NSDL IPO Company Profile:
National Securities Depository Limited (henceforth, NSDL) is a SEBI registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. With the introduction of the Depositories Act in 1996, the company pioneered the dematerialization of securities in India 1996. By number of issuers, market share in demat value of settlement volume, value of assets kept under custody, and active instruments as of March 31, 2023, NSDL is the largest depository in India. To help investors, brokers, and other market participants in the Indian capital markets and to ensure the safety and soundness of the Indian securities market, NSDL employs cutting-edge and adaptable technology solutions by developing settlement solutions that increase efficiency, minimize risk and reduce costs.
NSDL IPO Business Offerings:
- securities markets in India
- Maintaining allotment and transfer of ownership records
- Facilitating asset servicing
- Transaction and other services such as e-voting services, consolidated account statement and non-disposal undertakings
Through its subsidiaries, NDML and NPBL, it offers a range of IT-enabled solutions through multiple verticals such as e-governance, payments solutions, collaborative industry solutions, regulatory platforms, KYC solutions, insurance repository services and digital banking solutions, amongst others. Additional services provided by NDML include the automation and e-governance project for special economic zones under an agreement with the Ministry of Commerce and Industry, Government of India and a national skills registry that seeks to build a credible record of the employees working in the IT / ITeS industry. As on March 31, 2023, NSDL had over 31.46 million active demat accounts and its accounts holders were located in more than 99% of pin codes in India and 186 countries across the world.
NSDL IPO Details:
| IPO Open Date | Not Available |
| IPO Close Date | Not Available |
| Listing Date | Not Available |
| Face Value | ₹2 per share |
| Price | Not Available |
| Lot Size | Not Available |
| Issue Size | 57,260,001 shares
(aggregating up to ₹[●] Cr) |
| Offer For Sale | 57,260,001 shares
(aggregating up to ₹[●] Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| QIB Shares Offered | Not more than 50% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| Promoters | The company is a professionally managed company and does not have an identifiable promoter. |
NSDL IPO
Wants To Apply Online 
NSDL IPO Financial Analysis:
| Particulars | FY-23
(in cr.) |
FY-22
(in cr.) |
FY-21
(in cr.) |
CAGR |
| Revenue from Operations | 1021.99 | 761.11 | 467.57 | 47.8% |
| Other Income | 77.83 | 60.18 | 58.56 | |
| Contribution to investor protection fund | 9.89 | 8.96 | 8.84 | 5.8% |
| Employee Cost | 109.81 | 103.79 | 88.06 | |
| Other expenses | 647.03 | 407.84 | 164.77 | |
| EBITDA | 333.09 | 300.72 | 264.46 | 12.2% |
| EBITDA margin% | 32.59% | 39.51% | 56.56% | |
| Depreciation | 21.69 | 18.93 | 17.02 | |
| Interest | 1.52 | 2.18 | 0.86 | |
| Share of Loss of Associate | -4.84 | -1.41 | 0.00 | |
| Profit / (loss) before tax | 305.04 | 278.20 | 246.58 | 11.2% |
| Total tax | 70.23 | 65.61 | 58.02 | |
| Profit / (loss) After tax | 234.81 | 212.59 | 188.57 | 11.6% |
| Profit / (loss) After tax margin% | 22.98% | 27.93% | 40.33% |
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Check NSDL IPO Allotment Status
Go NSDL IPOallotment status would be available soon after the IPO closure date. Usually the allotment comes within a week from the closing date which in this IPO yet to be announced.
One can check the allotment on the given below link with PAN number or Application number or DP Client Id. All you need to do is to follow these steps:-
- To NSDL IPO Allotment Status
- Go to Application Status
- Select NSDL IPO
- Enter your PAN Number or Application Id or DP Client Id.
NSDL IPO
Application Form
NSDL IPO Revenue from Operations:
| Segment | FY-23
(in cr.) |
% | FY-22
(in cr.) |
% | FY-21
(in cr.) |
% | CAGR |
| Annual fees | 27.37 | 2.68% | 24.15 | 3.17% | 23.51 | 5.03% | 7.9% |
| Custody fees | 187.50 | 18.35% | 170.04 | 22.34% | 162.18 | 34.69% | 7.5% |
| Registration fees | 5.85 | 0.57% | 9.02 | 1.18% | 3.26 | 0.70% | 33.9% |
| Transaction fees | 255.38 | 24.99% | 253.57 | 33.32% | 211.02 | 45.13% | 10.0% |
| Software license fees | 0.19 | 0.02% | 0.25 | 0.03% | 0.17 | 0.04% | 6.2% |
| Communication fees | 4.34 | 0.42% | 4.23 | 0.56% | 3.75 | 0.80% | 7.6% |
| Income from banking services | 540.78 | 52.91% | 299.25 | 39.32% | 63.53 | 13.59% | 191.8% |
| Other Operating Income | 0.57 | 0.06% | 0.61 | 0.08% | 0.15 | 0.03% | 96.2% |
| Total | 1021.99 | 100% | 761.11 | 100% | 467.57 | 100% | 47.8% |
NSDL IPO Major Shareholders:
| S.NO. | Name of the Shareholder | No. of Shares | % of pre-Offer shareholding |
| 1. | IDBI Bank Limited | 52,200,000 | 26.10% |
| 2. | National Stock Exchange of India Limited | 48,000,000 | 24.00% |
| 3. | HDFC Bank Limited (SS) | 17,899,500 | 8.95% |
| 4. | Administrator of the Specified Undertaking of the Unit Trust of India | 13,660,000 | 6.83% |
| 5. | State Bank of India | 10,000,000 | 5.00% |
| 6. | Deutsche Bank A.G | 10,000,000 | 5.00% |
| 7. | Citibank N.A. | 6,250,000 | 3.13% |
| 8. | The Hongkong and Shanghai Banking Corporation Limited | 6,250,000 | 3.13% |
| 9. | Standard Chartered Bank | 6,250,000 | 3.13% |
| 10. | Kotak Mahindra Life Insurance Company Limited | 5,940,000 | 2.97% |
| 11. | Union Bank of India | 5,625,000 | 2.81% |
| 12. | Canara Bank | 4,590,000 | 2.30% |
| Total | 186,664,500 | 93.33% |
NSDL IPO Offer for Sale Details:
| S. No. | Name of the Selling Shareholder | Number of Equity Shares
being offered in the Offer for Sale (Up to) |
|
| 1. | IDBI Bank Limited | 22,220,000 Shares | |
| 2. | National Stock Exchange of India Limited | 18,000,001 Shares | |
| 3. | Union Bank of India | 5,625,000 Shares | |
| 6. | State Bank of India | 4,000,000 Shares | |
