What is NSDL and Why Does It Matter?

• About NSDL: Founded in 1996, NSDL introduced electronic dematerialization of securities. It manages demat accounts, transfers, and settlements electronically, enabling secure and efficient markets
• Market Significance: Holds over ₹398 lakh crore assets in demat form and commands ~89% market share in depository value.
• Subsidiaries: Includes NSDL Payments Bank Ltd (started in 2018), adding to its diversified income stream

Why This IPO Is Critical

1. Core financial infrastructure: As a SEBI-registered market infrastructure institution, NSDL underpins dematerialization and settlements.
2. Tightly-held offering: Entirely an Offer For Sale (OFS), with major shareholders like IDBI Bank, NSE, SBI, HDFC Bank, and Union Bank selling stakes.
3. Cooling grey market: Pre-IPO unlisted shares have dropped by ~19–20% from highs, reflecting tempered sentiment.

Company Overview

What NSDL Does

NSDL provides demat services, custodial holdings, asset servicing, e‑voting, and more. Through subsidiaries NSDL Database Management Limited (NDML) and NSDL Payments Bank, it also delivers e‑governance and payment solutions

Financials & Valuation

• Key Ratios for FY25: Financials indicate steady revenue growth (~12%) and increasing profitability. EPS jumped from ₹11.74 in FY23 to ₹17.16 in FY25, and ROE remains healthy around 17 %
• Valuation Comparison: At ₹800/share, implied market cap is ~₹16,000 crore. CDSL trades at ~₹1,635/share with a 44 % rally in the trailing year; NSDL is smaller but institutionally dominant
• Valuation Commentary: Pricing reflects a discount to unlisted valuations, raising questions around expected listing gains, though the grey market premium (~₹145–155 or ~18 %) signals positive sentiment.

Zoom image will be displayedFinancials

Promoters / Shareholders

No single promoter; major shareholders include IDBI Bank (~26 %), NSE (~24 %), HDFC Bank (~8 %), SBI, SUUTI, and Union Bank. These entities are offloading shares to reduce their stake to the 15 % cap mandated for MIIs

Strengths

• Dominant player in India’s securities depository landscape (~89 % market share)
• Strong financial performance and profitability metrics
• Institutional trust and anchor partnerships
• Regulatory imperative ensures product stability

Potential Risks

• Pure OFS structure: NSDL raises no fresh capital; growth depends on subsidiaries
• Discounted pricing relative to the unlisted market could mean limited listing upside
• Regulatory and cybersecurity risks for MIIs

Learn more about the IPO at theipolist.in

IPO Details

Price Band: ₹760–₹800 per share, a 22 % discount to the recent unlisted market value (₹1,025)

Dates: Opens for subscription from July 30, 2025 to August 1, 2025. The tentative listing date on the exchange (BSE) is August 6, 2025.

Registrar: MUFG Intime India (formerly Link Intime)

Lot Size / Minimum Investment:

• Retail: 18 shares = ₹13,680 (at ₹760), multiples thereafter
• Small NII: ≥252 shares; Big NII: ≥1,260 shares; Employee: discounted ₹76/share on ₹684–₹724 ban

Grey Market Premium (GMP) — As of 25 July 2025, GMP stands at ₹145–₹155, ~18 % premium over the upper price band, indicating optimistic sentiment, but should be treated as speculative.

Should You Apply?

• Retail Investors: One lot (~₹13.7 k) may offer modest listing gains (~15–20%) if GMP holds; good for medium-term buyers given strong fundamentals.
• HNI / Long-Term: If priced at the lower end (₹760), the downside is limited. NSDL’s stable cash flows, high margins, and market dominance make it suitable for conservative long-term allocation.

How to Check NSDL IPO Allotment Status

Once the IPO bidding closes, allotment status is usually finalized within 2–3 working days. Investors can check whether they have received shares through the following methods:

1. On the Registrar’s Website (MUFG Intime India)
   1. Visit the registrar’s official IPO allotment page: MUFG Intime India Allotment Status (formerly Link Intime).
   2. Select NSDL IPO from the dropdown list.
   3. Enter your PAN or Application Number.
   4. Submit and view your allotment status.
2. 2. Through BSE Website
   1. Go to BSE IPO Allotment Status.
   2. Select Equity under issue type and choose NSDL Limited from the issue name list.
   3. Enter your PAN or Application Number.
   4. Click Search to check status.
3. Via Broker or Bank Platforms
   1. Most brokers (Zerodha, Groww, Upstox, etc.) and ASBA banks update IPO allotment status directly in the IPO section of their apps once results are announced.