The IPO is entirely an offer for sale (OFS) of up to 5.01 crore equity shares by existing shareholders, including IDBI Bank, the National Stock Exchange of India (NSE), and the State Bank of India
(SBI).
IDBI Bank will sell up to 2.22 crore shares, SBI will sell up to 40 lakh shares, NSE will offload up to 1.80 crore shares, HDFC Bank will sell up to 20 lakh shares, and Union Bank of India will offload 5 lakh shares.Additionally, the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will offer up to 34.15 lakh shares
All shares have a face value of ₹2 each.Currently, IDBI and NSE hold 26.01% and 24% stake, respectively, in NSDL. As per SEBI norms, no single entity can own more than 15% in a market infrastructure institution. This IPO gives both entities an opportunity to reduce their holdings in compliance.
NSDL is reportedly targeting an IPO valuation of around $1.85 billion (₹16,000 crore at current exchange rates).
As of December 31, 2024, NSDL is the largest depository in India by number of issuers, number of active instruments, market share in demat value of settlement volume, and value of assets under custody.
SEBI has allowed India’s oldest depository to complete its listing by August 14, 2025.
NSDL first filed its draft red herring prospectus (DRHP) with SEBI in July 2023, and submitted an addendum in May 2025, reducing the issue size from 5.72 crore shares to 5.01 crore shares.
ICICI Securities, Axis Capital, HSBC Securities, IDBI Capital, Motilal Oswal, and SBI Caps are acting as the book-running lead managers to the IPO.
