National Securities Depository Limited (NSDL), India’s oldest and one of the largest depositories, is preparing to launch its much-anticipated initial public offering (IPO) in July. According to people familiar with the matter, the company is looking to raise nearly ₹3,421.6 crore, or around $400 million, through this public issue.

This IPO has been in the pipeline for quite some time, with regulatory approval already secured in October last year. While the official announcement regarding the timeline is yet to be made, sources suggest that NSDL is targeting July as the likely window for the listing.

Offer for Sale – No Fresh Issue

One important point to note is that this IPO will be purely an offer for sale (OFS). This means NSDL will not receive any direct proceeds from the IPO. Instead, the existing shareholders, including IDBI Bank, State Bank of India, and the National Stock Exchange (NSE), will offload a portion of their holdings in the depository.

The IPO is expected to comprise 50.1 million shares, as per the company’s earlier stock-exchange filings. This move is part of the broader plan by institutional investors to partially exit and unlock value from their investments in one of India’s most crucial financial infrastructure entities.

Strong Backing, Strategic Importance

NSDL plays a central role in India’s capital market infrastructure. It is currently the largest depository in the country in terms of assets under custody. The institution offers dematerialisation services, securities settlement, and several other related services that are vital to the functioning of India’s stock markets.

Given NSDL’s strategic position in the market, the upcoming IPO has generated significant interest. The listing is expected to provide more visibility to the depository and enhance its corporate governance as it steps into the public market.

Merchant Bankers Onboard

To manage the IPO, NSDL has roped in top financial institutions as merchant bankers. These include:

ICICI Securities Ltd.
Axis Capital Ltd.
HSBC Holdings Plc
IDBI Capital

These players will oversee the IPO process, helping with compliance, valuation, and roadshows leading up to the listing. Their involvement reflects the scale and significance of the offering in the Indian capital markets.

Silence from the Top

Although the report about the IPO timeline has surfaced, NSDL’s top management has maintained a cautious silence. The company’s Managing Director and CEO Vijay Chandok declined to comment on the exact timeline when contacted by Bloomberg. Additionally, a spokesperson for NSDL did not respond to calls seeking further details.

This low-profile approach is not unusual, especially during sensitive phases of IPO preparation. Regulatory restrictions and strategic considerations often prevent key company personnel from sharing details prematurely.

A Boost for India’s IPO Market?

The listing of NSDL could be one of the major events for India’s IPO landscape in 2025. If the timeline holds true, the ₹3,400-crore offering could not only be one of the largest of the year but also bring renewed momentum to the primary markets, which have shown signs of revival.

With investor confidence rising and the appetite for quality listings growing, NSDL’s IPO may attract strong interest from both institutional and retail investors. The fact that the offer is coming from established financial institutions may add further credibility and demand.

Conclusion

The NSDL IPO, expected to hit the markets in July, will be closely watched by market participants. While the company itself won’t gain directly from the offering, its listing could mark a major milestone in its journey and set a benchmark for other financial infrastructure firms. With strong institutional backing, experienced merchant bankers, and a dominant position in the Indian financial ecosystem, NSDL’s IPO is shaping up to be a significant event in the capital markets calendar.

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