The wait is over! The NSDL IPO is finally here, and it’s creating serious buzz across Dalal Street.
For those new to the name, National Securities Depository Limited (NSDL) isn’t just another finance company. It’s the backbone of India’s stock market infrastructure, the one that helped shift us from physical share certificates to smooth, digital transactions.
Since 1996, NSDL has been quietly powering a system that lets investors buy, hold, and sell securities with confidence.
Now, after years of shaping India’s capital markets, NSDL is stepping into the spotlight with its much-awaited public offering.
In this blog, we’ll break down everything you need to know: key IPO details, price band, GMP updates, and what this means for investors like you. Whether you’re planning to invest or just tracking the action, here’s the full lowdown on the NSDL IPO 2025.
Let’s dive in.
NSDL IPO Key Details
The NSDL IPO is being offered as an Offer for Sale (OFS), where current shareholders will sell a part of their stakes. Here are the key details:
Here are the key details:
| Details | Information |
| NSDL IPO Opening Date | Wed, Jul 30, 2025 |
| NSDL IPO Closing Date | Fri, Aug 1, 2025 |
| NSDL Listing Platforms | BSE |
| NSDL IPO Tentative Allotment | Mon, Aug 4, 2025 |
| Initiation of Refunds | Tue, Aug 5, 2025 |
| Credit of Shares to Demat | Tue, Aug 5, 2025 |
| NSDL IPO Tentative Listing Date | Wed, Aug 6, 2025 |
| NSDL IPO Expected Listing Date | First week of August 2025. |
| NSDL IPO Total Issue Size | 5,01,45,001 shares(aggregating up to ₹4,011.60 Cr) |
| Retail Trading Platforms | Investors can apply through online retail trading platforms. |
| NSDL IPO Price Band | ₹760 to ₹800 per share |
| Company | National Securities Depository Limited (NSDL) |
| NSDL IPO Minimum Investment | ₹14,400 (18 shares) |
| Registrar | Link Intime India Private Limited. |
Data available is as of 31.07.25.
NSDL IPO GMP Live : Day-Wise Trend Table
As the NSDL IPO opens for subscription, investor sentiment is clearly reflected in the grey market. The Grey Market Premium (GMP), a key indicator of investor demand ahead of listing, has shown strong momentum, peaking at ₹188 and currently trending at ₹137.
While GMP isn’t an official metric, it often gives a sneak peek into potential listing gains. Here’s a day-wise breakdown of NSDL IPO GMP, Subject to Sauda, and trends leading up to the listing.
Check the NSDL IPO live GMP in the table below:
| Date | IPO GMP (₹) | GMP Trend | Subject to Sauda (₹) |
| 31 July | ₹137 | IPO GMP UP | ₹1,800 |
| 30 July | ₹127 | IPO GMP Down | ₹1,900 |
| 29 July | ₹139 | IPO GMP UP | ₹1,900 |
| 28 July | ₹137 | IPO GMP Down | ₹1,800 |
| 26 July | ₹147 | IPO GMP Down | ₹1,800 |
| 25 July | ₹169 | IPO GMP UP | ₹1,800 |
| 24 July | ₹166 | IPO GMP UP | ₹1,800 |
| 23 July | ₹166 | IPO GMP UP | ₹1,800 |
| 22 July | ₹154 | IPO GMP Down | ₹1,700 |
| 21 July | ₹154 | IPO GMP Down | ₹1,700 |
| 19 July | ₹188 | IPO GMP UP | ₹2,500 |
| 11–8 July | ₹29 | IPO GMP UP | ₹700 |
Data available is updated as of 31.07.25.
📌 Note: GMP values are indicative and sourced from the grey market. They are not guaranteed returns and may fluctuate based on demand, subscription, and market sentiment.
Additional Information About National Securities Depository Limited IPO
The NSDL IPO is a complete offer for sale (OFS), meaning crores of equity shares will be sold.
Major stakeholders, including IDBI Bank, National Stock Exchange (NSE), State Bank of India (SBI), HDFC Bank, and Union Bank of India, will be selling their shares.
NSDL IPO Issue Structure
- Qualified Institutional Buyers (QIBs): Up to 50% of the offer. (source)
- Non-Institutional Investors (NIIs): At least 15% of the offer. (source)
- Retail Individual Investors (RIIs): At least 35% of the offer.
What is NSDL?
National Securities Depository Limited (NSDL) is India’s first central securities depository, established in August 1996.
It provides a secure and efficient platform for holding and transferring securities electronically, eliminating the risks associated with physical certificates, such as theft, damage, or forgery.
Key Functions of NSDL
- Dematerialization: NSDL converts physical share certificates into electronic form, simplifying the process of holding and transferring securities.
