NSDL IPO: A Surprising Price Band Announcement

The National Securities Depository Limited (NSDL) has set a price band of Rs 760–800 per share for its upcoming Initial Public Offering (IPO), a move that has taken investors by surprise. This price is approximately a 22% discount from its last traded value in the unlisted market, where the stock was valued at around Rs 1,025 earlier this month.

Details of the IPO

The Rs 4,011.6 crore issue, opening for subscription from July 30 to August 1, will be entirely an offer for sale (OFS) of up to 5.01 crore shares. Anchor bidding is scheduled for July 29. Major shareholders including IDBI Bank, NSE, Union Bank of India, SBI, HDFC Bank, and SUUTI will offload their stakes through this IPO.

Valuation and Market Comparisons

NSDL is targeting a valuation of approximately Rs 16,000 crore through this IPO. The steep discount to its unlisted market price has drawn comparisons with the recent HDB Financial Services’ IPO, which was also priced significantly lower than its unlisted market value.

Financial Performance and Future Prospects

For Q3 FY25, NSDL reported a consolidated net profit of Rs 85.8 crore, up 29.8% year-on-year, with total income rising 16.2% to Rs 391.2 crore. The allotment of shares is expected on August 4, with a likely listing on August 6.