Depository Goes Public: NSDL Sets IPO Price Band at Rs 760–800

India’s oldest securities depository, National Securities Depository Ltd (NSDL), is stepping into the public market with its highly anticipated initial public offering. The IPO, entirely an offer-for-sale, is scheduled to open on July 30 and close on August 1, 2025.

Key highlights of the offering

NSDL has fixed the price band between Rs 760 and Rs 800 per equity share

The IPO comprises up to 5.01 crore shares, aiming to raise approximately Rs 4,011 crore

Anchor investor bidding opens on July 29, with listing expected on August 6 on both BSE and NSE

Investors can apply for a minimum of 18 shares per lot, costing Rs 14,400 at the upper band

Eligible employees are offered a Rs 76 per share discount

Major shareholders offloading stakes

IDBI Bank: up to 2.22 crore shares

NSE: up to 1.80 crore shares

SBI, HDFC Bank, Union Bank of India, and SUUTI are also participating in the offer-for-sale

SEBI regulations mandate no single entity can hold more than 15 percent in a market infrastructure institution

Financial performance and valuation

NSDL reported FY25 revenue of Rs 1,535 crore and net profit of Rs 343 crore

The IPO values the company at around Rs 16,000 crore

The price band reflects a 22 percent discount to its unlisted market valuation

This IPO marks a milestone for India’s capital market infrastructure, offering retail and institutional investors a stake in the backbone of the country’s securities ecosystem.

Sources: Business Today, NDTV Profit, CNBC TV18, Moneycontrol, IPO Watch India