NSDL to launch ₹4,012 cr OFS-only IPO on July 30; IDBI Bank, NSE, SBI, HDFC Bank, UBI to trim stakes

NSDL initially filed its draft red herring prospectus (DRHP) in July 2023, followed by an addendum in May 2025, which revised the issue size from 5.72 crore to 5.01 crore shares. The capital market regulator granted approval for the company to complete its listing process by August 14, 2025.

In terms of allocation, not more than 50% of the issue is reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and a minimum of 35% for retail investors. Up to 85,000 equity shares have been reserved for employees, who are also eligible for a discount of ₹76 per share under the employee quota.

As of March 31, 2025, NSDL is the largest depository in India, leading in key metrics such as the number of issuers, active instruments, market share in demat settlement value, and value of assets under custody, according to a CRISIL report cited in the DRHP. The depository maintained a wide operational reach through 65,391 depository participants’ service centres and managed 39.45 million active demat accounts. During FY25, NSDL added 33,758 new issuers, increasing the total to 79,773, compared to 46,015 issuers at the end of FY24. The company also recorded an average of 15,320 new demat accounts opened daily during the financial year.

On the financial front, NSDL demonstrated a robust financial performance over the last three fiscal years, with consistent growth in revenue, profit, and operating earnings. Between FY23 and FY25, the company’s revenue from operations surged from ₹1,021.99 crore to ₹1,420.15 crore, while profit after tax increased from ₹234.81 crore to ₹343.12 crore during the same period. In terms of earnings before interest, tax, depreciation, and amortisation (EBITDA), the company reported a strong compound annual growth rate (CAGR) of 22.42%, rising from ₹328.60 crore in FY23 to ₹492.94 crore in FY25.

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