NSDL IPO

The Indian stock market is buzzing with the launch of NSDL Ltd.’s Initial Public Offering (IPO). A name that has long operated behind the scenes of India’s financial system, National Securities Depository Limited (NSDL) is now making a direct play for investors’ attention.

Set to open for subscription from 30th July to 1st August 2025, this IPO offers a unique opportunity to invest in the very infrastructure that powers the Indian securities market.

A Quick Look at NSDL

Founded in 1996, NSDL was India's first electronic securities depository. It's a SEBI-registered Market Infrastructure Institution (MII) that allows investors to hold and transfer a range of financial instruments like:

• Equity shares
• Debt securities
• Mutual fund units
• Government bonds

NSDL essentially replaced the physical share certificate system, bringing in speed, safety, and transparency through dematerialized (demat) accounts. In fact, it has played a vital role in transforming India into a modern financial economy.

What Makes the NSDL IPO Stand Out?

This isn’t just another tech company or a retail play. NSDL forms the backbone of India's capital market infrastructure. And for the first time, retail and institutional investors have a chance to become part of this foundational ecosystem.

📈 Financial Performance That Inspires Confidence

• Revenue growth: 12% YoY
• Profit After Tax (PAT): Grown by 25% in FY25
• Strong profit margins and a consistent track record of cash flows

The company’s growth is driven by a rising number of demat account holders, increased activity in securities trading, and expanding mutual fund participation among Indian households.

IPO Details at a Glance

IPO Detail	Information
Offer Period	30th July – 1st August 2025
Price Band	₹760 – ₹800 per share
Lot Size	18 shares
Issue Size	₹4011.60 Cr
Face Value	₹2 per share

Why This IPO Deserves Attention

1. High Entry Barriers in the Industry

NSDL operates in a tightly regulated space with few competitors. With high compliance standards and deep-rooted trust from market participants, the likelihood of disruption is low.

2. Core to India's Financial Future

With India witnessing a boom in retail investing and digital transactions, NSDL is well-positioned to grow in tandem with the country’s evolving financial ecosystem.

3. Stable and Scalable Business Model

NSDL earns revenue from demat accounts, transaction fees, and value-added services to investors and institutions. These recurring revenue sources offer long-term stability.

4. Tech-Enabled, Regulation-Backed

Operating under SEBI’s watch, NSDL continues to modernize its platform with security, scalability, and automation—all key ingredients in a high-trust financial infrastructure business.

NSDL IPO Valuation:-

Details	Information
Upper Price Band	₹800
Fresh Issue	NA
Offer for Sale	Up to 50,145,001 equity shares
EPS (in ₹) for FY 25	17.16

NSDL IPO Share Offer and Subscription Details

Detail	Information
QIBs	Not more than 50% of the net offer
Non-institutional Investors	Not less than 15% of the net offer
Retail Individual Investors	Not less than 35% of the net offer

Strengths of NSDL (National Securities Depository Limited)

• India’s first and leading depository operating a wide range of technology-driven businesses
• Diversified asset classes held in Demat Accounts and well-diversified business verticals
• Robust IT infrastructure, risk management frameworks and cyber-security measures focused on ensuring the safety and integrity of the depository system
• Experienced senior management team
• Stable revenue base with a significant proportion of recurring revenue

Risks of NSDL (National Securities Depository Limited)

• Failure to expand service offerings and market reach through innovation and technology may adversely impact business
• Dependence on securities market trading volumes may adversely impact business and financial performance
• Non-compliance with regulatory obligations may lead to legal and regulatory actions
• Failure to compete effectively in a highly regulated and competitive industry may adversely impact its business and financial performance
• Shift in investor references may adversely impact demand for its services
• Dependence on depository participant network may adversely impact growth and financial performance
• Non-compliance by its subsidiary with regulatory requirements may adversely affect its reputation, business and financial performance
• Dependence on complex IT systems exposes it to operational disruptions, security breaches and regulatory penalties
• NSDL Profit and Loss :-

Parameter	FY25	FY24	FY23
Total Income (in ₹crore)	1535.187	1365.705	1099.814
Profit Before Tax (in ₹crore)	453.443	354.950	305.042
Profit After Tax (in ₹crore)	343.124	275.445	234.810
EBITDA (in ₹crore)	492.943	381.133	328.604
EPS in ₹	17.16	13.77	11.74

 

Comparison with peers

Company	Total Income (in crores)	EPS (in ₹)	NAV perShare (in ₹)	Return on Net worth (in %)
NSDL	1535.187	17.16	100.27	17.11
CDSL	1199.282	25.20	84.23	29.90

 

How to Apply for the NSDL IPO

The application process is fully digital and can be done seamlessly via the JM Pro App. Investors can log in, select the IPO tab, enter bid details, and confirm the UPI mandate to complete the process.

As a trusted financial intermediary, JM Financial Services provides up-to-date IPO analysis, investor support, and a smooth application experience.

Expert View

According to analysts at JM Financial Services:

"NSDL's IPO isn't just another stock market event—it's a rare chance to invest in a company that has silently enabled India’s financial growth story for decades. For investors looking for long-term value, NSDL offers both resilience and relevance."

 

Final Thoughts

The NSDL IPO represents more than just an equity offering it’s a gateway to investing in the very engine that powers India’s securities market. With solid financials, a dominant industry position, and promising future outlook, NSDL is a rare mix of trust and growth potential.

Whether you’re a seasoned investor or just starting out, this IPO is worth your attention.

✅ Apply now via JM Pro and be a part of India's financial infrastructure story.

FAQs :-

Q1. Is NSDL a government company?
No. While NSDL is a regulated infrastructure institution under SEBI, it operates as a private limited company.

Q2. Is this NSDL the same as NSDL e-Gov?
No. NSDL Ltd. (the depository) and NSDL e-Gov Infrastructure Ltd. (now Protean eGov) are separate entities.

Q3. Can I apply for the IPO via UPI?
Yes, retail investors can apply using UPI-enabled apps like JM Pro.

Q4. What is the minimum investment amount?
With a lot size of 18 shares and the upper price band of ₹800, the minimum investment is ₹14,400.

Q5. Is NSDL profitable?
Yes. NSDL has consistently shown profitability with strong margins and growth in both revenue and net profit over the past few years.