NSDL IPO opens today: Check analysts reviews; latest GMP, issues details & more

The initial public offering of National Securities Depository (NSDL) kicks-off for bidding on Wednesday, July 30. The company shall be offering its shares in the range of Rs 760-800 apiece. Investors can apply for a minimum of 18 equity shares and its multiples thereafter. The issue shall close for bidding on Friday, August 1.

The IPO of NSDL is entirely an offer-for-sale (OFS) of up to 5,01,45,001 equity shares to raise up to Rs 4,011.60 crore. IDBI Bank, National Stock Exchange of India (NSE), State Bank of India, HDFC Bank, Union Bank of India and Administrator of Unit Trust of India are participating in the OFS. Last heard, NSDL was commanding a grey market premium (GMP) of Rs 125-130 apiece.

Incorporated in 2012, NSDL is a SEBI-registered Market Infrastructure Institution, which acts as a securities depository, maintains electronic records of allotment and ownership transfer of securities, provides asset servicing for securities held in dematerialized form, provide services for trade settlement, off-market transfers, pledging of securities, and corporate actions.

NSDL has raised up Rs 1,201.4 crore from 61 anchor investors as it finalised allocation of 1.5 crore shares at Rs 800 apiece. Anchor book included names like LIC, Smallcap World Fund, Government Pension Fund Global, Abu Dhabi Investment Authority, Ashoka Whiteoak, Florida Retirement System, Allianz Global, Manulife Global Fund, Tocu Europe, Amundi Funds, and Eastspring Investments.

NDSL reported a net profit of Rs 343.12 crore with a revenue of Rs 1,535.19 crore for the financial year ended on March 31, 2025. The company clocked a net profit of Rs 275.45 crore, while revenue stood at Rs 1,365.71 crore for the year 2023-24 apiece. The company shall command a market capitalization of Rs 16,000 crore.

NSDL has reserved 85,000 equity shares for the eligible employees, who will also receive a discount of Rs 76 per share in the issue. The company has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while 15 per cent of the shares shall be reserved for non-institutional bidders (NIIs). Retail investors will get 35 per cent of the allocation in the issue.

ICICI Securities, Axis Capital, HSBC Securities and Capital Markets, IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are the book-running lead manager of the NSDL IPO, while MUFG Intime India (Link Intime) is the registrar for the issue. Shares of NSDL shall be listed on both BSE and NSE. Here's what a host of brokerages say about the IPO of NSDL:  

Arihant Capital Markets Rating: Subscribe NSDL’s entrenched market leadership and scale in depository services position it to sustain robust, recurring fee income even as trading volumes ebb and flow. Its diversified revenue mix anchored by the rapid growth of NSDL Payments Bank and the steady contributions of NDML will help smooth overall earnings through market cycles, said Arihant Capital Markets.

As India’s digital and financial inclusion agenda accelerates, NSDL is well‐placed to leverage its broad network of participants and cutting‐edge platforms to drive wallet share in digital banking, KYC, insurance repository and e-governance solutions. The issue is valued at a P/E ratio of 46.63 times, based on a FY25 EPS of Rs 17.16. We are recommending a 'subscribe' for listing gains," it added.

 

Chola Securities Rating: Subscribe NSDL has maintained a two-year revenue CAGR of 17.8 per cent and PAT CAGR of 20.5 per cent over FY23–25. Its revenue mix is highly annuitized, with 76.5 per cent of operating revenue in FY25 being recurring in nature, offering strong visibility and downside protection. NSDL is offered at a post-issue PER of 46.6 implying a 29 per cent discount to CDSL's 65.7 times, said Chola Securities.

"Over 91 per cent of NSDL’s service fees are derived from registered intermediaries like custodians, AMCs, brokers, and issuers, making the business highly sticky and network-driven rather than individual retail account-dependent. NSDL benefits from volume linked fees, in equity market buoyancy and rising demat inflows through SIPs, IPOs, and direct investing channels," it said with a 'subscribe' rating.  

