NSDL to launch Rs 3,000 crore IPO amid market slowdown

India's IPO market has hit a lull in recent weeks, but National Securities Depository Ltd (NSDL) is fast-tracking its plans to go public. The country’s largest securities depository is pushing to launch its much-anticipated Rs 3,000 crore initial public offering (IPO) as early as next month, amid regulatory deadlines and shifting market conditions.
The offering, entirely an offer for sale (OFS), will see six shareholders dilute their stakes, including National Stock Exchange (NSE), IDBI Bank, and HDFC Bank. NSE currently holds a 24% stake in NSDL.

While NSDL secured in-principle approval for the IPO in September 2024—valid until September 2025—the depository is now rushing to finalize regulatory clearances. "Our dates are expiring next month. We are rushing against time to get things done fast," an NSDL official told PTI.

Sources at ET NOW suggest the IPO could be launched by early April, with listing expected within the same month. The push comes as NSDL seeks to comply with market regulator SEBI’s ownership norms, which mandate diversified shareholding structures for market infrastructure institutions.

Despite the broader market correction slowing down primary market activity, NSDL’s financials remain strong. The company posted a 29.82% year-on-year surge in consolidated net profit to Rs 85.8 crore in Q3 FY25, while total income climbed 16.2% to Rs 391.21 crore.