• HDFC securities
• 28 Jul 2025
• Knowledge Centre

NSDL IPO 2025: Unpacking India’s Largest Depository Offering

 

India is set to witness a significant moment in its financial sector with the upcoming IPO of National Securities Depository Limited (NSDL), scheduled from 30 July to 1 August 2025.  The price band is ₹760–₹800 per share, with a face value of ₹2. Investors can apply for a minimum lot of 18 shares, requiring a base investment of ₹14,400.

 

As a vital part of the country’s capital market infrastructure, NSDL’s public listing highlights its pivotal role in managing demat securities. The offering marks a new chapter for the depository, inviting investor interest while reflecting the growing maturity of India’s financial and investment landscape.

 

For investors, HDFC Sky’s streamlined ‘One-Click IPO’ feature ensures a fast, hassle-free application process, adding ease to participation.

 

Understanding NSDL’s Position in the Market

 

Founded in 2012, NSDL is India’s first and largest securities depository, playing a pivotal role in transforming how investors hold and transact in securities. As a Market Infrastructure Institution (MII) registered with SEBI, it offers a wide range of services including dematerialisation, settlement, e-voting, off-market transfers, and asset servicing.

 

By December 2024, NSDL had more than 38.77 million active demat accounts, ₹77,814 billion in assets under custody, and a significant presence across 218 countries. It commands a dominant position, especially in debt instruments and NRI portfolios.

 

IPO Details at a Glance

The NSDL IPO is an Offer for Sale (OFS) comprising 5.01 crore equity shares. No fresh issue is involved, and all proceeds will go to the selling shareholders. The IPO will be listed on both BSE and NSE with a face value of ₹10 per share.

 

The IPO will open its initial public offering from 30 July to 1 August 2025, with the listing expected on 6 August at both BSE and NSE. The IPO is a pure Offer for Sale of 5.01 crore equity shares, amounting to ₹4,011.60 crore, with no fresh issue involved.

 

The price band is set between ₹760 and ₹800 per share, and each lot comprises 18 shares, making the minimum investment ₹14,400. Shares carry a face value of ₹2, and an employee discount of ₹76 per share is applicable. All proceeds will go to the existing shareholders.

 

ICICI Securities, Axis Capital, HSBC Securities, Motilal Oswal, SBI Capital Markets, and IDBI Capital are the lead managers, while MUFG Intime (Link Intime) is the registrar.

 

Zero-Debt Growth and Solid Margins Signal NSDL’s Financial Resilience

NSDL has reported consistent growth across financial years. As per the standalone financials reported by NSDL for the period ending December 31, 2024, the company demonstrated solid growth and financial discipline. It recorded ₹10,565.46 million in revenue and a Profit After Tax (PAT) of ₹2,598.26 million, resulting in a PAT margin of 21.35%, indicating efficient cost management.

 

The company’s total assets stood at ₹17,675.06 million, while reserves and surplus reached ₹18,821.54 million, showcasing robust internal capital strength. Notably, NSDL maintained a zero-debt position, with total borrowings at ₹0, underscoring its conservative financial structure.

 

These figures reflect NSDL’s consistent performance and its ability to operate with financial stability and minimal reliance on external funding.

 

NSDL’s Distinct Role in India’s Evolving Financial Framework

NSDL’s position in the financial ecosystem is shaped by its strategic focus on technology, revenue stability, and service diversification. The following factors highlight its core strengths:

1. Technological Leadership

NSDL has pioneered several innovations, including blockchain-based platforms, SMS alerts, and smart tax services. Its robust IT infrastructure is backed by encryption, real-time cybersecurity protocols, and advanced monitoring frameworks.

 

2. Recurring Revenue Model

Over 85% of its revenue is recurring—driven by custody and participant fees—which cushions it against market volatility.

 

3. Comprehensive Service Ecosystem

Its service suite spans equity, debt, mutual funds, gold receipts, and more. Subsidiaries like NDML and NPBL extend its offerings into e-governance and digital banking.

 

Industry Outlook and Market Potential

India’s depository space is rapidly expanding. By early 2025, there were over 192.4 million demat accounts, with record monthly additions. While CDSL leads in retail account numbers, NSDL dominates in high-value assets, NRI participation, and debt instruments.

 

The depository segment is projected to grow at a CAGR of 15–20% through 2030, driven by rising digital adoption, T+1 settlements, and fintech integration. NSDL’s footprint in 99.32% of Indian pincodes strengthens its outreach.

 

Stable Financial Ratios Underscore Consistent Performance and Capital Discipline

As of March 31, 2025, NSDL demonstrates strong fundamentals, with an estimated market capitalisation of ₹16,000 crore. Key performance metrics reinforce its financial strength—Return on Equity (ROE) and Return on Net Worth (RoNW) stand at 17.11%, while Return on Capital Employed (ROCE) is a robust 22.7%.

 

The company maintains healthy margins, with a PAT Margin of 22.35% and EBITDA Margin of 23.95%. The Price-to-Book Value ratio is 7.98, suggesting high investor confidence. Pre-IPO Earnings Per Share (EPS) is ₹17.16, with a Price-to-Earnings (P/E) ratio of 46.63, indicating strong valuation benchmarks.

 

Strategic Roadmap

NSDL’s future focus includes:

• Enhancing digital platforms for onboarding and transactions
• Strengthening mutual fund and insurance repositories
• Scaling NSDL Jiffy App and expanding NPBL’s merchant solutions
• Deepening fintech collaborations and investor education

How to Apply for the NSDL IPO via HDFC Sky’s One-Click Feature

 

Applying for the NSDL IPO is now easier than ever with HDFC Sky’s One-Click IPO feature. Designed for speed and simplicity, this tool streamlines the application process, eliminating paperwork and reducing manual effort. Here’s a step-by-step guide to help you apply:

• Login to HDFC Sky: Access your account using your login credentials on the HDFC Sky platform.
• Go to the IPO Section: Click on your profile, select “Indian Stocks,” and then choose the “IPO” tab.
• Find the IPO: Locate “NSDL IPO” from the available list and click on Apply Now.
• Enter Your Bid: Specify your bid amount and customise the application as needed.
• Select Payment Option: Choose UPI as the preferred payment method and continue.
• Approve the UPI Mandate: Open your UPI app and authorise the transaction request.
• Submit Application: Review your details and complete the process by confirming your submission.

Why Opt for HDFC Sky’s One-Click IPO?

• Fast and Paperless: Apply instantly with minimal steps and no physical forms.
• Real-Time Notifications: Get updates on application progress, allotment status, and refunds.
• Centralised Dashboard: Manage multiple IPO bids efficiently in one place.
• Accessible Anytime: Use the HDFC Sky mobile app or website to apply on the go.