Anand Rathi Shares & Stock Brokers Rating: Subscribe NSDL will maintain its focus on unlocking growth opportunities and deepening market reach by utilizing its core competencies. It plans to strengthen and modernize its IT infrastructure to improve operational efficiency, elevate service standards, and bolster resilience, said Anand Rathi.

"It aims to broaden its range of services, enhance its database management capabilities, and expand the market share of its payments bank division. The issue is valued at P/E of 46.6 times to its FY25 earnings with return on net worth of 17.1 per cent post issue of equity shares. We believe that the IPO is fairly priced and recommend a 'subscribe' rating to the IPO," it added.  

Angel One Rating: Subscribe "NSDL is valued at a post-issue P/E of 47 times FY25 earnings, which is lower than listed peer CDSL. Given its strong market position, high entry barriers, and long-term growth tailwinds from India’s digital and capital market expansion, we assign a ‘subscribe’ rating for long-term investors," said Angel One.

NSDL faces key risks including regulatory pressure on transaction pricing, intense competition from CDSL in the retail segment, dependence on market activity for revenue stability, and limited growth capital from the IPO asit is a pure offer-for-sale (OFS), it added in its IPO note.  

Swastika Investmart Rating: Subscribe NSDL is engaged as a pioneer in depository services in India and is an ice breaker for the demat process. It is expanding its horizon with more value-added services and options. It posted steady growth in its top and bottom lines, said Swastika Investmart. "The issue appears fairly priced. Investors may grab this opportunity to invest in this evergreen company for medium and long term."  

Canara Bank Securities Rating: Subscribe NSDL forms a critical backbone of India’s capital market infrastructure with wide network penetration and regulatory significance. Its annuity-like revenue model, diversified service suite, and leadership in depository operations offer scalability and resilience, said Canara Bank Securities

"The IPO valuations appear attractive compared to CDSL, especially considering NSDL’s superior assets under custody and service reach. With rising demat penetration and increasing financialization of the economy, NSDL is well-positioned for long-term growth. We recommend a SUBSCRIBE rating for investors with a medium to long-term investment horizon," it added.  

SMIFS Rating: Subscribe NSDL’s forward strategy of diversifying into adjacent domains through its subsidiaries—NPBL (payments bank), NDML (e governance and KYC), and insurance repositories—adds new levers of monetization. The NSDL Jiffy platform, Cash Management Services, and expansion in regtech and blockchain-backed infrastructure further strengthen its ecosystem approach, said SMIFS.

"These initiatives are likely to not only deepen customer stickiness but also elevate revenue intensity per user. We recommend to subscribe to the issue due to NSDL’s dominant market share in demat value, strong institutional franchise, regulatory tailwinds, diversified fintech initiatives, and high-quality revenue visibility," it added.  

Ventura Securities Rating: Subscribe NSDL's technological infrastructure, focused on innovation and efficiency, underpins its leadership in the market. It has continually invested in technology, enhancing its depository services and developing value-added services like e-voting, eAGM platforms, and blockchain-based monitoring systems, said Ventura Securities.

"Through its subsidiaries, NDML and NPBL, NSDL also offers ITenabled solutions, including digital banking, payments, and KYC services, which complement its depository operations. We recommend to 'subscribe' this IPO and hold the stock after listing for long term gains," it added.  

Lakshmishree Investment & Securities Rating: Subscribe With over $5 trillion in assets under custody and a 99.99 per cent FPI registration rate, NSDL is not just critical to India’s capital markets—it is the infrastructure. Its duopoly with CDSL, creates a moat, which is tough to breach. NSDL earns stable, recurring revenue from demat and custody services, making it less reliant on volatile market trading, said Lakshmishree.

"Its tech-forward mindset—exploring blockchain and digitization—adds future-readiness to a rock-solid foundation. It faces risks of regulatory scrutiny and dependence on market activity. But these are structural to the sector, not deal-breakers. In a financializing economy like India, NSDL is a picks-and-shovels play on long-term equity growth," it said with a 'subscribe' rating.