NSDL IPO – GMP, Subscription Status, Date, Price, Allotment Status

National Securities Depository Limited (NSDL) IPO is India’s most anticipated IPO, aimed to raise ₹4,011.60 crore via a book-building issue with full OFS. NSDL is India’s largest securities depository. NSDL facilitates the dematerialisation, settlement, and transfer of securities, making it a cornerstone of the Indian capital market.

In this article, let’s discuss about the NSDL IPO, including its Grey Market Premium (GMP), price band, key dates, allotment status, business overview, financials, and key considerations for investors.

About NSDL Limited

National Securities Depository Limited (NSDL), established in August 1996, is an SEBI-registered market infrastructure institution (MII) and India’s first and largest securities depository. NSDL pioneered the dematerialisation of securities in India in November 1996, following the enactment of the Depositories Act. 

NSDL provides a digital framework for investors to hold and manage securities through demat accounts, eliminating the challenges of paper-based settlements like bad delivery and delayed transfers.

• Headquarters: Mumbai, India
• Incorporation: NSDL (National Securities Depository Limited) was renamed to NSDL e-Governance Infrastructure Limited in December 2012. This change was part of a restructuring where NSDL transferred its depository business to a subsidiary, NSDL Depository Limited, which is now known as National Securities Depository Ltd. (NSDL). Later, in 2021, NSDL e-Governance Infrastructure Limited was rebranded as Protean eGov Technologies Limited.
• Ownership: NSDL has diversified institutional shareholders, including IDBI Bank, the National Stock Exchange (NSE), the State Bank of India (SBI), HDFC Bank, and Union Bank of India.
• Scale: As of March 31, 2025, NSDL manages over 39.45 million active demat accounts across 294 depository participants, covering 99.34% of India’s PIN codes and 194 countries globally. It had 79,773 registered issuers, a significant increase from 46,015 in 2024

What is NSDL Ltd IPO?

The NSDL IPO is a mainboard initial public offering that was an entirely Offer for Sale (OFS) of up to 57,260,001 equity shares with a face value of ₹2 each by existing shareholders, including NSE, IDBI Bank, SBI, HDFC Bank, Union Bank of India, and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI). 

As an OFS, NSDL will not receive any proceeds from the IPO, all funds will go to the selling shareholders. The IPO aims to comply with SEBI’s ownership norms, which mandate that no entity hold more than 15% of a depository.

• Issue Size: ₹4,011.60 crore
• Listing Exchanges: BSE and NSE
• Lead Manager: ICICI Securities Limited
• Registrar: MUFG Intime India Private Limited (Link Intime)

NSDL IPO Key Timeline

NSDL Ltd Key IPO Details

• IPO Open Date: July 30, 2025
• IPO Close Date: August 01, 2025
• Issue Size: ₹4,011.60 Crores (57,260,001)
• Fresh Issue: ₹0 Crores 
• Offer for Sale: ₹4,011.60 Crores (57,260,001), (100%)
• Face Value: ₹2 per equity share
• Price Band: ₹760 to ₹800 per share
• Lot Size: 18 shares
• Minimum Investment (Retail): ₹13,680
• Minimum Investment (sHNI): ₹191,520
• Minimum Investment (bHNI): ₹957,600
• IPO Reservation:
  • Qualified Institutional Buyers (QIB): Not more than 50%
  • Non-Institutional Investors (NII/HNI): Not less than 15%
  • Retail Investors: Not less than 35%
  • Employee Reservation: Up to 85,000 shares with a ₹76 per share
• UPI Mandate Confirmation Cut-off: 5:00 PM on August 01, 2025

IPO Strategic Objectives

• Compliance with SEBI Regulations: To adhere to SEBI’s ownership norms, which limit any single entity’s shareholding in a depository to 15%. The OFS allows major shareholders like NSE and IDBI Bank to reduce their stakes.
• Enhance Market Presence: Listing on BSE and NSE will increase NSDL’s visibility and liquidity, benefiting its institutional shareholders.
• No Capital Infusion: As a pure Offer For Sale, the company does not aim to raise fresh capital for NSDL and it supports the exit of existing shareholders as per the Compliance Regulations by SEBI.

NSDL Business Overview

NSDL is a critical component of India’s financial ecosystem, providing depository services that enable investors to hold securities electronically via demat accounts. It supports a wide range of services, including:

• Core Services: NSDL was India’s largest depository and offers the core services like.
  • 1) Dematerialisation of securities
  • 2) Trade settlements
  • 3) Transfer of securities.
• Additional Services: 
  • 1) E-voting
  • 2) Consolidated account statements (CAS)
  • 3) Blockchain-based security platforms
  • 4) Non-disposal undertakings (NDU)
• Network: As of March 31, 2025, NSDL had 65,391 depository participant service centres (compared to 18,918 for CDSL) and managed assets worth ₹43,060.50 billion for individuals and HUFs as of March 31, 2023.
• Subsidiaries: NSDL Database Management Limited and NSDL Payments Bank Limited.
• Market Leadership: NSDL is the largest depository in India by number of issuers, active instruments, market share in demat value of settlement volume, and assets under custody.

