National Securities Depository to likely launch ₹3,400 crore IPO in July

NSDL’s shares in the unlisted market have surged around 50 per cent to around ₹1,200 over in the past two months
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The country’s largest depository, National Securities Depository (NSDL), is gearing up to launch its initial public offering (IPO) worth around ₹3,400 crore as early as July, according to people familiar with the matter.

“The top management has started roadshows and has been engaging with investors both within and outside of Mumbai to gauge sentiment before launching the IPO. NSDL plans to come out with the public offer by late July,” said one of the sources.

IPO buzz

NSDL’s shares in the unlisted market have surged around 50 per cent to around ₹1,200 over the past two months in anticipation of the much-awaited IPO, according to dealers.

Emailed queries to NSDL did not elicit a response.

The depository had filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) in 2023 and received approval for the same in October 2024. Its rival depository, CDSL, has been listed on the bourses since 2017.

Offer revision

In May, NSDL cut its offer size to 50.15 million shares, compared to 57.26 million shares previously offered for sale in an updated draft prospectus filed with the markets regulator.

Six existing shareholders will dilute their stakes, including National Stock Exchange (NSE), IDBI Bank, and HDFC Bank. NSE will offer to sell 18 million shares, or 9 per cent of the 24 per cent stake it holds currently.

IDBI Bank will offload over 22 million shares, or 11 per cent stake, while State Bank of India, HDFC Bank, and Union Bank of India will cumulatively sell over 3 per cent stake in the company. Other selling shareholders will sell an aggregate 2 per cent stake. IDBI Bank and HDFC Bank currently hold 26 per cent and nearly 9 per cent stake, respectively.

The book-running lead managers for the IPO are ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets.

Published on June 12, 2025