NSDL Sets IPO Price Band at ₹760–₹800; Issue Opens on July 30

NSDL is gearing up for its stock market debut, with its initial public offering set to open for subscription on July 30. The issue will close on August 1, while bidding for anchor investors begins a day earlier, on July 29.

The company has priced the IPO in a band of ₹760 to ₹800 per share. The offer is entirely an offer-for-sale, meaning existing shareholders will offload up to 5.01 crore shares. No new shares will be issued, and NSDL won’t receive any funds from the sale.

Shareholders looking to divest include some of the biggest names in Indian finance, the National Stock Exchange, State Bank of India, HDFC Bank, IDBI Bank, Union Bank of India, and SUUTI. At the upper end of the price band, the IPO is expected to raise around ₹4,011 crore. This pegs NSDL’s valuation at approximately ₹16,000 crore.

The listing holds significance for regulatory reasons as well. SEBI rules restrict any single entity from owning more than 15% in a depository. Currently, IDBI Bank owns 26.10% and NSE holds 24%, so this offer will help them pare down their stakes in line with SEBI’s norms. Once listed, NSDL will become the country’s second publicly traded depository, joining CDSL, which went public in 2017.

NSDL played a pioneering role in India’s shift to digital securities. It was the first depository in the country, launching its operations back in 1996 after the Depositories Act came into force. The company posted strong numbers for FY25. Net profit rose by 24.57% to ₹343 crore, while total income increased by 12.41%, reaching ₹1,535 crore.

In terms of allocation, 50% of the IPO is set aside for qualified institutional buyers. Retail investors will have access to 35%, and the remaining 15% is reserved for non-institutional bidders. The minimum bid size is 18 shares. At the top end of the band, retail investors would need to invest ₹14,400 for one lot.

The issue is being managed by a consortium of lead managers, including ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal, and SBI Capital Markets. NSDL is scheduled to list its shares on August 6.

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