National Securities Depository Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹800
Per ShareLot Size
18 Shares
Minimum Investment
₹14,400
Issue Size
₹4,011.6 Cr
Face Value
₹2
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
National Securities Depository Ltd
Business model, operations, and market positioning.
Issue Type
Book Building
ISIN
INE301O01023
About the Company
The Company is a SEBI registered market infrastructure institution. As of March 31, 2025, the company is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets held under custody. Through its Subsidiaries, NDML and NPBL, the company offers a range of IT-enabled solutions through multiple verticals such as e-governance, payments solutions, collaborative industry solutions, regulatory platforms, KYC solutions, insurance repository services and digital banking solutions, amongst others.
Industry Overview
The Indian capital market has witnessed a growth at a fast pace between Financial Year 2017 till Financial Year 2025. As the first and leading depository in the country, NSDL introduced the concept of dematerialization of securities, revolutionizing the securities landscape in India. NSDL is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets held under custody as of March 31, 2025. The depository market in India grew at rapid pace in past 3 years.
Company History
National Securities Depository Limited was incorporated on April 27, 2012, as "NSDL Depository Limited" at Mumbai as a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation, issued by the RoC. The Company commenced operations pursuant to a certificate of commencement of business dated May 16, 2012, issued by the RoC. Subsequent to the Scheme of Arrangement, the name of the Company was changed from "NSDL Depository Limited" to "National Securities Depository Limited", and a fresh certificate of incorporation issued by the RoC, recording the change in name on January 3, 2013.
Products & Services
- The Company is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets held under custody.
Growth Strategy
- Continue to focus on our growth potential and increase market penetration by leveraging our strengths.
- Continue to invest in and upgrade our IT infrastructure systems for the enhancement of operational efficiency, service quality and operational resilience.
- Diversify our offerings and enhance our database management business.
- Increase the market share of our payments bank business.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of upto 50,145,001 equity shares of face value of Rs. 2 each ("Equity Shares") of National Securities Depository Limited (the "Company" or the "Issuer") for cash at a price of Rs.800 per equity share (including a share premium of Rs.798 perequity share) ("Offer Price") through an offer for sale of up to 50,145,001equity shares aggregating to Rs.4011.6 crores, comprising up to 22,220,000 equity shares aggregating to Rs.1777.60 crores by IDBI Bank Limited, up to 18,000,001 equity shares aggregating to Rs.1440.00 crores by National Stock Exchange of India Limited, up to 500,000 equity shares aggregating to Rs.40.00 crores by Union Bank of India, up to 4,000,000 equity shares aggregating to Rs.320 crores by State Bank of India, up to 2,010,000 equity shares aggregating to Rs.160.80 crores by HDFC Bank Limited (ss) and up to 3,415,000 equity shares aggregating to Rs.273.20 crores by administrator of the specified undertaking of the unit trust of india (collectively referred to as the "selling shareholders" and such equity shares offered by the selling shareholders, the "offered shares") (the "offer for sale" or the "offer"). The offer includes a reservation of up to 85,000 equity shares aggregating to Rs. 6.80 crores (constituting up to [*]% of the post-offer paid-up equity share capital of the company) for subscription by eligible employees (the "employee reservation portion"). The company, in consultation with the brlms, may offer a discount of up to [*]% of the offer price to the eligible employees bidding in the employee reservation portion ("employee discount"). The offer less the employee reservation portion is hereinafter referred to as the "net offer". The offer and the net offer shall constitute [*]% and [*]%, respectively, of the post-offer paid-up equity share capital of the company, respectively. A discount of Rs.76 per equity share is being offered to eligible employees bidding in the employee reservation portion.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- 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.
- Diversified Asset Classes held in Demat Accounts and Well-diversified Business Verticals.
- If there is a shift in investor preferences away from investing and trading in securities to other avenues, it could reduce demand for its services and adversely affect the company business, financial condition, and results of operations.
- The company failures to expand its service offerings and market reach through continued innovation and development of new products and services through technology-based solutions or the failures of these new service offerings may have an adverse impact on its business.
- A large proportion of the Company's business is transaction-based, in particular, delivery-based, and dependent on trading activity in the securities market. External factors beyond its control may affect the trading volumes which could adversely affect the company business, cash flows, results of operation and financial condition.
- The company relies on complex information technology networks and systems to operate its business. Any significant system or network disruption due to a technical glitch, breach in the security of the company IT systems or otherwise, could have a negative impact on its business, reputation, results of operation and financial condition including levy of financial disincentive by SEBI.
- The company operates under a stringent regulatory regime and its inability to comply with the company legal and regulatory obligations may expose it to regulatory proceedings and legal actions by the Securities and Exchange Board of India.