NSDL Mainboard IPO Opens 30 July - Check GMP, Allotment Status

National Securities Depository Limited (NSDL) has received approval to proceed with an IPO. The company is based in Mumbai, Maharashtra, and is India's largest provider of depository services. The company has shown excellent recent growth and analysts believe there is considerable room for growth. The IPO price is ₹800 per share for its ₹4011.60 crore IPO, and looks to be a great investment opportunity now, as the company appears to be well positioned to capitalize on India's growth in capital markets and digital financial infrastructure.

The NSDL IPO GMP today is showing a ₹146 (18.25%) premium in the grey market. This indicates that investors are willing to pay ₹146 over the IPO price and indicates substantial demand from the initial investing public. The grey market premium shows that there is strong investor demand for this depository services company IPO.

IPO Dates for National Securities Depository Limited

The National Securities Depository Limited IPO is set to open on July 30, 2025, and close on August 1, 2025. The Board of Allotment (BoA) date is expected to be August 4, 2025, with listing planned for August 6, 2025.

IPO Details Summary

The minimum bid is 18 shares for ₹14,400 for retail investors. Investors are watching very carefully the GMP of NSDL IPO, and the grey market premium is showing 18.25% gain, indicating excellent demand from investors. This is one of the most anticipated IPOs in the capital markets sector.

About National Securities Depository Limited

National Securities Depository Ltd. (NSDL), based in Mumbai, Maharashtra, is India's first and largest depository. NSDL fundamentally changed the Indian capital markets, providing electronic settlement of trades and dematerialization of securities. NSDL provides investors, brokers and institutions throughout India with a range of depository services and solutions.

The Company operates in the depository services segment offering services in dematerialization, rematerialization, corporate actions processing and investor account maintenance to individual investors, institutions, brokers and many more market participants. The Company offers a range of depository services and solutions to millions of investors including individual retail investors and large institutional investors. 

MUFG Intime India Private Limited (Link Intime) is the registrar of NSDL IPO. The Company is raising ₹4011.60 crores through this IPO. The proceeds from the fresh issue will be used for technology upgrades, infrastructure enhancements, working capital and general corporate purposes. Given the growth of the capital markets in India and the increasing digitization of financial services, NSDL is very well positioned to take advantage of India's evolving financial ecosystem.

Financial Performance of National Securities Depository Limited

The company has shown outstanding revenue growth and maintained strong profitability in the expanding capital markets sector.

Performance Analysis

National Securities Depository Limited (NSDL) delivered outstanding financial results. The company was glad to successfully implement its business model, resulting in its revenue increasing from ₹1,099.8 Cr in FY23 to ₹1,535.2 Cr in FY25, a 39.6% increase. After-tax profit increased even more significantly to ₹343.1 Cr, an increase of 46.1%. EBITDA also showed growth from ₹328.6 Cr to ₹492.9 Cr denoting improved operations and excellent cost management in the depository business.

NSDL also evidenced good asset growth moving from ₹2,093.5 Cr to ₹2,984.8 Cr, increased of 42.6%. As well, net worth also grew substantially to ₹2,005.3 Cr indicating a very strong capital structure with excellent internal earnings generation. The company is debt-free indicating superior financial management. NSDL has shown an acumen for financial issues while growing and has positioned itself for growth in the capital markets infrastructure in the long-term.

IPO Share Reservation

The IPO share allocation follows standard SEBI rules for mainboard listings:

Strengths

1. Revenue Expansion:
Revenue grew steadily from ₹1,099.8 Cr to ₹1,535.2 Cr demonstrating a strong market position in the depository business and high demand for services.

2. Profit Efficiency:
PAT grew to ₹234.8 Cr to ₹343.1 Cr showing a high level of cost efficiencies and an operating model with superior margins from the industry.

3. EBITDA Expansion:
EBITDA grew from ₹328.6 Cr to ₹492.9 Cr demonstrating significantly higher profitability and operational efficiencies.

