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NSDL IPO
Price Band
₹760.0–800.0
Issue Size
₹4010.95 Cr
Lot Size
18 shares
Min Investment
₹14,400
GMP
+₹125.0 (15.62%)
Issue Price
₹800.0
Subject to Sauda
₹1700
Paid only if allotted
NSDL IPO AI Summary
- NSDL IPO is listed on BSE in the Depositories, Clearing Houses and Other Intermediaries sector.
- Price band: ₹760.0–₹800.0 per share, lot size 18 shares (min. investment ₹14,400).
- Subscription window: 30 Jul–01 Aug 2025, listing on 06 Aug 2025.
- Current GMP is +₹125.0 (15.62%), an estimated listing price of ₹925 — unofficial and can change daily.
NSDL is a leading securities depository in India with a strong focus on technology and innovation. The company has shown consistent growth in revenue and profitability over the past three years. The IPO is priced at ₹800, with a potential for listing gains indicated by a GMP of ₹125, reflecting positive market sentiment.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
NSDL IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 01 Aug 2025 — not a current signal.
4 of 5 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
NSDL IPO Grey Market Premium (GMP) Today
GMP
+₹125.0
GMP %
+15.62%
Est. Listing
₹925.0
Updated: 25 Jul 2026 14:13
About the Company
Incorporated in 2012, National Securities Depository Limited (NSDL) is SEBI-registered Market Infrastructure Institution (MII). Core Activities: Acts as a securities depository in India. Maintains electronic records of allotment and ownership transfer of securities. Provides depository services including dematerialization, trade settlement, off-market transfers, pledging of securities, and corporate actions. Provides asset servicing for securities held in dematerialized form. Offers additional services such as e-voting, consolidated account statements (CAS), and non-disposal undertakings (NDU). Subsidiaries: NSDL Database Management Limited (NDML): Offers services across e-governance, regulatory platforms, KYC, insurance repository, and collaborative industry platforms. Handles SEZ automation and the National Skills Registry. NSDL Payments Bank Limited (NPBL): Operates a business-to-business payments bank. Provides digital banking, domestic remittances, savings accounts, AePS, micro-ATMs, prepaid cards, UPI, POS, and third-party product distribution (insurance and mutual funds). Key Figures (as of March 31, 2025): Active demat accounts: 39.45 million Registered depository participants: 294 Registered issuers: 33,758 Account holders located in over 99% of Indian PIN codes and in 186 countries Competitive Strengths: India’s first and leading depository, operating a wide range of technology-driven businesses. Strong focus on technology-led product innovation. Robust IT infrastructure, risk management frameworks and cyber-security measures focused on ensuring the safety and integrity of the depository system. Stable revenue base with a significant proportion of recurring revenue. Large Variety of Asset Classes held in Demat Accounts and Well-diversified Business Verticals. Experienced senior management team.
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2,984.84 | 2,257.74 | 2,093.48 |
| Total Income | 1,535.19 | 1,365.71 | 1,099.81 |
| Profit After Tax | 343.12 | 275.45 | 234.81 |
| EBITDA | 492.94 | 381.13 | 328.60 |
| NET Worth | 2,005.34 | 1,684.10 | 1,428.86 |
| Reserves and Surplus | 232.31 | 216.32 | 199.08 |
Key Ratios
EPS
₹17.16
NAV
₹100.27
ROE
17.11%
ROCE
22.7%
RoNW
17.11%
P/B Value
7.98
P/E Ratio
46.63
Market Cap
₹16000.00 Cr
PAT Margin
22.35%
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Central Depository Services (India) Limited | 84.23 | 29.9% | 68.04 | 25.2 | 25.2 |
| National Securities Depository Ltd. This IPO | 100.27 | 17.11% | — | 17.16 | 17.16 |
Promoters
No Identifiable Promoter
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,099.81 Cr in the year ending 31 Mar 2023, rising to ₹1,365.71 Cr by 31 Mar 2024, and further increasing to ₹1,535.19 Cr by 31 Mar 2025. This shows a consistent upward trend in revenue over the three periods.
Profit Trend
Profit After Tax was ₹234.81 Cr in the year ending 31 Mar 2023, increasing to ₹275.45 Cr by 31 Mar 2024, and further rising to ₹343.12 Cr by 31 Mar 2025. This indicates a steady growth in profitability across the periods.
Valuation
At the issue price of ₹800, NSDL's implied P/E ratio is approximately 46.63, compared to its peer Central Depository Services (India) Limited, which has a P/E of 68.04. This suggests that NSDL is priced at a lower multiple than its peer group.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of an IPO's expected listing price. It reflects the demand and sentiment among investors before the stock officially lists on the exchange. A positive GMP suggests strong demand, while a negative GMP indicates weaker interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. Factors to consider include the company's growth prospects, market conditions, and financial health.
Who May Want to Wait
Risk-averse investors who prefer stable returns and are uncomfortable with the inherent risks associated with IPO investments may want to avoid this offering. It's important to assess personal financial goals and risk appetite before investing.
IPO Timeline, Explained
The IPO opens for subscription on 30 July 2025 and closes on 1 August 2025. Allotment of shares will be done on 4 August 2025, with the listing date set for 6 August 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when an IPO lists on the stock exchange at a price higher than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall economic factors. It's essential to be aware of the risks involved in relying on listing gains as part of an investment strategy.
This evaluation is generated from NSDL's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is NSDL IPO GMP today?
NSDL IPO GMP today is +₹125.0 (15.62%), indicating an estimated listing price of ₹925. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of NSDL IPO?
The price band of NSDL IPO is ₹760.0–₹800.0 per share.
When does NSDL IPO open and close?
NSDL IPO opens on 30 July 2025 and closes on 01 August 2025.
When does NSDL IPO list on the stock exchange?
NSDL IPO listed on 06 August 2025 at ₹925.0.
What is the lot size for NSDL IPO?
The lot size for NSDL IPO is 18 shares, requiring a minimum investment of ₹14,400.
What is the price band for the NSDL IPO?
The price band for the NSDL IPO is ₹760 to ₹800.
What is the minimum investment required?
The minimum investment required is ₹14,400.
What is the lot size for the NSDL IPO?
The lot size for the NSDL IPO is 18 shares.
When is the listing date for NSDL?
The listing date for NSDL is 6 August 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on unofficial trading in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
30 Jul 2025
Close
01 Aug 2025
Allotment
04 Aug 2025
Listing
06 Aug 2025
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Community Sentiment
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