NSDL IPO: Unlisted shares take a 20% from recent highs; IPO deadline end month

Unlisted shares of National Securities Depository Ltd (NSDL) have taken a big hit in the pre-IPO market ahead of its much awaited IPO, which is reported to be launched later this month. NSDL has approval from the Securities and Exchange Board of India (Sebi) and the issue must go live before July 31, 2025. It is likely to raise Rs 3,750-4,000 crore via primary market.

According to the dealers, shares of NSDL have fallen nearly 20 per cent from its peak around Rs 1,250 in the unlisted market to trade around Rs 975-1,000 range. They believe that that stock was heated-up in its run up to the IPO and an eye opener by HDB Financial Services has led to more realistic valuations for the counter.

The buzz around its IPO and strong financial performance, has driven investor interest ahead of the IPO for potential returns, said Krishna Patwari, the Founder and Managing Director of Wealth Wisdom India. NSDL’s unlisted shares were soaring high but the HBD Financials’ IPO spilled its impact on NSDL’s unlisted share price. However, the stock may rise again once the IPO date is finalized.

Echoing the similar tone, Narottam Dharawat of Mumbai-based Dharawat Securities said that the current unlisted price of NSDL factors are all positive for the company and if one wants a sure-shot allotment for long-term may consider to hold the stock. However, the IPO is likely to price around Rs 750-800, depending upon the market conditions.

“NSDL shares will continue to attract investor interest during the IPO and post listing as well it holds a duopoly in the Indian depository business with CDSL. It is an assured business and assured growth play, related to market infrastructure, which adds to the optimism for it,” he added.

NSDL has trimmed its IPO size to 50.15 million equity shares from 57.26 million equity shares earlier. The IPO will entirely be an offer-for-sale (OFS) by IDBI Bank (offloading 11.11 per cent stake) and NSE (offloading 9 per cent stake) along with SBI, HDFC Bank, Union Bank of India along with other investors (offloading 5 per cent stake) with no fresh share sale.

NSDL reported a net profit of Rs 83.3 crore with a revenue of Rs 364 crore for the quarter ended on March 31, 2025. The company clicked a Ebitda of Rs 91.2 crore with an Ebitda margin of 25.1 per cent. For the entire financial year 2024-25, NSDL reported net profit of Rs 343 crore with a revenue of Rs 1,420 crore. Ebitda came in at Rs 375 crore for the year.

ICICI Securities, Axis Capital, HDFC Securities & Capital Market India, IDBI Capital, SBI Capital Market and Motilal Oswal Investment Advisors are managing the IPO, while MUFG Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE.