamentals and steady financial performance.

An exclusive discount of ₹76 per share will be offered to eligible employees applying under the reserved quota, making it more attractive for internal stakeholders to participate.

Retail Investors Can Start with ₹14,400; Larger Bids Set for HNIs

The minimum lot size for retail investors is 18 shares, requiring a minimum investment of ₹14,400. For high-net-worth individuals, bidding will depend on the sub-categories:

• sNII (Small Non-Institutional Investors): Minimum of 14 lots (252 shares), requiring ₹2,01,600
• bNII (Big Non-Institutional Investors): Minimum of 70 lots (1,260 shares), requiring ₹10,08,000

This tiered application structure enables broader investor participation, while still segmenting serious high-value bids.

Timeline Finalised: Listing Expected on 6 August 2025

The IPO will be open for three days. Here’s a quick look at the schedule:

• IPO Opens: Wednesday, 30 July 2025
• IPO Closes: Friday, 1 August 2025
• Allotment Date: Monday, 4 August 2025
• Refunds Initiation & Demat Credit: Tuesday, 5 August 2025
• Tentative Listing Date on BSE: Wednesday, 6 August 2025

Investors using UPI for payment must complete their mandate confirmations by 5 PM on 1 August 2025.

₹16,000 Cr Valuation Backed by Strong Profit Growth and Financial Metrics

NSDL’s IPO valuation of ₹16,000 crore reflects its robust financial performance and strong fundamentals. For the fiscal year ending 31 March 2025, the company posted a revenue of ₹1,535.19 crore, marking a 12% increase from the previous year, driven by steady growth in its core depository and allied services. Its Profit After Tax (PAT) rose by 25% YoY to ₹343.12 crore, indicating improved operational efficiency and profitability.

The company reported an EBITDA of ₹492.94 crore with a healthy EBITDA margin of 23.95%, and a PAT margin of 22.35%, both signalling strong earnings quality. Returns also remained solid, with ROE at 17.11% and ROCE at 22.7%, reflecting efficient use of capital. On the balance sheet front, assets increased to ₹2,984.84 crore and net worth rose to ₹2,005.34 crore, reinforcing financial stability. With a price-to-book ratio of 7.98,

NSDL’s Tech-Driven Legacy Reinforces Investor Confidence

Founded in 2012, NSDL is a SEBI-registered Market Infrastructure Institution that plays a key role in India’s capital markets. It offers services like securities dematerialisation, trade settlement, pledging, and corporate actions.

Through its subsidiaries NDML and NPBL, it also provides e-governance and digital banking solutions. With 39.45 million demat accounts, 33,758 registered issuers, and presence in 186 countries, NSDL holds a strong position supported by advanced technology and a diverse revenue base.

Listing to Elevate Visibility and Unlock Shareholder Value

The primary objective of the issue is to list equity shares on BSE and enhance NSDL’s visibility, liquidity, and corporate governance standards. The public listing is also expected to unlock long-term shareholder value.

NSDL’s upcoming IPO, backed by strong financials and market leadership, offers a strategic investment opportunity. With a price band of ₹760–₹800 and robust metrics, the listing aims to boost visibility, enhance liquidity, and unlock long-term shareholder value on the BSE.

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