4. Asset Expansion:
Total assets grew from ₹2,093.5 Cr to ₹2,984.8 Cr indicating significant investments into infrastructure and expansion capabilities.

5. Market Positioning:
India's first and largest depository, significant market share, relationships established with all substantial players in the market.

6. Technology Orientation:
Strong focus on technology and digitalization is giving the company competitive advantages in a rapidly digitizing market.

7. Debt-Free:
The company has an outstanding balance sheet, is debt-free and is generating strong cash flows, thus has very strong financial health.

8. Excellent GMP:
An excellent grey market premium at 18.25% demonstrates strong investor confidence in the company's prospects.

Risks

1. Regulatory Changes:
Changes in SEBI guidelines for depository services, regulatory regime governing capital markets infrastructure could impact company's business operations and revenue streams.

2. Competition:
Potential competition from CDSL and other new depository entities could impact company's market share and pricing rationale.

3. Technology Risks:
Company's reliance on technology infrastructure creates risks of technology failure, cyber attacks and technology obsolescence.

4. Market Volatility Risk:
Company's business is closely linked to capital markets activity, and a market downturn could logically impact transaction volumes and revenue.

5. Concentration Risk:
High reliance on Indian capital markets creates geographic and market concentration risk.

6. Compliance Costs:
Increasing regulatory compliance requirements could lead to increasing operational costs and complexity.

How to Apply for NSDL IPO?

Step-by-step guide (when IPO opens on July 30, 2025):

1. Log in to your broker app (Zerodha, Angel One, Groww, etc.)
2. Go to the IPO section and select the NSDL IPO
3. Click "Apply"
4. Enter:
   • Lot size (18 shares minimum)
   • Bid price (₹800 or select Cut-Off)
   • Your UPI ID
5. Submit the application
6. Approve the UPI request in your UPI app (PhonePe, GPay, etc.)

⏰ Important: The UPI request must be approved before 5 PM on the same day or before the IPO closes on August 1, 2025.

How to Check NSDL IPO Allotment Status?

You can check the NSDL IPO allotment status through NSE/BSE and the registrar portal once the IPO opens.

Check On NSE/BSE

1. Visit the NSE or BSE official website
2. Go to the IPO Allotment Section
3. Select NSDL IPO
4. Enter PAN number or application number
5. Submit details to get the NSDL IPO allotment status

Check On the Registrar Portal

1. Visit MUFG Intime India Private Limited website:
2. Select IPO allotment status
3. Choose NSDL IPO
4. Enter PAN or application number
5. Submit to check status

Company Address

Name: National Securities Depository Limited
Address: Trade World, 'A' Wing, 4th Floor, Kamala Mills Compound, Senapati Bapat Marg Lower Parel (West), Mumbai, Maharashtra
Phone: +91 22 2499 4200
Email: cs_nsdl@nsdl.com
Website: https://nsdl.co.in/

IPO Registrar

Name: MUFG Intime India Private Limited (Link Intime)
Phone: +91 22 4918 6270
Email: nsdl.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Address: C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400083

Conclusion

The National Securities Depository Limited represents an excellent investment opportunity in the capital markets infrastructure of India. The company has shown amazing revenue growth from ₹1,099.8 Cr to ₹1,535.2 Cr and have the highest PAT of ₹343.1 Cr indicating its superior cost management strategy and operational efficiency. Because of its market leading status in India and technology focus, the company is in the ideal position to capture the growth and digitisation of the India's capital markets.

The initial public offering (IPO) price is ₹800 per share, the issue size is ₹4011.60 Cr. The excellent GMP of 18.25% shows there plenty of interest from Investors. Overall, NSDL looks to be attractively priced for a strong company in its sector of operation, with such strong fundamentals, and growth prospects.

Nevertheless, investors need to keep in mind potential risks from regulatory changes, potential competition and potential technology risks. For investors that are willing to take the exhibit risk management, NSDL may be a great opportunity to gain an investment in the capital markets infrastructure business in India, with a proven market leader.

Disclaimer : This analysis is for learning purposes and not financial advice. Please consult a financial advisor before making investment decisions.

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