Key Highlights

• Market Dominance: NSDL handles most securities held and settled in dematerialised form in India, with a network spanning 99.34% of India’s PIN codes.
• Robust Growth: The Indian demat account’s opening market grew at a 21.94% CAGR from FY 2014 to FY 2025, where NSDL captured this growth and managing 39.45 million accounts as of March 31, 2025.
• Institutional Backing: Major shareholders include NSE, SBI, HDFC Bank, and IDBI Bank, reflecting strong confidence in NSDL’s infrastructure.
• Technological Innovation: NSDL has high-end and upgraded technology where it leverages IT infrastructure, risk management frameworks, and cybersecurity to ensure their systems integrity and provide transparency to the investors.
• Stable Revenue: A significant portion of NSDL’s revenue is recurring, driven by its depository services.

Strengths and Challenges of NSDL Ltd.

Strengths:

• Market Leadership: NSDL’s dominant position in India’s depository services market creates significant competitive advantages.
• Robust Infrastructure: Advanced technology systems and a wide network of depository participants ensure operational efficiency.
• Duopoly Market: NSDL operates in the duopoly market where it has no more competitors than CDSL in its core business in India.
• Financial Stability: NSDL has shown consistent revenue growth of 12% on a YoY basis and profit growth of 25% on a YoY basis between FY 24 - 25.

Challenges:

• OFS Structure: No new shares are created, hence the capital infusion limits NSDL’s ability to fund expansion directly through the IPO.
• GMP Volatility: The price in the grey market was changing rapidly on based on market sentiment, posing risks for short-term investors.
• Regulatory Risks: Potential changes in SEBI regulations could impact pricing or operations.
• Competition: NSDL faces competition from Central Depository Services Limited (CDSL), which is already publicly listed.

Financial Performance

National Securities Depository Limited (NSDL) IPO GMP Today

Based on current market trends, the National Securities Depository Limited (NSDL) IPO's GMP(Grey Market Premium) stands at approximately ₹127, implying a listing price of ₹927 per share, which is 15.87% higher than the upper price band of ₹800.

NSDL IPO Subscription Status

The NSDL IPO was fully subscribed by day 2. Here are the detailed subscription statuses of the investor categories.

How to Apply for NSDL IPO?

Investors can apply for the NSDL IPO through the following methods:

Online ASBA:

Step 1: Login to your Banks Net Banking portal
Step 2: Head to the IPO section
Step 3: Select the “NSDL Ltd IPO” from the “Dropdown”.
Step 4: Fill the bid details like Quantity and the Price.
Step 5: Complete the payment  by suing the bank mandate
Step 6: Wait for allotment results.

UPI:

Step 1: Log in to your stockbroker app or website.
Step 2: Head to the IPO section
Step 3: Select “NSDL Ltd IPO” from the list of IPOs.
Step 4: Fill in the Bid details like quantity (lots) and price.
Step 5: Enter the UPI ID and click on the “Apply or Submit” option.
Step 6: Confirm the UPI mandate before 5:00 PM on August 01, 2025.
Step 7: Wait for allotment results to be out.

Offline: 

Step 1: Download the IPO application form from the Exchange (NSE or BSE) or stockbroker.
Step 2: Fill your personal details like demat id, client id, name, mobile number etc…
Step 3: Fill the IPO Bid details like price and qty.
Step 4: Submit the filled form to your stock broker.
Step 5: Wait for the application number.
Step 6: Once you receive the application number sit relax and wait for the allotment status.

National Securities Depository Limited (NSDL) IPO Allotment Status

The NSDL Ltd IPO allotment status will be available on MUFG Intime(Link Intime) on August 04, 2025. Follow the steps below to check your allotment status online.

• Visit the MUFG Intime website.
• Select “Shanti Gold International Limited” from the “Dropdown”.
• Click on any of the option PAN, application number, or DP/Client ID.
• Enter your details to confirm identity for verification of bid.
• Click “Search” to view your allotment status.

Note: Allotment status can check through the NSE, BSE websites as well as with the stockbroker also once the allotment results are out.

IPO Contact Details

Registrar:

• Name: MUFG Intime India Private Limited (Link Intime)
• Address: C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083, Maharashtra, India
• Telephone: +91 81081 14949 
• E-mail: nsdl.ipo@linkintime.co.in

Lead Manager:

• Name: ICICI Securities Limited
• Address: ICICI Venture House Appasaheb Marathe Marg, Prabhadevi Mumbai 400 025 Maharashtra, India
• Phone: +91 22 6807 7100
• Mail: nsdl.ipo@icicisecurities.com

Company:

• Name: National Securities Depository Limited
• Address: 4th Floor, ‘A’ Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400013, Maharashtra, India
• Phone: +91 22 2499 4200
• Mail: cs_nsdl@nsdl.com

Conclusion

The NSDL IPO is a good investment opportunity for investors to participate in India’s largest securities depository participant at the time of listing, which plays a vital role in the country’s capital market infrastructure. With a price band of ₹760 – ₹800, a GMP indicating 18–20% listing gains, and strong financials with a 12% revenue growth and 25% PAT growth in FY 2025, NSDL is positioned as a stable, long-term investment.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered investment advice. Investors are advised to conduct their own research and consult SEBI-registered financial advisors before making any investment decisions. Grey market premiums are unofficial and volatile, and past performance is not indicative of future results. Always refer to the NSDL IPO DRHP.

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