NSDL files RHP to launch IPO; check IPO dates, issue size and more

National Securities Depository (NSDL) has filed its red herring prospectus (RHP) on Wednesday, July 23 with capital markets regulator Sebi to launch its initial public offering (IPO). The capital market infrastructure player is likely to launch its primary offering on July 30, 2025 (Wednesday) and the bidding for the issue shall close on August 01, (Friday).

The issue is entirely an offer-for-sale (OFS) of up to 5,01,45,001 equity shares by its existing shareholders including IDBI Bank (offloading up to 2,22,20,000 equity shares), National Stock Exchange of India (offloading up to 1,80,00,001 equity shares), State Bank of India (offloading up to 40,00,000 equity shares).

Among other selling shareholders, Union Bank of India will not be offload 5,00,000 equity shares, while HDFC Bank Bank will offer up to 40,00,000 equity shares from its kitty. Administrator of the specified undertaking of the Unit Trust of India will offer up to 34,15,000 shares. All shares have a face value of Rs 2 each.

According to the sources, NSDL is eyeing to raise to Rs 3,500-4,000 crore via primary route, which indicates that the price band of the issue shall be in the range of Rs 700-800 apeice. However, for the exact clarity, one should wait for the official information, which shall be communicated soon. Anchor bidding for the issue shall commence and conclude on Tuesday, June 29.

The National Securities Depository Limited (NSDL), registered by SEBI as a Market Infrastructure Institution, has received an extension from the Securities and Exchange Board of India (SEBI) to complete its listing by August 14, 2025. This extension follows an earlier one received in April, which NSDL was unable to meet due to unspecified issues. 

IDBI and the National Stock Exchange (NSE) hold stakes of 26.01 per cent and 24 per cent respectively in NSDL. Sebi regulations mandate that no single entity should own more than a 15 per cent stake in any market infrastructure institution. 

In a related development, NSDL's subsidiary, NSDL Payment Bank, has been granted the status of a scheduled commercial bank by the Reserve Bank of India. The ISIN status of unlisted shares NSDL were frozen last week, which means that the shares could not be traded or transferred.

NSDL reported a net profit of Rs 343.1 crore with a revenue of Rs 1,535.1 crore for the financial year 2024-25, while its net profit stood at Rs 275.4 crore with a revenue of Rs 1,365.7 crore. The IPO of NSDL will have a reservation for its eligible employees, while retail investors will have 35 per cent of the allocation for them in the issue.

ICICI Securities, Axis Capital, IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the lead managers to the issue. The company shall be listed at the bourses on both BSE and NSE with August 6, 2025 (Wednesday) as the tentative date of debut.