NSDL IPO
NSDL IPO Price Range is ₹760 - ₹800, with a minimum investment of ₹14,400 for 18 shares per lot.
Subscription Rate
41.005x
as on 01 Aug 2025, 07:22PM IST
Minimum Investment
₹14,400
/ 18 shares
IPO Status
Price Band
₹760 - ₹800
Bidding Dates
Jul 30, 2025 - Aug 1, 2025
Issue Size
₹4,011.60 Cr
Lot Size
18 shares
Min Investment
₹14,400
Listing Exchange
BSE
IPO Doc
NSDL IPO Application Timeline
IPO Subscription Status
as on 01 Aug 2025, 07:22PM IST
IPO subscribed over
🚀 41.005x
This IPO has been subscribed by 7.733x in the retail category and 103.967x in the QIB category.
Subscription Rate
| Total Subscription | 41.005x |
| Retail Individual Investors | 7.733x |
| Qualified Institutional Buyers | 103.967x |
| Non Institutional Investors | 34.982x |
Objectives of IPO
- To carry out the sale and transfer of up to 50,145,001 Equity Shares worth ₹4,011.60 crore by the Selling Shareholders (IDBI Bank Limited, NSE, Union Bank of India, State Bank of India, HDFC Bank Limited, and UTI). This means the money raised from the sale of these shares will go to the current shareholders who are selling their shares, not to NSDL itself.
- To achieve the benefits of listing the Equity Shares on BSE. NSDL expects that being listed on the stock exchange will make it more visible and enhance its brand image, and will also create a public market for its shares in India.
Financial Performance of NSDL
Strengths and Risks
Strengths
Revenue from operations jumped from ₹1,022 crore in FY23 to ₹1,420 crore by FY25. That’s nearly 18% growth every year, and profits have also moved up from ₹235 crore to ₹343 crore, growing even faster at 21% per year.
When you look under the hood, the business model is anything but one-dimensional. NDML is the tech whiz, handling a bunch of IT solutions, and then there’s NSDL Payments Bank Limited, which alone brought in ₹720 crore, which is just over half (50.69%) of NSDL’s revenue in FY25.
As of March 31, 2025, the assets inside NSDL’s demat accounts averaged out to ₹1.177 crore per account. That’s not small change, it’s more than four times the market average of ₹27.8 lakh.
NSDL earned ₹156.80 per account in FY25, nearly three times CDSL (₹55.44). For unlisted companies, it’s got a stranglehold with a 73.04% market share. On shares settled in demat form, it handles two-thirds (66.03%) of the value, and it’s responsible for 65.27% of all active instruments.
In FY25, NSDL’s DPs (e.g., service agents) ran over 65,000 service centres, more than triple CDSL’s 18,918. That means even if you’re not in Mumbai or Bangalore, you’re probably never too far from an NSDL touchpoint.
Risks
NSDL’s profit margin for FY25 landed at 22.35%. Respectable, but not the head-turner when compared with CDSL’s 48.63%. What this tells us is clear: for every ₹100 coming in, CDSL is walking away with nearly half as pure profit; NSDL, less than a quarter.
NSDL is under the watchful eye of SEBI, with multiple warnings and deficiency letters up to June 2025 about compliance gaps and tech hiccups. This is one of those risks that’s hard to see on a spreadsheet, but the impact can be huge if it goes sideways.
NSDL Payments Bank Limited (NPBL) (payment business) is pulling a lot of weight in the revenue column of NSDL, but its operating margin stands at just 1.08%, and costs are eating up most of what it brings in.
NSDL managed 4 crore demat accounts as of June 2025, while CDSL had a massive 15.9 crore, a much broader reach among everyday investors.
Everything runs on complex IT systems. Any big technical blow-up or security breach isn’t a “might hurt, might not”; it can be lights out for business health and reputation.
How to Apply for NSDL IPO on INDmoney
- Download the INDmoney app and complete your KYC.
- Go to INDstocks → IPO, or just search “IPO”.
- Tap on NSDL IPO from the list of live IPOs.
- View key details like price band, lot size, and dates.
- Tap Apply Now and choose your number of lots.
- Use INDpay UPI for instant mandate tracking.
- Your funds will be blocked until the share allotment is finalized.
Listed Competitors of NSDL
CDSL
CDSL operates as a securities depository, enabling investors to hold and trade securities in electronic form. It earns revenue from transaction fees, annual issuer charges, corporate action processing, e-voting services, KYC verification, and value-added services.
NSDL Shareholding Pattern
| Shareholders | 100% |
| Name | Stakeholding |
| IDBI Bank | 26.1% |
| NSE | 24% |
| HDFC Bank | 7.95% |
| Unit Trust of India | 6.83% |
| SBI | 5% |
| Deutsche Bank | 5% |
| Citibank N.A | 3.13% |
| The Hongkong and Shanghai Banking Corporation | 3.13% |
| Union Bank of India | 2.81% |
| Canara Bank | 2.3% |
| Others | 13.75% |
About NSDL
NSDL serves all parts of the Indian financial market, including everyday people and big companies. NPBL especially helps those who might not have bank accounts in faraway places. As of March 31, 2025, NSDL had 39.45 million customer accounts (Demat accounts) and worked with 79,773 companies. It also had 294 Depository Participants. In the financial year ending March 31, 2025, NSDL's revenue was ₹1,420.14 crore. More than half of this, ₹719.93 crore (50.69%), came from its banking services.
NSDL is the biggest company of its kind in India. It holds the most investments for people and companies. Looking ahead, NSDL wants to keep growing and reach more customers. It plans to make its computer systems even better and offer more different services, especially in managing information and banking. For example, it launched a ‘YUva Plan’ to help young people open investment accounts. The company aims to make financial services simpler and more accessible for everyone.
Frequently Asked Questions of NSDL IPO
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Who are the promoters of NSDL?
NSDL is professionally managed and has no identifiable promoters. In 2020, major shareholders like IDBI Bank Limited (26.10%) and National Stock Exchange of India Limited (24.00%) were reclassified from ‘Promoter’ to ‘Public’ category. As of the RHP date, it officially has no promoters.
Who are the competitors of NSDL?
NSDL has only one major competitor in India, Central Depository Services (India) Limited (CDSL). Both compete mainly on demat accounts, number of depository participants, and service offerings in the securities depository space.
How does NSDL make money?
NSDL earns from depository services (43.56% revenue in FY25), banking services via its Payments Bank subsidiary (50.69%), and database management services (5.75%). It charges fees for transactions, custody, banking operations, IT solutions, and other services, with over half its revenue coming from recurring sources.