BILKULONLINE | Ahmedabad | 30 July 2025
National Securities Depository Limited (NSDL), one of India’s premier market infrastructure institutions, has opened its highly anticipated Initial Public Offering (IPO) for subscription today, Wednesday, July 30, 2025. The IPO, expected to be among the biggest of the year, will remain open for bidding until Friday, August 1, 2025.
The company has fixed the price band of the IPO at ₹760 to ₹800 per equity share of face value ₹2 each. The minimum bid lot comprises 18 equity shares, with multiples of 18 thereafter.
The offering is a complete Offer for Sale (OFS) of 50,145,001 equity shares by a consortium of selling shareholders, including:
- IDBI Bank Limited – 22,220,000 shares
- National Stock Exchange of India Limited – 18,000,001 shares
- Union Bank of India Limited – 500,000 shares
- State Bank of India – 4,000,000 shares
- HDFC Bank Limited – 2,010,000 shares
- Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) – 3,415,000 shares
The IPO will raise approximately ₹4,011.60 crore at the upper price band, with all proceeds going to the selling shareholders.
- The equity shares will be listed on BSE and NSE, with BSE being the designated stock exchange for the offer.
- Investor Categories and Reservation
- As per the SEBI ICDR Regulations, the allocation structure includes:
- 50% for Qualified Institutional Buyers (QIBs) (including a discretionary portion for Anchor Investors, of which one-third is reserved for domestic mutual funds)
- 15% for Non-Institutional Investors (NIIs)
- 35% for Retail Individual Investors
- 85,000 shares reserved for eligible employees
The Anchor Investor portion was subscribed on July 29, 2025. The IPO is being conducted via the Book Building Process.
All non-anchor bidders must apply through the ASBA (Application Supported by Blocked Amount) mechanism, and retail applicants using UPI must ensure valid UPI IDs are provided.
Key BRLMs and M-BRLM
The offer is being managed by a consortium of Book Running Lead Managers (BRLMs), including:
- ICICI Securities Limited
- Axis Capital Limited
- HSBC Securities and Capital Markets (India)
- IDBI Capital Markets & Securities Limited
- Motilal Oswal Investment Advisors Limited
- SBI Capital Markets Limited
HDFC Bank Limited is acting as the Marketing Book Running Lead Manager (M-BRLM).
The Red Herring Prospectus (RHP), dated July 23, 2025, is available online at:
👉 NSDL RHP PDF
Company Outlook
NSDL, incorporated in 1996, has played a pivotal role in India’s capital market development, pioneering dematerialization and ensuring safe, efficient record-keeping of investor holdings. The IPO marks a significant milestone in the journey of the institution that revolutionized securities depository services in India.
At a media interaction in Ahmedabad, key leadership members including Vijay Chandok (MD & CEO), Prashant Vagal (COO), Kothandaraman Prabhakaran (CTO), and Pinak Turakhia (IDBI Capital) addressed journalists about the IPO’s strategic significance and the company’s operational strength.
📌 Important Dates:
- IPO Opens: July 30, 2025
- IPO Closes: August 1, 2025
- Anchor Booked: July 29, 2025
Interested investors are encouraged to review the full RHP and consult their financial advisors before investing.
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