NSE, PSU bks to offload 5cr NSDL shares in D-St debut

MUMBAI: National Securities Depository's (NSDL's) Rs 4,000-crore IPO will run from July 30 to Aug 1 with the issue scheduled to open for anchor investors on July 29. The shares are proposed to be listed on the BSE.

The IPO of NSDL, India's oldest and largest depository, comprises a pure offer for sale of up to 5 crore shares by shareholders. The company's price band ranges from Rs 760-800 per share, which will place the the issue size at between Rs 3,800 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 26.1% stake, will sell up to 2.2 crore shares. The NSE, 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 34.2 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 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, brokers said.

NSDL posted revenue from operations of Rs 1,420 crore in FY25, while profit after tax attributable to equity shareholders stood at Rs 343 crore. The company derives over half its operating revenue from banking services, which contributed Rs 719.9 crore in FY25, or 50.7% of the total.