IPO Details

About Company

Incorporated in 2012, National Securities Depository Limited (NSDL) is India’s first and largest securities depository, playing a central role in maintaining electronic records for securities allotment and ownership transfers. Registered with SEBI as a Market Infrastructure Institution (MII), NSDL provides services such as dematerialization, trade settlement, e-voting, CAS, and non-disposal undertakings (NDU). It also operates two key subsidiaries: NSDL Database Management Ltd. (NDML): Engaged in e-governance and regulatory services. NSDL Payments Bank Ltd. (NPBL): A digital-first B2B payments bank. As of March 31, 2025, NSDL serviced 39.45 million demat accounts and had over 33,700 registered issuers, with clients in 186 countries and almost every Indian PIN code. The company benefits from a stable, recurring revenue model, robust IT infrastructure, and extensive diversification across asset classes and verticals. Financially, NSDL posted a 12% YoY revenue growth and 25% increase in PAT in FY25. The issue aims primarily at achieving listing benefits, with no fund utilization component. However, the IPO is fully priced, trading at a high P/E of 46.63x and P/B of 7.98x.