NSDL is coming with its IPO worth ₹4,011.60 Cr, which is entirely an OFS. The IPO opens for subscription on 30 July 2025 and will close on 1 Aug 2025. The allotment of shares is expected to be finalized on 4 Aug 2025 and the shares are likely to be listed on BSE on 6 Aug 2025. The price band for IPO is set between ₹760 to ₹800 per share.
About NSDL IPO
Laxmi India Finance, incorporated in 1996, is an NBFC that provides various loan services to support individuals and small businesses. The company mainly offers MSME loans, vehicle loans, and construction loans, making credit more accessible to entrepreneurs and first time borrowers. A large part of its MSME lending, over 80%, qualifiNational Securities Depository Limited or NSDL, established in 2012, is a SEBI-registered Market Infrastructure Institution (MII) that plays a key role in India’s financial market. It acts as a securities depository, helping investors hold and manage their shares and other securities in electronic (demat) form. NSDL is responsible for maintaining electronic records and also manages activities like dematerialization, trade settlements, off-market transfers, pledging, and corporate actions such as dividends or bonus issues. It also provides additional services like e-voting, consolidated account statements (CAS), and non-disposal undertakings (NDU) to make things easier for investors.
NSDL has two main subsidiaries. NSDL Database Management Limited (NDML) works in areas like e-governance, regulatory technology platforms, KYC services, insurance record-keeping, and managing projects like SEZ automation and National Skills Registry. Second subsidiary, NSDL Payments Bank Limited (NPBL), operates as a digital payments bank offering services like domestic money transfers, savings accounts, micro-ATMs, UPI, and distribution of insurance and mutual funds.
As of 31 March 2025, NSDL had 39.45 million active demat accounts, 294 registered depository participants, and 33,758 registered issuers. Its services reach over 99% of Indian PIN codes and account holders in 186 countries, showing its wide and growing presence across India and globally.
NSDL IPO Highlights
- NSDL’s IPO is worth ₹4,011.60 Cr and the price band is set between ₹760 to ₹800
- The IPO is entirely an OFS of 5.01 crore shares.
- NSDL’s IPO will open for subscription on 30 July 2025 and close on 1 Aug 2025. Share allotment is likely to take place on 4 Aug 2025 and the shares are expected to be listed on BSE on 6 Aug 2025.
- MUFG Intime India Private Limited or Link Intime will be the registrar for NSDL's IPO.
NSDL IPO GMP
As of 26 July 2025, NSDL GMP is trading at ₹136 up from the upper price band of ₹800, shares are expected to list at ₹936, which represents 17%. In the coming days, GMP may change, and we’ll keep updating as new details come in.
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- Date: 1 Aug 2025
- NSDL GMP: ₹134 ( 16.75%)
- Date: 31 July 2025
- NSDL GMP: ₹134 ( 16.75%)
- Date: 30 July 2025
- NSDL GMP: ₹135 ( 16.88%)
- Date: 29 July 2025
- NSDL GMP: ₹126 ( 15.75%)
- Date: 28 July 2025
- NSDL GMP: ₹135 ( 16.88%)
- Date: 27 July 2025
- NSDL GMP: ₹135 ( 16.88%)
- Date: 26 July 2025
- NSDL GMP: ₹136 ( 17%)
How can you apply for NSDL IPO?
Retail investors can apply for a minimum of 1 lot, which includes 18 shares costing ₹14,400. Maximum investment allowed for retail investors is 13 lots which totals 234 shares and costs ₹1,87,200.
| 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
|
NSDL IPO Financial
NSDL reported a PAT of ₹ 343.12 Cr in 31 March 2025 and in FY24 reported ₹ 275.45 Cr. Over the past 3 years, its profit has been continuously improving. All financial details are provided in the table below.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
|
Assets (₹ Crores) |
2,984.84
|
2,257.74 |
2,093.48
|
|
Revenue (₹ Crores) |
1,535.19
|
1,365.71
|
1,099.81
|
|
PAT (₹ crores)
|
343.12
|
275.45
|
234.81
|
|
EBITA(₹ Crores) |
492.94
|
381.13
|
328.60
|
|
Net Worth (₹ Crores) |
2,005.34
|
1,684.10
|
1,428.86
|
NSDL IPO Peer Comparison
After the listing of NSDL, both of India’s depositories will be available for retail investors to trade. Below is a quick comparison of NSDL vs CDSL, highlighting that both companies have strong EPS.
| Company | EPS Diluted | P/E(x) |
|---|---|---|
|
National Securities Depository Ltd. |
17.16
|
-
|
|
Central Depository Services (India) Limited
|
25.2
|
68.04
|
NSDL IPO Quota Allocation
- QIB Investors: 50% of the net issue
- Retail Investors: 35% of the net issue
- NII (HNI) Investors: 15% of the net issue
Major Selling Shareholders:
- IDBI Bank Limited: 2.22 Cr shares (26.01% current stake)
- National Stock Exchange of India: 1.80Cr shares (24% current stake)
- State Bank of India: 40 lakh shares
- Union Bank of India: 5 lakh shares
- HDFC Bank: 20.1 lakh shares
- SUUTI: 34.15 lakh shares
Listing Date of NSDL IPO
- Subscription Period: 30 July to 1 Aug 2025
- Basis of Allotment Finalization: 4 August 2025
- Initiation of Refunds: 5 Aug 2025
- Demat Credits: 5 Aug 2025
- Listing Date: 6 Aug 2025
- Listing on: BSE
Strengths and Weaknesses of NSDL IPO
Knowing about the strengths and weaknesses of any IPO helps you make an informed decision.
- India’s first and leading depository.
- Focus on innovation with strong IT systems and strong cybersecurity.
- Stable income through recurring revenue streams.
- Wide range of assets managed in demat accounts.
- Diversified business across multiple verticals.
- Revenue depends on market trading volumes, which can fluctuate.
- Risk of IT system failures or cyberattacks.
- Business growth relies on performance of depository participants.
- Subsidiary NDML faces strict regulatory compliance requirements.
- History of SEBI observations and risk of future regulatory issues.
- Involved in some pending legal proceedings.
NSDL IPO FAQs (Frequently Asked Questions)
What is the total issue size of NSDL’s IPO?
The total size of NSDL’s IPO is ₹4,011.60 Cr
When will NSDL IPO open and close?
NSDL’s IPO will open for subscription on 30 July 2025 and close on 1 Aug 2025.
What is the lot size for NSDL IPO?
Retail Investors can bid for a minimum of 1 lot, which includes 18 shares. And one lot will cost you around ₹14,400.
What is the share allotment date for NSDL IPO?
The allotment of shares is expected to be completed by 4 Aug 2025.
Who is the registrar of NSDL IPO?
MUFG Intime India Private Limited (Link Intime) is the registrar for NSDL’s IPO.
Where will NSDL shares be listed?
The shares are planned to be listed on BSE.
Happy investing and thank you for reading!
Disclaimer:
This website content is only for educational purposes, not investment advice. Before making any investment, it’s important to do your own research and be fully informed. Investing in the stock market includes risks, and you should carefully read the Risk Disclosure documents before proceeding. Please remember that past performance doesn’t guarantee future results, and due to market fluctuations, your investment goals may not always be achieved.
