India's oldest and largest depository, National Securities Depository Ltd (NSDL), is all set to hit the primary market soon. The IPO, earlier expected to be larger in scale, has reportedly seen a cut in issue size to align with market conditions. As per reliable sources, the listing is likely in the next few weeks.
Here’s everything investors should know before applying:
🔍 6 Must-Know Facts About the NSDL IPO
1. Reduced Issue Size
Sources close to the matter suggest that NSDL has trimmed the IPO size from an earlier ₹4,500 crore estimate to approximately ₹3,200–₹3,400 crore, aiming for a more efficient market absorption.
2. Offer for Sale (OFS) Model
The IPO is expected to be a pure OFS, meaning no fresh equity will be issued. Key shareholders such as IDBI Bank, NSE, and IIFCL are likely to divest partial stakes.
3. Market Sentiment is Positive
With recent IPO successes and bullish sentiment in the Indian market, investor appetite for trusted financial infrastructure companies like NSDL remains strong.
4. Dominance in Demat Infrastructure
NSDL holds over 89% of demat assets by value. With India’s growing investor base, the platform is poised for scalable revenue and transaction fee growth.
5. Strong Revenue Fundamentals
FY24 estimates show NSDL generating a revenue of over ₹750 crore with strong EBITDA margins. This makes the IPO valuation attractive, according to Vizzve Financial analysis.
6. Expected Listing Timeline
The IPO filing and SEBI nod are complete. Anchor book opens mid-July and the listing is expected by the first week of August 2025, barring regulatory delays.
📊 Vizzve Financial Insight
“NSDL’s IPO comes at the right time. With retail participation surging and capital markets hitting record highs, this listing offers investors an opportunity to own a part of India’s financial plumbing.”
— Vizzve Equity Research
Rating: BUY (Long-term) | Risk Level: Low | Sector: Market Infrastructure Institution (MII)
❓ FAQs: NSDL IPO Answered
Q1. What is the updated NSDL IPO size?
A: The revised issue size is expected to be in the ₹3,200–₹3,400 crore range, down from earlier estimates of ₹4,500 crore.
Q2. Will NSDL raise new capital via this IPO?
A: No. This is an Offer for Sale (OFS); no new equity capital will be raised.
Q3. What is NSDL's market share in India’s depository space?
A: NSDL controls around 89% of demat value, making it a dominant player over CDSL in asset value terms.
Q4. What are Vizzve Financial’s views on this IPO?
A: Vizzve recommends long-term subscription, citing strong revenue fundamentals and monopoly-like infrastructure strength.
Q5. How soon will the IPO be listed after launch?
A: The IPO is expected to list by early August 2025, assuming standard regulatory timelines.
💡 Final Word
The NSDL IPO is more than a listing—it's an opportunity to own part of India’s capital markets core engine. With reduced float, strong investor interest, and backing by key financial institutions, this offering is primed for success.
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Published on July 7, 2025 • By Benny
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