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National Securities Depository IPO
40.84xsubscribed

National Securities Depository IPO

Finance - Stock Broking
listed
₹13,680Min. investment

National Securities Depository Limited IPO Details

SectorFinance - Stock Broking
Price range₹760 – ₹800
IPO type
Regular
Lot size18 shares
Issue size₹4,011Cr
Red Herring Prospectus
Read
Market cap
₹16,000CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹1,420.15CrHigher than sector avg
Growth rate3Y CAGR
11.60%Higher than sector avg

National Securities Depository IPO Subscription Status

Date
QIB
NII
Retail
Total
30-Jul-25
0.84 times (X)
2.78 times (X)
1.89 times (X)
1.78 times (X)
31-Jul-25
1.96X
10.92X
4.2X
5.0X
01-Aug-25
103.97X
34.41X
7.68X
40.84X

As on 30-Jul-25, 5:30 PM

National Securities Depository IPO Timeline

  1. Pre-apply
    26 Jul 2025
  2. Bid start
    30 Jul 2025
  3. Bid end
    1 Aug 2025
  4. Allotment
    4 Aug 2025
  5. Release of funds
    5 Aug 2025
  6. Demat transfer
    5 Aug 2025
  7. Listing
    6 Aug 2025

About National Securities Depository Limited

Incorporated in 2012, National Securities Depository Limited (NSDL) is a SEBI-registered market infrastructure institution that provides depository services through "Demat Accounts" held by investors through depository participants, covering various asset classes including equities, preference shares, warrants, funds, debt instruments, and electronic gold receipts. It operates a centralised digital bookkeeping system that facilitates security holders holding and transferring their securities in electronic form, enabling efficient and cost-effective settlement solutions.
The company operates as the largest depository in India in terms of the number of issuers, the number of active instruments, the market share in demat value of settlement volume, and value of assets held under custody as of March 31, 2025. The main depository services bring in regular income mainly from yearly custody fees paid by security issuers and yearly maintenance fees paid by depository participants for managing corporate accounts on their platform.
NSDL operates through 2 key subsidiaries - NSDL Database Management Limited (NDML) and NSDL Payments Bank Limited (NPBL). As of March 31, 2025, NSDL maintained over 3.95 crores of active demat accounts through 294 depository participants, with account holders located in more than 99.34% of pin codes in India and 194 countries worldwide. The company operates through a network of 65,391 depository participants' service centres compared to 18,918 centres with CDSL.
The company holds a dominant market position, servicing 99.99% of the value of equity, debt, and other securities held by foreign portfolio investors in dematerialised form in India. NSDL held assets in custody aggregating to ₹70,167.65 Bn for individuals and HUFs, constituting 67.90% of the total value of such assets under custody across depositories as of March 31, 2025. It has demonstrated consistent growth, with the number of issuers increasing from 40,987 in FY23 to 79,773 in FY25, a significant expansion in its client base. During FY25, the company witnessed a net increase of 33,758 issuers, with an average of 15,320 new Demat Accounts opened per day.
India’s market capitalisation reached ₹410.9 trillion as of March 31, 2025, growing at a 30% CAGR over FY20 to FY25. Demat accounts have surged at a CAGR of 21.94% during FY14 to FY25, reaching 19.24 crore accounts, showcasing increasing retail investor participation and financial literacy. Notably, new investor accounts opened surged to 4.1 crores in FY25, compared to just 0.5 crore in FY20, indicating accelerating demand for dematerialisation and custodian services. Further, the government's mandatory dematerialisation policy for unlisted public companies (excluding small ones) by June 30, 2025, and expansion of the T+0 settlement cycle place NSDL in a strategic position to expand its service base and infrastructure.
The rise of fintech brokers, growing mutual fund SIPs (₹2.89 trillion in FY25), and increased digitisation have also supported higher volumes of secondary market trading and capital market participation, directly benefiting depositories. NSDL benefits from growing digital adoption, increased IPO activity, and higher retail participation. With initiatives like blockchain-powered monitoring platforms, API-based B2B2C models, and high-value-added services, NSDL is well-positioned to capitalise on the digital and regulatory tailwinds shaping the Indian capital markets.
Now, National Securities Depository Limited is launching its initial public offering (IPO), which consists of an offer for sale worth up to ₹4011.60 crore.

Nsdl IPO Analysis

IPO REVIEW

National Securities Depository IPO | Analysis Video

Should you apply?

Watch our analysts break down the Nsdl IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Market leadership as India’s first and largest depository

NSDL is India's first and leading depository with the largest market share in terms of issuers (79,773) and value of assets under custody (INR 500 lakh crores as of Sep 2024). It also has the widest network of 294 Depository Participants across 65,391 service centers in India, serving users in 99.34% of India’s pin codes and 194 countries worldwide.

Strong and recurring revenue base

NSDL derives over 86% of its recurring revenues from stable income streams such as annual custody fees and annual participant fees. In FY25, recurring revenue from the Depository Business was INR 261.27 crores, contributing to financial predictability and lower cyclicality.

High-quality IT and cybersecurity framework

The company has invested significantly in IT infrastructure and cybersecurity, spending INR 64.43 crores in FY25 on system maintenance. It is a pioneer in introducing digital platforms like Speed-e, IDeAS, and blockchain-based covenant monitoring systems. It also implemented advanced settlement systems like T+0 for the top 500 scrips, placing India among a few countries with such efficiency.

Diversified asset classes under custody

The company holds a wide variety of securities like equities, debt, mutual funds, REITs, AIFs, and sovereign gold bonds. It accounts for 85.06% of total securities in number and 86.81% in value. The average value per demat account at NSDL is INR 1.18 crore vs. the market average of INR 0.28 crore. Additionally, as of FY25, the company held assets in custody related to individuals and HUFs, constituting 67.90% of the total value of such assets under custody in dematerialised form.

Demat penetration is still low in India

India’s demat account penetration is only 13.4% in FY25, indicating huge untapped potential, especially given the population size of 1.44 Bn. NSDL aims to deepen penetration in Tier III/IV cities and among youth via initiatives like Yuva Plan (zero settlement fees for 3 years).

Objectives of Nsdl IPO

Carry out the offer for sale
The IPO consists of an OFS only, of ₹4,011.00 crore.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratio
This IPO₹1,420.15Cr11.60%₹343.12Cr₹16,000Cr47.00
This sector (avg.)₹271.75Cr-0.01%₹62.39Cr₹2,820.73Cr39.90
₹8,339.05Cr---₹2,508.18Cr₹45,298.24Cr22.70
₹6,228.48Cr---₹1,941.45Cr₹29,148.63Cr12.96
₹909.84Cr---₹162.71Cr₹17,054.65Cr83.37

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

National Securities Depository IPO Contact Details

Company NameNational Securities Depository Limited

How to apply for National Securities Depository IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Nsdl IPO FAQs

Investors can apply for the National Securities Depository IPO through their Demat account via the stock exchange or through their broker.
The issue size of the National Securities Depository IPO is 4011 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
National Securities Depository IPO will be open between 2025-07-30 and 2025-08-01.
National Securities Depository IPO allotment date is 2025-08-05. For National Securities Depository IPO allotment status check, you can visit the website of the registrar of the IPO.
For National Securities Depository IPO, the IPO registrar is MUFG Intime India Private Limited (Link Intime). You can check National Securities Depository IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The National Securities Depository IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The National Securities Depository IPO lot size is 18 and minimum order quantity is 18.
National Securities Depository IPO has set the price band for its IPO at 800 per equity share with a face value of 2.