NSDL Readies Rs 3,400 Cr OFS IPO In July
National Securities Depository (NSDL) is preparing to launch its much-anticipated Initial Public Offering (IPO)—entirely via an offer-for-sale (OFS)—as early as next week. The move will see key stakeholders IDBI Bank, National Stock Exchange (NSE), State Bank of India (SBI) and others divest a combined 50.15 million shares (~Rs 3,400 crore or USD 400 million), valuing the company at approximately USD 1.85 billion.
The NSDL IPO is set to open on 21 July and close on 25 July, with allotment and listing likely to take place between 28 and 30 July. The offer comprises a pure Offer for Sale (OFS) structure, meaning no fresh capital will be raised and all proceeds will go to existing shareholders. In terms of the stake sale breakdown, IDBI Bank will offload approximately 22.2 million shares, representing a 26.1 per cent stake, while the National Stock Exchange (NSE) will sell around 18 million shares, amounting to a 24 per cent stake.
Additional shares will also be sold by Union Bank of India and the State Bank of India. The structure reflects a strategic divestment by institutional promoters without any dilution of equity, as confirmed by multiple reports.
This will be led by ICICI Securities, Axis Capital, HSBC, IDBI Capital, SBI Capital Markets and Motilal Oswal; MUFG Intime India appointed as registrar.
Financial Health & Market Position
NSDL, founded in 1996, commands over 90 per cent of high-value demat assets and serves around 31 million active accounts, underpinned by technology-driven, fee-based revenue. FY 2023 figures show revenue of Rs 1,099.8 crore and profit after tax of Rs 234.8 crore, with an asset base of Rs 2,093 crore. Q4 FY 2025 reported profit of Rs 83 crore, a 5 per cent year-on-year rise, and quarterly revenues reaching Rs 394 crore, up 10 per cent annually
