National Securities Depository Limited (NSDL) came to market through an IPO that opened on 30 July 2025 and closed on 1 August 2025, and the shares listed on 6 August 2025 on BSE. The price band was ₹760 to ₹800 per share and one lot was 18 shares, so the minimum application was ₹14,400. The issue size was ₹4011.6 crore. The whole issue was an offer for sale, so the proceeds went to the selling shareholders rather than the company.
MUFG Intime India Private Limited (Link Intime) was the registrar to the issue, and ICICI Securities Limited, Axis Capital Limited, Hsbc Securities & Capital Markets Pvt Ltd, Idbi Capital Market Services Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited were the lead managers.
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National Securities Depository Limited (NSDL) is registered as SEBI-based Market Infrastructure Institution (MII) and was incorporated in 2012, being an essential aspect of capital market infrastructure in India. Being one of the major securities depository, the main responsibilities of NSDL are to maintain an electronic record of securities, as well as enable ownership and allotment transfers, facilitate trade settlement and facilitating allotment and transfer of ownership.
Its services cover pledging of securities, off-market transfer, corporate actions as well as asset servicing of dematerialized securities. Other digital services that NSDL provides include e-voting, consolidated account statements (CAS) and non-disposal undertakings (NDU). There are two important subsidiaries of NSDL. NSDL Database Management Ltd. (NDML) provides e-governance services and regulatory services, administers the National Skills Registry and helps to automate SEZs. NSDL Payments Bank Ltd.
(NPBL) is a B2B digital bank that provides domestic remittances, AePS, UPI, micro-ATMs, savings account and distribution of third party products. On March 31, 2025, there were 39.45 million active demat accounts in NSDL, 294 registered depository participants and 33,758 registered issuers. It covers the account holders in more than 99 percent of the Indian PIN codes and 186 nations, which is an indicator of its large presence within the country and around the world.
As described in the offer document.
| Metric | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
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NSDL IPO: Institutional investors purchase Rs 1,201 crore shares through anchor book. Global investors investing in NSDL through anchor book were Smallcap World Fund, Government Pension Fund Global, Abu Dhabi Investment Authority, Ashoka Whiteoak, Florida Retirement System, Allianz Global, Manulife Global Fund, Tocu Europe, Amundi Funds, and Eastspring Investments.
A number of domestic institutional investors such as Life Insurance Corporation (LIC), SBI Mutual Fund, ICICI Prudential Mutual Fund, Whiteoak Capital, HDFC AMC, Fidelity Funds, Nippon Life, Aditya Birla Sun Life AMC, Axis Mutual Fund, UTI AMC, SBI Life Insurance, Mirae Asset, HDFC Life Insurance, 360 ONE Equity Opportunity Fund, JM Financial MF, Tata Investment Corporation, and LIC MF also entered their name in the list of shareholders by anchor book investment.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
National Securities Depository (NSDL) IPO was a ₹4,011.6 crore book-built issue, made up entirely of an offer for sale. It was priced at ₹760–₹800 per share with a lot size of 18 shares (₹14,400). The IPO was open from July 30 to August 1, 2025. Shares listed on BSE on August 6, 2025 at ₹880, a 10.0% premium to the issue price of ₹800. MUFG Intime India Private Limited (Link Intime) is the registrar.
ICICI Securities Limited and 5 other book running lead managers manage the issue.
The price band of National Securities Depository (NSDL) IPO is ₹760 to ₹800 per share.
The lot size of National Securities Depository (NSDL) IPO is 18 shares.
The minimum investment for National Securities Depository (NSDL) IPO is approximately ₹14,400 based on the upper price band.
The allotment date of National Securities Depository (NSDL) IPO is Aug 4, 2025.
No GMP quote could be verified as recorded before National Securities Depository (NSDL) IPO listed. A grey-market observation of ₹124 per share was recorded on 6 Aug 2025, 6:30 AM IST, but without a verified listing timestamp it is not treated as the final pre-listing GMP. The shares listed at ₹880. GMP is unofficial and does not forecast or guarantee the actual listing price.
National Securities Depository (NSDL) IPO listed on Aug 6, 2025. It was issued at ₹880.0(BSE) and is currently around ₹701.10 as on 30-Oct-2026 3:59 PM, which is approximately -12.4% versus issue price. The 52-week high is ₹1,198.00.
You can check National Securities Depository (NSDL) IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the National Securities Depository (NSDL) IPO allotment status on Rupix for quick and easy access.
₹760 to ₹800 per share, against a face value of ₹2. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 18 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,400.
₹14,400, for one lot of 18 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 30 July 2025 and closed on 1 August 2025.
The basis of allotment was published on 4 August 2025 by MUFG Intime India Private Limited (Link Intime), and allotted shares were credited to demat accounts before listing.
The shares listed on 6 August 2025 on BSE.
The issue size was ₹4011.6 crore. The offer for sale was 5,01,45,001 shares (aggregating up to ₹4011.6 crore).