Synopsis : The NSDL IPO is expected to launch soon with a reduced issue size, but investors are still waiting for the official dates and pricing. As the SEBI listing deadline nears, the market is closely tracking unlisted share price movements and peer valuations to gauge listing prospects.
The National Securities Depository Limited (NSDL) IPO is one of the most awaited issues of 2025, with investors eyeing the SEBI listing deadline of July 31, 2025. A recent Bloomberg report hints that the IPO may open for subscription as early as this week, although no official dates or price bands have been announced yet.
NSDL has reduced its issue size to around Rs 3,000-3,400 crore from the earlier planned size, with the IPO being a pure offer for sale (OFS). This means the proceeds will go to existing stakeholders like NSE, HDFC Bank, IDBI Bank, SBI, Union Bank of India, and SUUTI, rather than NSDL itself. This move is primarily aimed at meeting SEBI’s 15% ownership cap for Market Infrastructure Institutions.
In the unlisted space, NSDL shares are currently trading near Rs 1,025, down almost 18-20% from earlier highs due to cautious sentiment following the HDB Financial Services IPO pricing, which came significantly below unlisted expectations. Market chatter suggests NSDL’s IPO price could be set around Rs 800 per share to align with realistic investor expectations while ensuring healthy demand.
Comparing with peer CDSL, which trades at a PE of 67, NSDL’s indicative PE hovers around 60 based on current unlisted prices and financial metrics. For FY25, NSDL reported a profit of Rs 343 crore on revenue of Rs 1,420 crore, while CDSL posted a higher profit of Rs 526 crore on lower revenue of Rs 1,082 crore, reflecting the premium investors are willing to pay for stable depository businesses.
Investors should note that nearly 5.02 crore shares are on offer in this IPO, reduced from the 5.73 crore shares originally planned in 2023 due to evolving market conditions. As the listing deadline approaches, keeping an eye on official announcements for the exact opening date and pricing will be crucial for investors aiming to seize this opportunity in a competitive market.
Disclaimer : This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult their financial advisors before making any investment decisions.