- Demat Accounts: It offers demat accounts where investors can hold their securities electronically, similar to how bank accounts hold money.
- Settlement Services: NSDL ensures the efficient transfer of securities during trades, streamlining the settlement process.
- Corporate Actions: It manages processes like dividends, bonus issues, and rights issues, ensuring timely and accurate execution.
- E-voting Services: NSDL facilitates electronic voting for corporate resolutions, promoting shareholder engagement and transparency.
NSDL’s Market Presence
| Category | Data |
| Client Accounts (Active) | 3,88,17,704 |
| Demat Custody Value | ₹470.38 Lakh Crore (US$ 5,494 billion) |
| Demat Custody Breakdown | Shares: ₹3,85,45,057 CroreDebt/Bonds: ₹50,63,015 CroreCP: ₹4,93,866 CroreSovereign Gold Bonds: ₹23,828 Crore |
| Equity Settlement (NSE + BSE) | Quantity: 1,946 CroreValue: ₹7,78,333 Crore |
| Number of Companies with 75%+ Dematted Shares | 24,887 |
This table focuses on NSDL’s market presence, the size of its operations, and its financial stability—all key points that makes it an attractive prospect for potential investors in the upcoming IPO.
NSDL’s Company Financials
As of January 31, 2025, NSDL manages assets worth ₹500 lakh crore, a major milestone in its growth journey. It serves over 31.46 million active demat accounts through 283 registered depository participants, reaching more than 99% of India’s pin codes and account holders in 186 countries.
National Securities Depository Limited (NSDL) has shown strong financial performance over the years, highlighting its important role in India’s securities market.
Here’s a closer look at the financial performance from 2018-19 to 2022-23:
Total Income (₹ in crores)
| Fiscal Year | Total Income | Year-on-Year Growth (%) |
| 2018-19 | 260 | – |
| 2019-20 | 290 | 11.54 |
| 2020-21 | 389 | 34.14 |
| 2021-22 | 427 | 9.76 |
| 2022-23 | 486 | 13.8 |
Key Highlights
- Consistent Growth: Over the five-year period, the total income has grown steadily, achieving a Compound Annual Growth Rate (CAGR) of 16.9%.
- Resilience During Pandemic: Despite the challenges posed by the COVID-19 pandemic, NSDL reported a significant income increase of 34.14% in the fiscal year 2020-21 compared to the previous year.
- Recent Performance: In the fiscal year 2022-23, the total income reached ₹486 crores, marking a 13.80% growth from the previous year.
These figures underscore a robust financial health and its critical role in supporting and enhancing the infrastructure of India’s financial markets.
Understanding the Depository & Securities Industry
India has two major depositories—NSDL and CDSL—which help investors store and trade securities electronically. This makes transactions safer, faster, and more efficient. The industry’s growth is directly linked to stock market trends, regulatory changes, and tech advancements.
Rise in Demat Accounts & Retail Investing
More and more people are opening demat accounts, thanks to:
- Easy digital access: Online trading and simplified account opening.
- Financial awareness: People are learning more about investments.
- Stock market performance: Higher returns are attracting new investors.
This surge benefits depositories like NSDL, boosting their revenues from account fees and transactions.
NSDL vs. CDSL: A Comparative Overview
| Feature | NSDL (National Securities Depository Limited) | CDSL (Central Depository Services Limited) |
| Year of Establishment | 1996 | 1999 |
| Regulator | SEBI | SEBI |
| Ownership | Promoted by institutions like NSE, IDBI Bank, and UTI | Promoted by BSE |
| Market Position | Larger in terms of asset value under custody | Larger in terms of the number of demat accounts |
| Demat Custody Value (₹ Lakh Crore) | 470.38 | ~50% lower than NSDL |
| Active Demat Accounts | 3.88 crore | 10.25 crore (higher retail participation) |
| Geographical Coverage | 99.32% of Indian pin codes | 99% of Indian pin codes |
| Depository Participants (DPs) | 290 | 592 |
| DP Service Centres | 63,554 | more than 24,000 |
| Major Clients | Institutional and HNI investors | Retail investors |
| Revenue from Operations (FY 2023-24) | Not publicly available | ₹812.26 crore |
| Profit After Tax (FY 2023-24) | Not publicly available | ₹419.55 crore |
| Earnings Per Share (EPS) | Not available | ₹20.07 |
| Return on Equity (ROE) | Not available | 27.84% |
Key Takeaways
- NSDL dominates in asset value, handling a significant portion of India’s institutional investments.
- CDSL leads in the number of demat accounts, fueled by higher retail investor participation.
