New Delhi: The Initial Public Offering (IPO) of National Securities Depository Limited (NSDL) received a strong response from investors on its opening day, getting fully subscribed within hours of bidding commencement and closing the day at 1.78 times subscription, as per data from the National Stock Exchange (NSE).
Robust Demand from Retail and Non-Institutional Investors
The ₹4,011-crore public offering received bids for 6.26 crore shares against the 3.51 crore shares available for subscription. The segment for Non-Institutional Investors (NIIs) saw the strongest response with 2.83 times subscription, followed by Retail Individual Investors (RIIs) at 1.86 times. The Qualified Institutional Buyers (QIBs) category was subscribed at 84%.
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Anchor Investors Commit Over ₹1,200 Crore
Ahead of the IPO launch, NSDL successfully raised over ₹1,201 crore from anchor investors on July 29, demonstrating strong institutional confidence in the offering.
IPO Details and Objectives
The IPO is entirely an Offer for Sale (OFS) of 5.01 crore equity shares, meaning no fresh capital will be infused into NSDL. Existing shareholders—National Stock Exchange (NSE), State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India, and the Administrator of SUUTI—are offloading shares as part of this issue.
The price band has been fixed at ₹760–₹800 per share, and the IPO will close on August 1. Shares are expected to be listed on the NSE on August 6, 2025.
Listing Driven by Regulatory Compliance
The IPO comes in light of SEBI’s ownership norms, which mandate that no single entity can hold more than 15% stake in a depository. NSDL’s key shareholders, IDBI Bank (26.1%) and NSE (24%), are required to reduce their stakes to meet this regulatory requirement. The public issue will thus help realign ownership in accordance with SEBI rules.
Second Depository to Go Public
Following its listing, NSDL will become the second depository in India to be publicly traded after Central Depository Services (India) Ltd (CDSL), which was listed in 2017. NSDL, established under the Depositories Act of 1996, pioneered the dematerialisation of securities in India and remains a key SEBI-registered market infrastructure institution.
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Lead Managers and Timeline
The book-running lead managers for the IPO include ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets.