| 4. | HDFC Bank Limited (SS) | 4,000,000 Shares | |
| 5. | Administrator of the Specified Undertaking of the Unit Trust of India | 3,415,000 hares | |
NSDL IPO Strengths:
-
As of March 31, 2023, NSDL was India’s first and foremost depository. It is also the country’s largest depository in terms of the market share in demat value of settlement volume, number of issuers, value of assets kept in custody and active instruments. As of March 31, 2023, it has an aggregate of 40,987 issuers registered on its system with an extensive network of 283 depository participants operating through 59,401 service centers across India.
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NSDL has consistently invested in technology, enabling the development of a state-of-the-art depository system catering to diverse user groups such as depository participants, issuers, registrars, transfer agents, and clearing corporations. Its strong focus on technology-led product innovation has helped it expand its service capabilities, enhance user experience, and continue to remain relevant in the financial and securities market in India.
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NSDL has implemented a comprehensive risk management system that seeks to develop appropriate risk management tools to address the material risks that the company may face. It has established a security operations center with round-the-clock operations to monitor, detect, analyse, eradicate and respond to any adverse cyber security events.
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Its core depository services provides the company with a steady source of recurring revenues and stability to its business model. In addition to that, it generates recurring revenue from a range of other services. Its standalone and consolidated operational revenue per investor account as of March 31, 2023 was 130.05 and 324.82, respectively, significantly more than that of its rivals.
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NSDL has a strong presence in the depository industry due to the wide range of asset types housed in its demat accounts. These accounts hold various asset classes, including equities (listed and unlisted), preference shares, warrants, funds (mutual funds, REITs, InvITs and AIFs), debt instruments, and electronic gold receipts. As of March 31, 2023, NSDL held approximately 84.03% and 88.39% of total securities in terms of numbers and values, respectively.
NSDL IPO Risk Factors:
-
The company’s payments bank business involves high operating expenses leading to a high cost-to-income ratio. It needs to efficiently increase the volume of its transactions and improve its cost to income ratio leading to wider margins of income and the resultant profitability. If it is not able to manage its operations without significantly addressing its operating costs, it may not be commercially viable for the company to operate its payments bank business which may adversely affect its revenue from operations and cashflow.
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SEBI regularly conducts inspection and investigations in relation to NSDL’s operations. It has in the past been subject to enforcement actions by way of issuance of show cause notices from SEBI in relation to certain alleged violations/ non-compliances of relevant SEBI laws by the company. There are certain outstanding regulatory proceedings against the company as well. Such proceedings could divert management time and attention, and consume financial resources in their defence or prosecution.
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The company has had experienced negative cash flows from operations in the recent past, and suggests possibility of may having negative cash flows in the future. The results of operations and financial condition could suffer from any additional negative cash flows, and the firm cannot guarantee that its net cash flows will be positive in the future.
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There are outstanding legal proceedings (tax proceedings, statutory or regulatory proceedings and material civil litigations) involving NSDL, its directors, its subsidiaries and its group companies. These proceedings are pending at different levels of adjudication before various judicial authorities, from which further liability may arise. Further, an unfavourable outcome in any of these proceedings, may adversely affect its reputation, prospects and financial condition.
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As of March 31, 2023, NSDL had contingent liabilities amounting to 138.56 crores which have not been provided for. Further, there may be additional liabilities on account of interest and/or penalties on the demands from regulatory authorities. In the event that these contingent liabilities do materialize, it could have an adverse impact on the company’s financial health, cash flows, and results of operations.
NSDL IPO Prospectus:
- National Securities Depository Limited IPO DRHP- https://www.sebi.gov.in/filings/public-issues/jul-2023/national-securities-depository-limited-drhp_73701.html
- National Securities Depository Limited IPO RHP-
Registrar to the offer:
Link Intime India Private Limited
Tel: +91 810 811 4949
E-mail: nsdl.ipo@linkintime.co.in
Investor Grievance E-mail: nsdl.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
Website: www.linkintime.co.in
SEBI Registration No: INR000004058
NSDL IPO FAQ:
Ans. NSDL IPO open and close dates are not available as of now.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Ans. The NSDL IPO dates are not announced. Please check back again after some time.
Ans. NSDL IPO lot size is <> Shares and the minimum order quantity is .
Ans. The NSDL IPO listing date is not yet announced. The tentative date of NSDL IPO listing is [.].
Ans. The minimum lot size for this upcoming IPO is <> shares.