- NSDL has a wider DP network, while CDSL benefits from strong backing by BSE.
- CDSL’s financials indicate strong profitability, but NSDL’s undisclosed figures likely showcase its strength in institutional services.
Why is NSDL launching its IPO?
NSDL IPO is mainly about giving its existing shareholders a chance to sell some of their stakes while also gaining the perks of being a publicly listed company—like greater visibility and a stronger brand presence in the market.
What should investors keep in mind?
Before jumping in, potential investors should be aware of a few key risks:
- Regulatory Challenges: NSDL operates in a highly regulated space and competes with another major depository (CDSL), so it’s always under scrutiny.
- Data Security Concerns: Handling massive amounts of financial data means strict compliance with privacy and security laws. Any slip-ups here could lead to legal trouble and harm NSDL’s reputation.
For those considering investing, it’s best to stay updated with official announcements on the IPO dates, price band, and other details before making a decision.
Who Should Consider Applying for NSDL IPO?
- Long-Term Investors: Given the strong financial performance, steady income growth, and dominance in institutional asset custody, long-term investors who believe in the growth of India’s securities market may find this IPO appealing.
- Institutional & HNI Investors: NSDL primarily serves large institutions, and its IPO allocation favors Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs), making it a better fit for those with higher capital.
- Investors Looking for Stability: With ₹500 lakh crore in assets under custody and a strong market position, National Securities Depository Limited presents itself as a relatively stable investment in the financial services sector.
- Tech & Financial Market Enthusiasts: Investors who understand the role of depositories in India’s evolving financial ecosystem and believe in the digital transformation of securities storage may find NSDL’s business model attractive.
Who Can Skip NSDL IPO?
- Short-Term Traders & GMP-Focused Investors: Since the upcoming IPO is an Offer for Sale (OFS) with no fresh capital infusion, there might be limited short-term price momentum compared to high-growth tech IPOs. If listing gains are the primary objective, waiting for GMP trends might be a better approach.
- Retail Investors with a Small Budget: Retail allocation is only 35%, and with a minimum investment of around ₹14,850 per lot, it may not be suitable for small investors who prefer lower-risk investments.
- Investors Seeking High Growth Potential: While NSDL has stable revenue growth, its business model is not as high-growth as sectors like fintech, EV, or AI. Those looking for aggressive capital appreciation might want to explore other IPOs.
- Risk-Averse Investors: Regulatory challenges, security compliance risks, and competition from CDSL could impact NSDL’s future performance. If risk tolerance is low, this IPO may not be the best fit.
Bottom Line
And just like that, one of the most-awaited IPOs of the year is live! NSDL, the quiet powerhouse behind India’s demat revolution, is finally stepping into the spotlight, and it’s a significant development.
This isn’t your usual hype-driven tech listing. We’re talking about a company that has been running the show behind the scenes for decades, securely managing trillions in assets, powering smooth transactions, and helping India go fully digital with its securities market.
So whether you’re here for long-term stability, curious about how it performs on listing day, or just watching the GMP drama unfold, this IPO has something for everyone.
If you’re planning to apply, the window’s open now. And if you’re still on the fence, no rush; but keep your eyes on this one. NSDL’s market debut isn’t just another listing; it’s history in the making.
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FAQs
Is NSDL good IPO?
NSDL’s IPO is considered a strong pick for long-term investors seeking stability. As India’s largest depository with ₹500 lakh crore in assets under custody and over 3.8 crore active demat accounts, NSDL plays a vital role in the capital market infrastructure. However, since the IPO is a pure Offer for Sale (OFS), short-term listing gains may be limited. It suits investors with a long-term, low-risk outlook.
Is NSDL a listed company?
As of now, NSDL is not a listed company. The company launched its IPO on July 30, 2025, and is expected to list on the Bombay Stock Exchange (BSE) by August 6, 2025. Once listed, it will become a publicly traded entity, offering investors an opportunity to participate in India’s leading securities depository business.
What is the face value of NSDL IPO?
The face value of each NSDL IPO share is ₹2. However, the shares are being offered in a price band of ₹760 to ₹800. Investors should note that while the face value reflects the nominal value, the IPO pricing is based on market valuation and fundamentals, not just the face value alone.
What are the opening and closing dates of NSDL IPO?
The NSDL IPO opened for public subscription on Wednesday, July 30, 2025, and closes on Friday, August 1, 2025. Investors can apply during this three-day window through various retail trading platforms. The allotment is expected on August 4, and listing is tentatively scheduled for August 6 on the BSE.
If you wish to learn about the world of stock investing in detail, we suggest you check out our beginner-friendly series Stock Smart: The Basics:
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