NSDL IPO 2025: Price, Date & GMP Details

NSDL IPO : India’s leading depository company National Securities Depository Limited (NSDL) is going to launch its much-awaited IPO. This will be a book building type IPO which is entirely an Offer for Sale (OFS), in which a total of 5.01 crore shares will be sold. NSDL, which has been operational since 1996, is India’s first depository and is considered an important part of the country’s financial infrastructure. The company provides demat services, trade settlement, e-voting, and other digital facilities, and its operations are spread across more than 99% of pin codes in India.

About National Securities Depository Ltd. (NSDL)

NSDL was established in 1996 and is India’s first depository institution. It is a SEBI recognized Market Infrastructure Institution (MII) that plays a key role in ensuring transparency and security of the Indian capital market.

Key Services and Functions : NSDL facilitates investors to hold shares and other securities in electronic form. Under this, it provides services like opening demat accounts, trade settlement, pledging, off-market transactions, corporate actions, and e-voting.

Tech-based innovations : NSDL has introduced several innovative platforms such as Consolidated Account Statement (CAS), Non-Disposal Undertakings (NDU) and Digital Onboarding to provide better services to investors in digital form.

Subsidiaries : 

• NSDL Database Management Limited (NDML): The company operates e-governance, KYC platforms, insurance repositories, and industry-focused services such as National Skills Registry and SEZ automation.
• NSDL Payments Bank Limited (NPBL): It is a B2B digital bank that offers services including savings accounts, AePS, UPI, micro ATMs, remittance, and insurance and mutual fund distribution.

Wide reach and influence : As of March 2023, NSDL had 31.46 million active demat accounts, 283 registered depository participants, and 40,987 registered issuers. Its customers are spread across more than 99% of PIN codes in India and 186 countries, reflecting its wide reach and trust.

Employees and Human Resources : The company had 396 permanent full-time employees as of March 2023, contributing to various business activities.NSDL is an organization that is continuously strengthening the Indian capital market through technological efficiency, transparency and security.

NSDL Financial Performance

Objective of the NSDL IPO

Completely Offer for Sale (OFS) : This IPO of NSDL is 100% offer for sale, that is, no new shares will be issued by the company. A total of 5.01 crore equity shares will be sold by existing shareholders. This means that the company will not receive any new capital investment from this IPO it will only give the promoters and existing investors an opportunity to reduce their stake.

Dilution of stake of existing shareholders : The main objective of this IPO is to enable existing shareholders (such as IDBI Bank, National Stock Exchange, State Bank of India, Union Bank of India, etc.) to partially reduce their stake. These institutions have been early investors in NSDL and now want to get the benefit of their investment through listing.

Increase in brand value and transparency : Listing on the stock exchange through IPO will strengthen NSDL’s brand identity, public trust, and corporate governance. As a listed company, it will be able to maintain greater transparency with investors, business partners, and regulators.

Value unlocking and market participation : Listing will give the company an opportunity to publicly showcase its value. This will allow the company to easily raise funds from public or private channels if it needs to raise capital in the future.

NSDL IPO Reservation Details

Competitive Strengths of NSDL

Secure and reliable service framework : NSDL has developed technology and systems in its operations that consistently work fast, secure and stable. The security of investors’ information and transactions is the first priority of its functioning, which makes it a reliable institution.

Stable leadership and experienced team : The company’s management team has been associated with this field for a long time. Their understanding, regulatory experience and strategic thinking have kept NSDL stable in the constantly changing market.

Continuous improvement in service and user-centric thinking : NSDL has been constantly updating its services keeping in mind the changing needs of its users. Whether it is simplifying the process of adding a new digital feature – the company is very sensitive about user experience.

Wide reach and systemic partnerships : NSDL’s services are not limited to cities only, but it has reached every corner of the country. It also works closely with institutional investors, government agencies, and major financial institutions making its reach and utility extremely wide.

Focused and scalable business model : The company’s business model is such that it can provide services on a large scale without increasing costs too much. That is, when demand increases, the company can easily serve more users on the same infrastructure which also increases the possibility of profit.

Potential Risks Associated with Investing in NSDL

Limited Growth Potential : NSDL is a stable and established market infrastructure institution. Its services are regulated and mainly limited to depository functions, which may reduce the possibility of rapid revenue growth compared to other private companies.

Pricing controls of services on revenue : Regulatory institutions such as SEBI can affect the fees and rates of services charged by NSDL. If any fee is reduced in the future, it will have a direct impact on the company’s earnings.

Competition from fintech companies : Even though NSDL has a strong base in the market, technology-based fintech platforms are rapidly coming up with new solutions. If these platforms offer better options through innovation or prices, NSDL’s market share may be affected.

Cybersecurity risk : NSDL is completely dependent on technology-based operations. In such a situation, in case of any cyber attack, data leak or system failure, not only can the reputation be damaged, but there is also a possibility of legal action and financial loss.

Valuation Risk in IPO : Since this IPO is a 100% offer for sale and no new funds are being raised, investors will have to take a decision based only on the valuation and current performance of the company. If the listing price remains high and the expected increase in profits does not happen, investors may suffer losses.

NSDL IPO Grey Market Premium (GMP)

The Grey Market Premium (GMP) of NSDL IPO has been recorded at ₹164 today i.e. 25th July 2025. The price band of the IPO has been kept at ₹800, so the estimated listing price can be ₹964. This means that investors can get a potential profit of about 20.50% per share.

Retail “Subject to Sauda” Rate: ₹2,200

Small HNI “Subject to Sauda” Rate: ₹30,800

The trend of GMP has been continuously upward in the last 21 trading sessions. The lowest GMP has been recorded at ₹0.00 and the highest at ₹167.00, which indicates that investors have strong confidence in this IPO in the market.

Potential Listing Outlook : Given NSDL’s market credibility and strong financial position, the IPO will likely list at a premium on NSE and BSE.

Given the company’s long track record, positive investor sentiment and rising GMP, the IPO is considered a strong listing candidate.

Note : The above GMP and subject-to-sauda rates reflect market sentiments only. This is not a recommendation for any kind of grey market trading.

Also Read : Top Women Investors in India 2025

Final Thoughts

NSDL IPO is an opportunity to take a stake in one of India’s most trusted financial institutions. The company’s track record is strong, but since it is a complete offer for sale, it is important to analyse the valuation and listing price before investing. Investors with a long-term perspective can seriously consider it.