If you’ve been waiting for a solid IPO opportunity, the much-anticipated NSDL IPO might be what you’re looking for — but it’s also turning heads for a very unexpected reason. Investors across India are surprised, curious, and even a little cautious.
Let’s break it all down in simple language so you know exactly what’s happening and whether this IPO deserves your attention.
A Surprising Discount: Why NSDL’s Pricing Is Making Headlines
The National Securities Depository Limited (NSDL), India’s oldest and most prominent securities depository, has officially set its NSDL IPO price band between ₹760–₹800 per share. This comes as a surprise to many because the shares were trading at around ₹1,025 in the unlisted market earlier this month. In fact, NSDL stock had touched a high of ₹1,275 in June 2025, as per data shared by Unlisted Zone.
That’s roughly a 22% discount, and this isn’t just some pricing glitch — it’s a conscious move. While it opens the door to retail and institutional investors at a lower valuation, it also draws comparisons to HDB Financial Services’ IPO, which also came at a sharp discount and later listed with moderate gains. It seems NSDL is playing the long game — offering value at the entry point.
NSDL IPO Details You Need to Know
The NSDL IPO opens for public subscription on July 30 and closes on August 1. Anchor investor bidding is scheduled for July 29, a day earlier.
Here are the main details:
- Total Issue Size: ₹4,011.6 crore
- Type: 100% Offer for Sale (OFS) of up to 5.01 crore shares
- Lot Size: 18 shares per lot, costing ₹14,400
- Shareholders Selling Stakes: IDBI Bank (2.22 crore shares), NSE (1.8 crore shares), Union Bank, SBI, HDFC Bank, and SUUTI
- Expected Listing Date: August 6
- Expected Share Allotment: August 4
- Target Valuation: Approx. ₹16,000 crore
This IPO will not bring fresh funds into the company since it’s entirely an OFS. It’s more about providing an exit route to existing investors.
Grey Market Buzz: Possible Gains Ahead?
As of now, NSDL IPO’s Grey Market Premium (GMP) is floating around ₹145–₹155 per share. This suggests a potential listing gain of up to 18% if the stock lists at the higher end of the band. But as we’ve seen with other IPOs, GMP doesn’t always guarantee performance on listing day.
Still, it’s a good signal that there’s market excitement around this IPO — and investors are optimistic.
NSDL vs CDSL: What Makes NSDL Stand Out?
When it comes to depositories in India, NSDL and CDSL are the two giants. And with NSDL IPO entering the stock market, comparisons are bound to happen.
Let’s explore how they differ:
- Origins and Ownership
- NSDL was established in 1996 and is closely linked to NSE. Its shareholders include NSE, SBI, HDFC Bank, IDBI Bank, and SUUTI.
- CDSL was formed in 1999 under BSE’s umbrella and has already a listed entity since 2017.
- Who Uses Them?
- NSDL is heavily favored by institutional clients — think mutual funds, insurance giants, and government bodies. It manages over 4.04 crore active demat accounts.
- CDSL, on the other hand, is the go-to for retail investors. It has over 15.86 crore active accounts, serving more individual users.
- Value of Assets in Custody
- NSDL: ₹510.91 lakh crore (US$5.97 trillion)
- CDSL: ₹7.92 lakh crore — a significantly smaller value despite higher user numbers.
Financial Health: NSDL Showing Steady Growth
NSDL’s numbers show a healthy business:
- Q3 FY25 Net Profit: ₹85.8 crore (29.8% YoY growth)
- Q3 FY25 Income: ₹391.2 crore (16.2% YoY growth)
- FY25 Total Profit: ₹343 crore (24.6% YoY growth)
- FY25 Revenue: ₹1,535 crore (up 12% YoY)
- Compare that to CDSL, whose March 2025 quarter saw:
- Net Profit Decline: 22.4% (₹100 crore from ₹129 crore)
- Revenue Drop: 4.3% YoY
- EBITDA Margin: Down from 61.4% to 47.8%
The contrast is stark. NSDL (NSDL IPO) seems to be delivering consistent growth, while CDSL is facing short-term setbacks.
NSDL’s Future Plan: Winning Back Market Share
Despite handling high-value assets, NSDL lags behind CDSL in the number of retail demat accounts. To fix this, NSDL’s CEO, Vijay Chandok, has revealed a new strategy — actively engaging with new-age broking firms.
In his words, “We’re asking what we can do better, what problems we can solve for brokers and retail clients. This is helping us slowly gain back market share over the last six months.”
So, NSDL isn’t just launching an IPO — it’s rebuilding its presence, especially in the competitive retail segment.
Should You Invest in the NSDL IPO?
If you’re looking for:
- Exposure to a solid, profit-making company
- Entry into India’s growing fintech infrastructure
- A chance at listing gains with long-term value
Then NSDL IPO could be a smart pick. Yes, it’s priced lower than expected, but that might just be the opportunity smart investors were waiting for.
Just remember: the IPO is 100% OFS — no new capital is coming into the company. So make sure your decision aligns with your long-term goals, not just short-term hype.
Disclaimer:
The above article is meant for informational purposes only and does not constitute financial advice. Readers are encouraged to do their research or consult with a registered financial advisor before making any investment decisions. All data is based on publicly available sources and may be subject to change.
Also Read
