India’s largest depository firm is set to launch its highly anticipated public offering in March 2025. The NSDL IPO will be a total Offer for Sale (OFS) with an issue size of INR 3,000 crore.
Key Details of the NSDL IPO
- IPO Size: INR 3,000 crore (fully OFS)
- Expected Launch: March 2025
- Regulatory Approval: SEBI clearance received in September 2024
- Listing: NSE and BSE
- Shares Offered: 5.72 crore equity shares
- Major Selling Stakeholders:
- NSE – 1.80 crore shares
- IDBI Bank – 2.22 crore shares
- Union Bank of India – 56.25 lakh shares
- SUUTI – 34.15 lakh shares
- State Bank of India – 40 lakh shares
- HDFC Bank – 40 lakh shares
IPO Timeline and Approvals
NSDL filed its issue papers in July 2023. The Securities and Exchange Board of India (SEBI) approved the IPO in September 2024. However, additional Market Infrastructure Institution (MII) approvals were required.
With the DRHP approval valid for 12 months, NSDL faces a September 2025 deadline to launch the IPO. A senior company official acknowledged the urgency:
“Our dates are expiring soon. We are rushing against time to get things done fast. We will try to launch the IPO before that.”
Financial Performance of NSDL
NSDL’s financials showcase continuous growth and further increase its investment appeal.
Q3 FY25 (October-December 2024)
- Net Profit: ₹85.8 crore (30% YoY growth)
- Total Income: ₹391.21 crore (16.2% YoY growth)
FY25 (April-December 2024)
- Net Profit: ₹259.82 crore (32.6% YoY growth)
- Total Income: ₹1,141.4 crore (13.3% YoY growth)
Market Impact and Investor Sentiment
NSDL IPO has fueled momentum in the depository sector. On 21 February 2025, shares of Central Depository Services Limited (CDSL), NSDL’s competitor, rose by 3.58%, signalling investor optimism.
Given NSDL’s critical role in securities transactions and dematerialized account management, the IPO is likely to attract significant retail and institutional interest.
Challenges and Market Conditions
NSDL IPO was delayed by several factors such as regulatory delays, market fluctuations, internal operational challenges, Workforce limitations and delays in procedural approvals. However, with regulatory backing and market stability, NSDL is optimistic about meeting its March launch target.
Conclusion
NSDL’s IPO could be one of the largest offerings in the financial sector this year. If everything goes according to the company’s plans and approvals are completed on schedule, the depository firm is set to make its stock market debut in March 2025. Investor enthusiasm, combined with NSDL’s strong financials and market position, indicates a promising public listing.
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