According to sources, the NSDL IPO is expected to launch in the second quarter of the current financial year. Following this news, NSDL’s unlisted shares rose by around 50%, even though the company is not listed on the stock exchange.

Unlisted market dealers said that NSDL shares have increased to around ₹1,200–₹1,225 due to the IPO buzz. In April, the stock was trading between ₹800–₹850. Recently, the company submitted an updated document (addendum) to its DRHP with SEBI, and also reduced its offer-for-sale size from 57.26 million to 50.15 million shares.

NSE (National Stock Exchange) is one of the major stakeholders planning to sell shares during the IPO. As per reports, the expected IPO price band is ₹750–₹850 per share.

IDBI Bank, NSE, and Union Bank of India are likely to sell part of their holdings. IDBI Bank is expected to offload 2,22,20,000 equity shares, NSE may sell 1,80,00,001 shares, and Union Bank of India plans to offer 5,01,45,001 shares in the IPO.

The IPO will be managed by ICICI Securities, Axis Capital, HDFC Securities & Capital Market India, IDBI Capital, SBI Capital Markets, and Motilal Oswal Investment Advisors. MUFG Intime India has been appointed as the IPO registrar.

Previously, NSDL shares couldn’t be freely transferred, similar to NSE shares. But a new ISIN has now enabled free trading and transfer, which has increased demand, according to Sandip Ginodia, CEO of Altius Investech.

Hitesh Dharawat from Dharawat Securities noted that NSDL is well-established among institutional investors, while CDSL is more popular among retail investors. He also mentioned that though NSDL shares appear slightly overvalued right now, investor interest is rising due to strong market infrastructure outlook over the next 3 to 5 years.

CDSL holds more demat accounts, but NSDL manages the largest assets under custody.

For the financial year ending March 31, 2025, NSDL’s revenue rose 12% year-on-year to ₹1,420 crore. Net profit grew 24.75% YoY to ₹343 crore, and EBITDA jumped 31.5% YoY to ₹375 crore. The company’s operating margin improved to 26.41% during the same period.