Overview

• As India’s largest securities depository by assets under custody, NSDL is set to launch its IPO in July 2025.
• The offer for sale is expected to divest 50.1 million shares to raise approximately $400 million.
• Major stakeholders including IDBI Bank, the National Stock Exchange and State Bank of India will sell their holdings.
• NSDL itself will not receive any funds from the share sale, with all proceeds going to the selling investors.
• ICICI Securities, Axis Capital, HSBC and IDBI Capital are managing the offering and the price band will be finalised closer to the launch.