NSDL has fixed its IPO price band between ₹760 and ₹800 per share. NSDL will be offering shares of a face value of ₹2 each as part of its IPO.
Investors can bid for a minimum of 18 shares and in multiples thereof.Anchor investors will be bidding for the issue later today and the IPO close for subscription on August 1.
Considering the upper price band, NSDL’s IPO size will be worth ₹4,011 crore. The entire issue is an OFS, which means the depository services provider will not be receiving any proceeds from the issue.
IDBI Bank, National Stock Exchange (NSE), Union Bank of India, State Bank of India, HDFC Bank, and Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will be among the selling shareholders in the IPO.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).
At the lower end of the price band, NSDL’s price-to-earnings multiple on a financial year 2025 diluted EPS basis is at 44.29 times and at the upper end, its at 46.62 times, in comparison to the average industry price-to-earnings multiple of 68 times.
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.
ICICI Securities, Axis Capital, HSBC Securities, IDBI Capital, Motilal Oswal, and SBI Caps are acting as the book-running lead managers to the IPO.
