NSDL IPO Opens Today; Raises ₹1,201.44 Cr from Anchor Investors at ₹800 per Share
By Shishta Dutta | Published at: Jul 30, 2025 09:52 AM IST
Mumbai, July 30, 2025: The Initial Public Offering (IPO) of National Securities Depository Limited (NSDL) opens for public subscription today and will remain open until 1st August 2025. Ahead of the IPO launch, NSDL has successfully raised ₹1,201.44 crore from anchor investors, allocating 15,017,999 equity shares at ₹800 per share, which includes a premium of ₹798.
Robust Anchor Participation from Leading Institutions
The anchor book witnessed participation from 61 entities, comprising domestic and global mutual funds, insurance firms, pension funds, and sovereign investors. The largest allocations included:
| Investor | Shares Allotted | Investment (₹ Cr) |
|---|---|---|
| Life Insurance Corporation of India (LIC) | 17,99,982 | ₹143.99 |
| Smallcap World Fund, Inc | 12,51,234 | ₹100.09 |
| Fidelity Funds – India Focus Fund | 8,12,484 | ₹65.99 |
| HDFC Value Fund | 3,29,994 | ₹26.39 |
| SBI Banking & Financial Services Fund | 6,07,482 | ₹48.60 |
In total, domestic mutual funds received 5,297,418 shares, accounting for 35.27% of the anchor portion and investing ₹423.79 crore.
Price Band, Issue Size, and IPO Structure
- Price Band: ₹800 per equity share
- Issue Structure: Pure Offer for Sale (OFS) of 5,01,45,001 shares
- Face Value: ₹2 per equity share
- Listing: BSE
There is no fresh issue; the entire offer comprises a sale by existing shareholders, including IDBI Bank, NSE, SBI, HDFC Bank, Union Bank of India, and Administrator of the Specified Undertaking of UTI.
NSDL’s IPO Timeline
| Event | Date |
|---|---|
| Anchor Allotment | July 29, 2025 |
| IPO Opens | July 30, 2025 (Today) |
| IPO Closes | August 1, 2025 (Friday) |
| Listing (Tentative) | On or after August 7, 2025 |
Financial Performance of NSDL
NSDL has demonstrated consistent financial growth. For the financial year ending March 31, 2025, the company reported revenue from operations of ₹1,420.15 crore, marking a 12% year-on-year increase from ₹1,268.24 crore in FY24. Profit After Tax (PAT) for FY25 significantly rose by 25% year-on-year to ₹343.12 crore, up from ₹275.45 crore in FY24. The company’s EBITDA margin for FY25 stood at 34.71%, highlighting strong operational efficiency. As of 31st March 2025, NSDL’s net worth was ₹2,005.34 crore, with Earnings Per Share (EPS) at ₹17.16. The IPO values NSDL at a Price-to-Earnings (P/E) ratio of 46.62x and a Price-to-Book (P/B) ratio of 7.98x based on FY25 earnings.
Key Performance Indicators (KPIs) for NSDL
NSDL’s operational strength is reflected in its key performance indicators. For the financial year 2024-25, the total value of demat accounts with NSDL reached ₹434.78 lakh crore. The number of active demat accounts stood at 3.64 crore, while the total number of demat accounts reached 3.77 crore. In terms of dematerialisation, NSDL processed 13.59 crore requests. The value of assets under custody for foreign portfolio investors (FPIs) with NSDL was ₹38.16 lakh crore, and for alternative investment funds (AIFs), it was ₹11.85 lakh crore. Furthermore, the company reported ₹27,088 crore in assets under custody for private equity and venture capital funds. These figures highlight NSDL’s significant presence and robust activity in India’s capital market infrastructure.
IPO Analysis For Retail Investors
NSDL’s IPO offers a compelling opportunity to invest in one of India’s leading capital market infrastructure institutions. As a pure offer for sale, the IPO does not dilute existing equity but allows current shareholders to offload part of their stakes. The strong anchor investor response, especially from large domestic mutual funds, LIC, and global institutional investors, signals robust institutional confidence in NSDL’s long-term growth and stability.
From a financial standpoint, NSDL has demonstrated healthy revenue and profit growth, along with solid margins. A 25% rise in PAT and a 34.71% EBITDA margin in FY25 indicate efficient operations and stable earnings. However, the valuation appears rich, with a P/E of 46.62x and P/B of 7.98x, suggesting that much of the expected growth is already priced in.
Operationally, NSDL holds a dominant position in the depository space, with ₹434.78 lakh crore in demat account value and a wide institutional and retail base. With rising financial inclusion, deeper capital market penetration, and continued digitalisation, the long-term outlook remains favourable.
About NSDL
Established in 1996, NSDL is India’s first and largest depository, facilitating the seamless dematerialisation and transfer of securities. It plays a crucial role in India’s capital market infrastructure and also operates NSDL Database Management Ltd. and NSDL Payments Bank Ltd.
REF: https://nsearchives.nseindia.com/content/ipo/ANCHOR_NSDL.zip
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