NSE, banks to offload 5 cr NSDL shares in IPO

Mumbai: National Securities Depository Ltd (NSDL), India’s oldest and largest depository, has filed a draft red herring prospectus (DRHP) for its long-awaited initial public offering (IPO), a pure offer for sale of up to 5.01 crore shares by existing shareholders. The market expectation is that the price band would range from Rs 700–800 per share, which will place the the issue size at between Rs 3,500 crore and Rs 4,000 crore.

NSDL, incorporated in 1996, is a professionally managed company and has no identifiable promoter. The IPO will not involve any fresh issue of shares. IDBI Bank, which holds a 26.10% stake, will sell up to 2.22 crore shares. The National Stock Exchange, holding 24%, plans to divest up to 1.8 crore shares. SBI will offload up to 40 lakh shares, HDFC Bank up to 20.1 lakh, Union Bank up to 5 lakh, and the Specified Undertaking of UTI (SUUTI) up to 34.15 lakh shares.

As of March 31, 2025, NSDL’s paid-up capital stood at Rs 40 crore, comprising 20 crore equity shares of Rs 2 each. The final post-IPO shareholding and dilution will be disclosed in the red herring prospectus at the time of launch. The IPO comes is likely to be at a lower valuation than NSDL’s most recent unlisted share price, which ranged from Rs 1,025 to Rs 1,067 per share in July 2025 according to brokers.

NSDL posted revenue from operations of Rs 1,420.15 crore in FY25, while profit after tax attributable to equity shareholders stood at Rs 343.12 crore. The company derives over half its operating revenue from banking services, which contributed Rs 719.93 crore in FY25, or 50.69% of the total. Depository services brought in Rs 618.94 crore, accounting for 43.56% of the revenue.

The IPO is scheduled to open for anchor investors on July 29. The main bidding window will run from July 30 to August 1. The shares are proposed to be listed on the BSE.


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