The IPO of National Securities Depository Limited is expected to be launched next month, in July 2025, and its price band is expected to be around ₹800-₹1,000 per share. Being India’s largest securities depository, NSDL IPO is creating a lot of buzz among investors. Let’s see all the important details about this IPO, so that you can take your investment decision smartly.
What is NSDL, what is its business?
NSDL, which started in August 1996, is India’s first and largest securities depository. It transformed the Indian financial markets by introducing dematerialization in November 1996. It holds and transfers securities electronically, thereby increasing efficiency and security in the market. According to the NSDL website, as of May 31, 2025, NSDL has 4,00,78,523cr active demat accounts, spread across 99.34% pin codes of India and 186 countries. With 283 depository participants, it has assets worth ₹53,61,758 billion, making it an important part of India’s financial system.
Who is the competitor of NSDL?
The primary competitor of NSDL is CDSL . This is India’s other major securities depository, and both do almost the same work store and transfer securities electronically, manage demat accounts, and facilitate trade settlements.
Key Differences:
- Market Share: NSDL has more demat accounts and assets under custody , while CDSL has more accounts but less in value.
- Financials: CDSL’s Return on Net Worth (RoNW) and NAV per share are better than NSDL, which shows its efficiency.
- Ownership: NSDL’s shareholders include NSE, IDBI Bank, SBI, HDFC Bank, while CDSL’s shareholders include BSE and other institutions.
Is NSDL a halal stock?
Generally, NSDL’s core business (depository services) is Shariah-compliant because it is service-based and is not directly involved in haram activities. But, if you follow strict Shariah compliance, then you will have to do a deep analysis of NSDL’s operations (especially indirect involvement in interest-based securities) or consult an Islamic finance scholar. For most investors, NSDL’s business will be considered halal because its primary work is related to permissible services.
Details of NSDL IPO
- Expected IPO Date: Last week of July 2025 .
- Issue Size: ₹3,000 crore, complete Offer for Sale (OFS), consisting of 57,260,001 equity shares, face value of ₹2 each.
- Price Band: ₹800 to ₹1,000 per share expected, though some reports also mentioned ₹750-₹755.
- Lot Size: Around 19 shares per lot, meaning minimum investment for retail investors will be ~₹14,850.
- Expected Enlistment Date: 1st week of August 2025 (tentative).
- Registrar: Link Intime India Private Limited.
Since this is completely OFS, the money generated from it will not go to NSDL but to the selling shareholders like IDBI Bank, NSE, SBI, HDFC Bank and Union Bank of India.
Should you invest in NSDL IPO?
Reasons to Invest: Market Leader: NSDL is India’s largest depository, with a large share in demat value, settlement volume and assets under custody.
Strong Financials: Consistent revenue and profit growth, plus debt-free balance sheet, make it a safe bet.
Long-Term Potential: People on X are saying that NSDL can give 3x–4x returns in 1–2 years, given its importance in India’s financial ecosystem.
Grey Market Premium (Gump) and Investor Sentiment
The grey market premium (GMP) of the NSDL IPO is currently around ₹254 per share, which will give you an idea of the retail investors’ interest in the IPO. But, reliable GMP quotes will come around the subscription date. According to posts on X, investors are quite excited, and some are expecting 30-60% gains on listing based on the comparison of the unlisted market demand and the performance of the CDSL IPO.
Disclaimer: Investing in IPO comes with risk. Do proper research and consult a financial advisor before investing.