NSDL IPO vs CDSL: Here's what key numbers reveal for investors

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National Securities Depository IPO: The initial public offering (IPO) of securities depository National Securities Depository (NSDL) is scheduled to open for public subscription on Wednesday, July 30, 2025. The ₹4,011.6-crore public issue comprises an offer for sale (OFS) of 50.14 million equity shares, with no fresh issuance. IDBI Bank, National Stock Exchange of India, State Bank of India, Unit Trust of India, HDFC Bank, and Union Bank of India are the selling shareholders.  

 

NSDL has set a price band for its IPO in the range of ₹760 to ₹800. The lot for an application is 18 shares. A retail investor would require a minimum investment amount of ₹14,400 to bid for one lot at the upper end price. The IPO will close for bidding on Friday, August 1, 2025. Shares of NSDL will make their debut on the BSE, tentatively on Wednesday, August 6.

 

Amid the buzz around the NSDL IPO, investors are closely watching its closest and only listed rival, Central Depository Services (CDSL).   ALSO READ | Sell CDSL shares to invest in the NSDL IPO? Here's what analysts recommend 

  Here's a look at how the companies compare on the financial and operation parameters:

Source: Equinomics Research

 

 

                     

                      NSDL, at the upper end of the offer price, is valued at 46.6x as compared to 64.1x of CDSL on FY25 earnings. 

 

"It is worth noting that the premium valuation being enjoyed by CDSL is mainly because of its margin profile as compared to NSDL and its rising market share," according to a report by Equinomics Research.   WATCH | NSDL IPO analysis: Dates, price band, seller list & key profits 

G Chokkalingam, founder and head of research at Equinomics Research, stated in the report that while CDSL appears superior to NSDL in terms of growth profile, the NSDL IPO may still offer tactical listing gains, given its considerable discount to CDSL at the upper end of the IPO price band. Hence, investors may consider subscribing to the issue for a possible tactical listing gain.