NSDL IPO 2025: ₹760–₹800 Price Band, Lot Size of 18 shares & Apply Dates

If you're looking to invest in a fundamentally strong IPO backed by trusted institutions, the National Securities Depository Limited (NSDL) IPO is one to watch in 2025. With its IPO opening on July 30, 2025, and an attractive price band of ₹760–₹800, NSDL’s offer has garnered significant attention among investors, thanks to its robust business model and consistent profitability.

In this blog, we will cover everything you need to know about the NSDL IPO—from company background, financials, services, IPO dates, grey market premium, lot size, and most importantly—why you should or shouldn't apply.

What Is NSDL?

NSDl stands for National Securities Depository Limited, which is India’s first and largest depository. established in August 1996, with the primary aim of modernizing the Indian capital market through the introduction of electronic securities—commonly known as dematerialization. Prior to NSDL's inception, the Indian securities market faced challenges like loss or theft of physical share certificates, fake securities, lengthy transfer times, and high transaction costs. NSDL eliminated these inefficiencies by enabling the safe and efficient holding of securities in electronic form.

NSDL’s Role in the Indian Financial Ecosystem

NSDL plays a crucial role as a market infrastructure institution in India. It facilitates the seamless transfer, settlement, and safekeeping of securities, acting much like a bank—but for financial instruments like equity shares, debentures, mutual fund units, government securities, and bonds. Through its network of Depository Participants (DPs), NSDL ensures that investors can easily hold and transact in a wide range of securities.

It operates with the vision of promoting transparency, eliminating fraud risks, and bringing digital efficiency to the securities market.

Key Highlights

• NSDL manages more than 4 crore active demat accounts.
• The total value of securities held in NSDL demat form exceeds ₹510 lakh crore.
• NSDL’s infrastructure reaches across over 99% of Indian pincodes, providing access to investors nationwide.
• It supports investors in over 180 countries, making it a globally accessible institution.
• It accounts for over 89% of the total value of dematerialized securities in India.

Core Services Provided by NSDL

These services make NSDL a comprehensive backbone for capital market infrastructure, catering to investors, brokers, custodians, clearing corporations, mutual funds, and companies.

NSDL IPO Details

NSDL IPO Important Dates

Open Your Demat Account Now

Grey Market Premium (GMP)

Objects of the Issue

• This IPO is 100% offer for sale, so the company will not receive any proceeds. All money will go to selling promoters.
• Achieve the benefits of listing gains on the stock exchange.

IPO Registrar

Peer Comparison

Why Should You Invest in NSDL IPO?

The NSDL IPO presents a compelling investment opportunity for both long-term investors and those looking for stable listing gains. Below are the key reasons why this IPO stands out in the current market environment:

1 - Market Leader in the Depository Space

NSDL is the pioneer and undisputed leader in India’s depository ecosystem. Although its main competitor, CDSL, has gained retail traction in recent years, NSDL continues to hold dominance in:

• Value of assets held in demat accounts for more than 89% of the total market value.
• Institutional clientele, including large brokers, foreign portfolio investors (FPIs), mutual funds, and clearing corporations.
• Innovative infrastructure, having introduced platforms like SPEED-e, IDeAS, and digital e-Voting systems.

NSDL’s strong grip on the institutional segment and high-value securities makes it a critical component of India’s capital market infrastructure. Its leadership is not just in scale but in the trust and reliability it has built over the last 25+ years.

2 - Backing from Trusted and Reputed Promoters

The credibility of an IPO often hinges on who is behind the company. In NSDL’s case, it is backed by some of India’s most reputed financial institutions, such as:

• State Bank of India (SBI)
• HDFC Bank
• National Stock Exchange (NSE)
• IDBI Bank
• Union Bank of India
• SUUTI (a government undertaking)

These shareholders are offloading part of their stake through this IPO, giving retail and institutional investors a chance to own equity in a professionally managed, highly credible institution. The presence of these promoters ensures a strong corporate governance framework and continued operational excellence.

3 - Consistent and Strong Financial Performance

NSDL is not just a legacy institution—it’s a financially strong and profitable enterprise. In recent financial years:

• Revenue has grown steadily, supported by increased demat account penetration and digital services adoption.
• Net profit grew over 30% YoY in FY2024, a sign of growing demand and efficient cost structures.
• EBITDA and Net Margins have improved significantly, showcasing operational leverage.
• It is a debt-free company, meaning it is financially healthy and doesn’t rely on borrowings to fund its operations.

4 - Low-Risk, High-Entry-Barrier Business Model

NSDL operates as a Market Infrastructure Institution (MII) under the regulatory supervision of SEBI. This gives it a quasi-monopoly-like positioning, as entry into the depository space is tightly controlled and highly capital-intensive.

The nature of NSDL's business provides several advantages:

• Recurring Revenue Streams: Demat account maintenance, transaction charges, e-KYC, and value-added services ensure continuous income.
• Inelastic Demand: Financial transactions and securities settlements continue regardless of short-term market cycles.
• Minimal Credit Risk: As a transaction infrastructure, it does not lend or underwrite risky assets.
• Sticky Clients: Investors and brokers rarely switch depository accounts, leading to long-term retention.

In essence, NSDL benefits from stable, predictable cash flows with minimal operational risks, making it a safe investment for conservative portfolios.

5 - Reasonable Valuation with Strong Fundamentals

NSDL’s IPO is priced in the range of ₹760 to ₹800 per share, translating to a post-issue market capitalization of ₹16,000 crore.

When compared to:

1. CDSL, which trades at a higher multiple despite lower revenues and profits,
2. And other market infrastructure entities, which often trade at premium valuations due to high ROEs and monopoly positioning,

…NSDL appears undervalued considering its:

1. Dominant market share.
2. Higher value of assets under custody.
3. Superior financials.
4. Long-standing reputation and trust.

Final Verdict: Should You Apply? [Yes]

If you're looking for a fundamentally strong IPO backed by India's top financial institutions, with predictable revenues and high regulatory oversight—NSDL is a low-risk, long-term value play.

• Low-risk market infrastructure business.
• Strong financials & margins
• Attractive GMP & decent valuation
• High entry barrier in the sector

Valuation: Reasonable to Attractive, it has a lower price compared to CDSL. This is a good Option for investors for an awesome return.

NSDL IPO FAQs

Q1. What is the NSDL IPO Price Band?

A1. The IPO price band is set between ₹760 to ₹800 per share.

Q2. What is the NSDL IPO GMP today?

A2. The current Grey Market Premium (GMP) is around ₹145–₹167.

Q3. Is this IPO worth applying for long-term?

A3. Yes, if you’re a long-term investor looking for stable, dividend-paying companies with limited downside risk, NSDL is a solid pick.

Q4. I have unlisted shares of NSDL can I sell at the time of listing?

A4. No, You can't sell because it's locking period for 6 months in listed exchange as per SEBI regulation.