NSDL IPO : The initial public offering (IPO) of National Securities Depository Ltd (NSDL) will open for public subscription on July 30, after the depository received an extension from markets regulator Sebi to complete its listing by August 14, people familiar with the matter said, reported ET.
The IPO will be a pure offer for sale (OFS) of up to 5.01 crore equity shares by existing shareholders, including IDBI Bank, National Stock Exchange (NSE), Union Bank of India, State Bank of India, HDFC Bank, and Specified Undertaking of the Unit Trust of India (SUUTI).
NSDL, which had to launch its IPO within a year of receiving regulatory clearance, filed its red herring prospectus (RHP) after obtaining Sebi’s nod for an extension. The issue was delayed due to prolonged discussions around the company’s valuation, according to an ET report.
The IPO is expected to fetch up to Rs 4,000 crore, based on an estimated valuation of around Rs 16,000 crore, with IDBI Bank offloading about 2.22 crore shares, NSE selling 1.8 crore, and Union Bank of India exiting 5 lakh shares, according to the RHP.
The three-day subscription window will be open from July 30 to August 1, while the anchor book will open on July 29.
Revised size, valuation talks
NSDL had filed its draft red herring prospectus (DRHP) in July 2023, and submitted an addendum in May 2025, reducing the issue size from 57.2 million shares to 50.1 million. The revised size reflects changing market dynamics and internal deliberations on pricing.
In the unlisted space, NSDL shares recently traded at Rs 1,025, down from Rs 1,250 a month earlier, according to unlistedzone.com. IPO Watch data shows a current grey market premium (GMP) of Rs 154 per share. At this level, the company's price-to-earnings (P/E) ratio stands near 60x, compared to listed rival CDSL, which trades at 69x.
Strong financials despite delayed launch
Despite delays and weaker market sentiment, NSDL’s financial performance remains robust. For the third quarter of FY25, the depository posted a 29.82% year-on-year jump in consolidated net profit to Rs 85.8 crore, while total income grew 16.2% to Rs 391.21 crore.
NSDL’s IPO is one of the most significant public offerings in the financial infrastructure space this year, and will be closely watched by investors amid evolving primary market conditions.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
The IPO will be a pure offer for sale (OFS) of up to 5.01 crore equity shares by existing shareholders, including IDBI Bank, National Stock Exchange (NSE), Union Bank of India, State Bank of India, HDFC Bank, and Specified Undertaking of the Unit Trust of India (SUUTI).
NSDL, which had to launch its IPO within a year of receiving regulatory clearance, filed its red herring prospectus (RHP) after obtaining Sebi’s nod for an extension. The issue was delayed due to prolonged discussions around the company’s valuation, according to an ET report.
The IPO is expected to fetch up to Rs 4,000 crore, based on an estimated valuation of around Rs 16,000 crore, with IDBI Bank offloading about 2.22 crore shares, NSE selling 1.8 crore, and Union Bank of India exiting 5 lakh shares, according to the RHP.
The three-day subscription window will be open from July 30 to August 1, while the anchor book will open on July 29.
Revised size, valuation talks
NSDL had filed its draft red herring prospectus (DRHP) in July 2023, and submitted an addendum in May 2025, reducing the issue size from 57.2 million shares to 50.1 million. The revised size reflects changing market dynamics and internal deliberations on pricing.
In the unlisted space, NSDL shares recently traded at Rs 1,025, down from Rs 1,250 a month earlier, according to unlistedzone.com. IPO Watch data shows a current grey market premium (GMP) of Rs 154 per share. At this level, the company's price-to-earnings (P/E) ratio stands near 60x, compared to listed rival CDSL, which trades at 69x.
Strong financials despite delayed launch
Despite delays and weaker market sentiment, NSDL’s financial performance remains robust. For the third quarter of FY25, the depository posted a 29.82% year-on-year jump in consolidated net profit to Rs 85.8 crore, while total income grew 16.2% to Rs 391.21 crore.
NSDL’s IPO is one of the most significant public offerings in the financial infrastructure space this year, and will be closely watched by investors amid evolving primary market conditions.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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