NSDL IPO Opens on July 30 – Price, Dates, GMP, Financials & Should You Subscribe?

The IPO of the NSDL is launched on July 30; Will retail investor look forward to allocating some funds in it?
The launch of its Initial Public Offering (IPO) this coming Tuesday, July 30, 2025, by the National Securities Depository Limited (NSDL), the original and most reputable depository in India is the next significant event that is going to take place in the Indian financial markets. Also, worth 4,011.60 crore, it is a public problem that has interest of investors, analysts and institutions. It is not just that NSDL is an important part of the financial setup of India but its long lineage of more than twenty years also makes its IPO one of the most anticipated listing of the year.
Remarkably, it seems that the NSDL IPO is the third-biggest IPO this year till date after HDB Financial Services and Hexaware technologies. This is where the significance, as well as size of the offering is brought out. Investors are giving special attention to the grey market and observers on whether to subscribe or not. However, before making any conclusions, it is important to get acquainted with what the IPO can bring, what financial performances of this company were, and what the analysts think.
Now, we should cover all of the most important information and what this IPO is going to weigh on the retail investors.
NSDL’s Grey Market Premium (GMP) Suggests a Strong Listing
As at July 29, IPO of NSDL: Premium in the Grey Market is around 135 per share, which is the Grey Market Premium (GMP). This unofficial premium is indicative of the stock having the prospect of 17 percent premium at the end of the day when it lists. But, to invest in these companies the investors are advised to keep in mind that GMP numbers remain unregulated and they are subject to fluctuation depending on market mood. Even though it gives an indication of the demand, it is not meant to be the only aspect to be taken into consideration when making investments.
Key Details of NSDL IPO
The NSDL IPO will be open for subscription from July 30 to August 1, 2025. The company has fixed a price range of 760-800 rupees per share. Interested investors will have to apply in blocks of 18 shares, and, thus, the minimum investment at the upper end will be 14,400.
On August 5, 2025, the company is scheduled to be listed at the stock exchanges. Link intime India Pvt Ltd which is one of the top IPO registrars in the country is the registrar of the issue.
It is worth mentioning that this is Offer for Sale (OFS) IPO by 100 percent. This entails that there is no issuing of new shares to raise new funds. In fact, what is being sold is a part of the share of the current shareholders. State Bank of India (SBI), National Stock Exchange (NSE), IDBI Bank, and HDFC Bank are some of the large selling shareholder.
What is the Reason behind the Big Institutions Wanting to Sell Out?
The major reason attributed to the sale of shares by such major institutions is the SEBI regulations. SEBI regulations do not allow one group to own stake of more than 15% in a depository. Currently, the shareholding of IDBI Bank is 26.1% and that of NSE is 24 and this is unacceptably large as compared to the acceptable limit. Hence they must sell their shareholding by way of this open offer.
This is because the second reason is the massive profits that these institutions are set to enjoy once they come into fruition through their early investments. Such as, the shares of NSDL had initially been purchased by SBI at only 2 rupees per share. Which means that it will make close to 320 crore at the IPO price (it will be getting the IPO price on 40 lakh shares), nearly 399 times of what it paid.
On the same note, IDBI Bank that had invested 4.44 crore as a stake in NSDL will sell a portion of its stake now and will earn 1,776 crore. National Stock Exchange (NSE) too is sitting on the returns well in excess of 60 times its investment. These are the figures expressing the value NSDL has gained over the years.
Financial Performance of NSDL
The financial reputation of NSDL is an adequate one and has been growing steadily over the last couple of years. The revenue of the company in terms of operations amounted to 1021.99 crores in FY23. This has risen to 1268.24 crore in FY24, and is also expected to be increased to 1420.15 crore in FY25.
There was sound growth in the net profit of the company as well. During FY23, it posted a profit of 234.81 crore and this is estimated to be 343.12 crore in FY25. This steady increase in revenues and net income shows sound practice and good business operations and increasing number of users that need to use services offered by NSDL in the Indian capital markets.
NSDL assumes the duty of depository because it perfumes the functions of retaining and facilitating securities such as shares, bonds and other securities in electronic form. It collaborates with the brokers, stock markets, and the banks to facilitate an effective exchange in the Indian capital markets. As the change and the digital transition continue changing and more retailers join the equities, NSDL is perfectly poised to ride the wave of the rising safe and efficient financial infrastructure.
Brokerage Opinions: Is NSDL IPO Fairly Priced?
The IPO of NSDL has met with mainly positive recommendations by the top brokerage houses. In an IPO note, the renowned financial services company Anand Rathi has said:
“At the upper price band, the company is valued at a Price-to-Earnings (P/E) ratio of 46.6x based on its projected FY25 earnings. It will be ₹16,000 crore which will be the post-issue market capitalization. The return on the net worth (RoNW) of NSDL is 17.1% and is healthy. We opine that the IPO is priced reasonably and are recommending the long term investors a ‘Subscribe rating”.”
This indicates that although it is priced on the higher-end, the financial stability and perspective can help the company and justify the price.
Also Read : Nifty Trade Setup: How Will Nifty and Bank Nifty Perform on 22 July? Expert Opinion Inside
Should Retail Investors Subscribe?
The investment in IPO is based on many factors such as the company financials, valuation, market mood and scope of growth in future.
The case of NSDL is different. First, it is a market leader in its segment of business, with a strong brand, and monopoly-like status in the Indian depository market with CDSL. It plays a very important role towards the effective operations of the financial system and as the number of equity market participants rises in India, the prospects of NSDL are bright.
Not anyone would find it appealing that it is a 100% Offer for Sale (OFS) as such the company is not coming in to raise new capital to expand. This, however, should not be interpreted as a bad omen because the company is already profitable and does not need extra sums of money to continue operations these days.
The IPO of NSDL will be a good opportunity to those retail investors seeking stable enterprise, good track record and moderate listing profits. When the market is doing well, then the listing will be able to fetch good returns. Nonetheless, the investors are also supposed to factor in their individual risk tolerance and investment aspirations before making an application.
Conclusion
The NSDL IPO marks a major milestone for the Indian financial markets. NSDL is the oldest securities depository in India and therefore its listing would enable retail investors into the much-needed capital market infrastructure of the country as a public listed company.
Having good financials, a steady profit, and a significant place in the online economy of India, NSDL is in a good position to further develop over the long-term. GMP is an indication of favorable demand of the unlisted market and specialist ratings reveal that the IPO is priced appropriately. Even though there is some degree of risk in any investment, NSDL is a good prospect in your portfolio.
But in case you have the intention to invest in secure and growth-oriented business, then this IPO can be worthy to be subscribed to.