NSDL IPO Sets Price Band at Rs 760-800 Per Share, Raises Valuation of Rs 16,000 Crore

Strategic Insights -

The National Securities Depository Limited (NSDL) has set a price band of Rs 760-800 per share for its upcoming Initial Public Offering (IPO), which is set to open for subscription on July 30 and close on August 1. The IPO values the company at approximately Rs 16,000 crore. The price band is about a 22% discount from its last traded value in the unlisted market, where the stock was around Rs 1,025 earlier this month. Existing shareholders, including IDBI Bank, NSE, Union Bank of India, SBI, HDFC Bank, and SUUTI, will offload their stakes through the IPO.

Key Takeaways:

  • The NSDL IPO will be an entirely offer for sale (OFS) of up to 5.01 crore shares, with anchor bidding scheduled for July 29.
  • Existing shareholders, including IDBI Bank and NSE, will offload a significant portion of their stakes through the IPO, with IDBI Bank selling 2.22 crore shares and NSE offering 1.8 crore shares.
  • The company had earlier revised the issue size to 5.01 crore shares from 5.72 crore shares in May 2025.
  • The IPO values NSDL at a price-to-earnings (P/E) ratio of 46.6, compared to listed peer CDSL, which trades at a P/E of 66.6.
  • For Q3 FY25, NSDL reported a consolidated net profit of Rs 85.8 crore, up 29.8% year-on-year, while total income rose 16.2% to Rs 391.2 crore.
  • The allotment of shares is expected on August 4, with a likely listing on August 6.
  • Retail investors will need to invest Rs 14,400 for one lot comprising 18 shares.

Statistics:

  • Price band: Rs 760-800 per share
  • Valuation: Approximately Rs 16,000 crore
  • Number of shares on offer: Up to 5.01 crore shares
  • Issue size: Revised from 5.72 crore shares in May 2025
  • P/E ratio: 46.6
  • Net profit (Q3 FY25): Rs 85.8 crore
  • Total income (Q3 FY25): Rs 391.2 crore
  • Listing gain (possible): 18% over the upper price band

Sources:

  • ET report, as quoted in the article
  • NSDL IPO draft red herring prospectus (DRHP) filed in July 2023
  • UnlistedZone data, as quoted in the ET report
  • The Times of India article, dated July 2023 (no exact date mentioned)