National Securities Depository Ltd IPO

National Securities Depository Ltd (NSDL) is the pioneer of depository services in India. While CDSL leads in terms of number of accounts, it is NSDL that leads in terms of the Assets under Custody (AUC), with a share of over 80%. NSDL actually triggered the big change in the Indian capital markets by making trading, clearing, settlement, and IPOs much speedier, efficient, and seamless. As part of its depository service palate, NSDL offers, demat, remat, paperless settlement, off-market transfers, pledging, and corporate actions. 

The NSDL IPO is entirely an offer for sale, so no fresh funds come into the company and it is purely change of ownership. It is a professionally managed company and does not have any identifiable promoter group. Early investors in NSDL like IDBI Bank, NSE, and Union Bank will be taking an exit through the OFS. The IPO will be lead managed by I-Sec, Axis Capital, IDBI Capital, Motilal Oswal, and SBI Caps; while MUFG Intime India Private Ltd will be the IPO registrar. At the current issue price, NSDL will have an IPO market cap of ₹16,000 crore. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of National Securities Depository Ltd (NSDL). 

1. The IPO of will be open from July 30th, 2025 to August 01st, 2025. It  has a face value of ₹2 per share and the IPO price band is set in the range of ₹760 to ₹800 per share.
2. The IPO of National Securities Depository Ltd (NSDL) will be entirely an offer for sale (OFS) comprising of 5,01,45,001 shares (501.45 lakh shares), which at the upper price band of ₹800 per share will set an IPO value of ₹4,011.60 crore.
3. Since there is no fresh issue, the overall IPO of NSDL will also comprise of the OFS of 5,01,45,001 shares (501.45 lakh shares) worth ₹4,011.60 crore at the upper band price of ₹800 per share. 

The IPO of National Securities Depository Ltd (NSDL) will be listed only on the BSE since, being an NSE owned company, it cannot be listed on the NSE, as per extant SEBI rules and regulations. 

Key Dates, Investor Allocation, and Lot Sizes

Here are the key dates pertaining to the IPO of National Securities Depository Ltd (NSDL) 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of National Securities Depository Ltd (NSDL) for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 18 shares) 

Financial Highlights

The table captures the key financials of National Securities Depository Ltd (NSDL) for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has shown steady growth in top line and the net profits in the last 3 years. The PAT margins have been consistently above 21% in the last 3 years, which gives the company the ability to justify a higher level of P/E discounting. The company has reported ROE of around 16-17% range in the last 3 years. The company has a large capital base, largely on account of consistent ploughing of profits, and may be that is a signal that the dividend policy of NSDL could now shift to a more liberal payout to attract investors and boost ROE. 

Valuation Metrics

If one considers the latest year EPS of ₹17.16 per share, the P/E ratio works out to 46.62X on the IPO price of ₹800 per share. This is much lower compared to the latest P/E ratio of CDSL at 64.58X. That straightaway offers a valuation arbitrage for the IPO investors, although it could also imply that the listing price could be at a strong premium to the IPO price. 

National Securities Depository Ltd (NSDL) enjoys a duopoly status in the Indian market, as there are only 2 depositories for the entire capital market. Also, at the current market cap, NSDL is valued at roughly half the market cap of CDSL. In addition, NSDL also has some intangibles in its favour. NSDL remains the largest depository in terms of number of issuers, number of active instruments, settlement volume, and demat value.  

These are not fully reflected in its price, which is half the valuation of CDSL. NSDL also has a pan-India technology backbone that can be leveraged for a number of other purposes too. For the investor, NSDL may offer a safe and stable bet to participate in equities, with potential upside, considering its relatively cheap valuations vis-à-vis CDSL. 

A Brief on the Anchor Allocation

The anchor issue of National Securities Depository Ltd (NSDL) saw a relatively healthy response on 29th July 2025 with 29.95% of the IPO size absorbed by anchors. Out of 5,01,45,001 shares (501.45 lakh shares) on offer, anchors picked up 1,50,17,999 shares (150.18 lakh shares) accounting for 29.95% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹800 per share. This includes the face value of ₹2 per share plus a share premium of ₹798 per share. The anchor bidding opened and closed on 29th July 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of National Securities Depository Ltd (NSDL) 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 29th July 2025, National Securities Depository Ltd (NSDL) allotted 1,50,17,999 shares to 61 anchor investors. The allocation was done at the upper IPO price band of ₹800 per share which resulted in overall anchor allocation of ₹1,201.44 crore. The anchors have already absorbed 29.95% of the total issue size of ₹4,011.60 crore. Listed below are top-10 anchor investors in the IPO who accounted for anchor collection of ₹610.95 crore or 50.85% of total anchor allocation. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20250729-70&attachedId=a6c13405-5bd7-444b-8c72-b7dfa476a265 

Out of the 1,50,17,999 shares allocated to the anchors in the IPO, a total of 52,94,418 shares were allocated to domestic mutual funds registered with SEBI. This allocation was spread across 22 mutual fund schemes belonging to 12 asset management companies (AMCs). The mutual fund allocation in the anchor portion amounted to 35.27% of total anchor size. 

Next Steps in the IPO

Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025. 

IPO Subscription Status On Day-1

As of 6.15 pm on 30th July 2025, out of the 351.27 lakh shares on offer in the IPO (excluding anchor portion), National Securities Depository Corporation (NSDL) saw bids for 626.57 lakh shares. This implies an overall subscription of 1.78X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of National Securities Depository Corporation (NSDL) was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. NSDL is expected to attract heavy institutional attention. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to August 01, 2025, at which point we will know the final subscription status of the IPO. 

Next Steps in the IPO

Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025. 

IPO Subscription Status On Day-2

As of 5.40 pm on 31st July 2025, out of the 351.27 lakh shares on offer in the IPO (excluding anchor portion), National Securities Depository Corporation (NSDL) saw bids for 1,765.16 lakh shares. This implies an overall subscription of 5.03X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of National Securities Depository Corporation (NSDL) was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. NSDL is expected to attract heavy institutional attention. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to August 01, 2025, at which point we will know the final subscription status of the IPO. 

Next Steps in the IPO

Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025. 

IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.25 pm on 01st August 2025, out of the 351.27 lakh shares on offer in the IPO (excluding anchor portion), National Securities Depository Corporation (NSDL) saw bids for 14,403.92 lakh shares. This implies an overall subscription of 41.01X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of National Securities Depository Corporation (NSDL) was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. NSDL was expected to attract heavy institutional attention. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO has closed for subscription as of the market close on August 01, 2025. The above subscription table for the NSDL IPO, shows the final subscription status. 

Next Steps in the IPO

Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025. 

Checking the Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select National Securities Depository Ltd (NSDL)   from the drop down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .OR. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of National Securities Depository Ltd (NSDL) allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking the Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

You can check the allotment status on NSE, although the stock will not be listed on NSE. Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select NSDL from the drop down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .AND. 
4. Enter your PAN (10-digit alphanumeric) number.
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of National Securities Depository Ltd (NSDL) Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10 character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call. 

Next Steps in the IPO

The basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025.