National Securities Depository Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹760 - ₹800
- Lot size
- 18 shares
- Issue amount
- ₹4,011.6 cr
- Total subscription
- 41.01×
- Opens
- 30 Jul 2025
- Closes
- 1 Aug 2025
- Allotment
- 4 Aug 2025
- Listing
- 6 Aug 2025
Offer at a glance
Issue overview
- Issue size
- 5,01,45,001 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹13,680
- Fresh issue
- ₹0 cr
- Offer for sale
- ₹4,011.6 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,400
- Issue type
- Bookbuilding IPO
- Shares before issue
- 20,00,00,000
- Shares after issue
- 20,00,00,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 18 | ₹14,400 |
| sHNI | 14 | 252 | ₹2,01,600 |
| bHNI | 70 | 1,260 | ₹10,08,000 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 9,73,389 | 47,53,877 |
| HNIs(10L +) | 19,868 | 1,37,257 |
| HNIs (2-10L) | 9,934 | 2,64,550 |
| EMPLOYEES | 0 | 45,087 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 800.96 | 83,273.33 |
| RETAIL | 1,401.68 | 10,838.76 |
| HNIs 2+ | 200.24 | 5,903.14 |
| HNIs 10+ | 400.48 | 15,111.4 |
| EMPLOYEES | 6.8 | 104.85 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 17.16 | 13.77 | 11.74 |
| ROE | 17.11 | 16.36 | 16.43 |
| ROCE | 22.7 | 21.3 | 6.7 |
| RONW | 17.11 | 16.36 | 16.43 |
| PRE IPO(PE) | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
CDSL, established in 2012, is one of India's leading depositories with over 3.14 crore active demat accounts and a network of 283 registered depository participants. It supports nearly 41,000 registered companies and adds an average of over 15,000 new demat accounts daily as of FY23. Its services reach across more than 99% of Indian PIN codes and cater to clients in 186 countries. Holding around 70% market share in demat accounts as of 2024, CDSL is growing rapidly due to increased retail participation and offers digital services like e-DIS, e-voting, and paperless KYC. NSDL, India’s first depository founded in 1996, focuses more on institutional and large investors. It is promoted by entities like IDBI and NSE and is a dominant player in segments such as government securities, corporate bonds, and institutional holdings. NSDL also provides services like ASBA for IPOs and manages the Tax Information Network (TIN). Both CDSL and NSDL offer a range of common services including electronic maintenance of shares and securities, conversion between physical and electronic formats, trade settlements on a T+1 basis, pledging of securities, managing corporate actions like dividends and splits, enabling electronic voting for shareholders, and ensuring compliance with regulatory requirements. NSDL also operates through subsidiaries such as NDML, which provides services like e-governance, KYC, insurance repository, and skill registry systems. Another subsidiary, NSDL Payments Bank Ltd, functions as a digital bank offering remittance services, Aadhaar-enabled payments, UPI, point-of-sale operations, and distribution of insurance and mutual fund products.
Strengths
- First-Mover and Market Leader: India’s first depository with a strong and established presence in the market.
- Innovation Through Technology: Focused on creating advanced, tech-driven products and services to stay ahead in the industry.
- Strong and Secure Infrastructure: Backed by reliable IT systems, robust risk management, and strong cyber-security measures to ensure safe and smooth operations.
Risk factors
- Changing Investor Behavior May Impact Demand: If investors lose interest in securities trading, it could reduce the need for NSDL’s core services.
- Dependence on Innovation for Growth: Not keeping up with new technology or failing to launch modern services could affect the company’s growth and competitive edge.
- Revenue Tied to Market Volatility: Since income depends largely on trading volumes, any dip in overall market activity can directly affect earnings.
Promoters
IDBI
NSE
Registrar & documents
Lead manager
Axis Capital Limited, Hsbc Securities & Capital Markets Private Limited, ICICI Securities Limited, IDBI Capital Market Services Limited, Motilal Oswal Investment Advisors Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Trade World, ‘A’ Wing, 4 th Floor, Kamala Mills Compound, Senapati Bapat Marg Lower Parel (West), Mumbai, Maharashtra
+91 22 2499 4200
[email protected]Company website ↗Understanding NSDL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.