NSDL IPO: NSE, SBI, HDFC Bank Set For Windfall Gains — More Details On Wealth Unlocking Here

The upcoming initial public offering (IPO) of National Securities Depository Ltd. is shaping up to be a massive wealth unlock for its early institutional investors.

NSDL, India’s first and largest securities depository, will launch a Rs 4,011.6 crore IPO this week. The issue, entirely an offer-for-sale, will see several major shareholders—including State Bank of India, IDBI Bank, National Stock Exchange, HDFC Bank, and Union Bank of India—offload part of their holdings at a price band of Rs 760–Rs 800 per share.

SBI is selling 40 lakh shares acquired at just Rs 2 apiece. At the upper end of the price band, the bank stands to earn Rs 320 crore. IDBI Bank is expected to realise Rs 1,776 crore from its sale of 2.22 crore shares, also bought at Rs 2.

The NSE, which holds a 24% stake in NSDL, is offloading 1.8 crore shares acquired at an average cost of Rs 12.28. The sale is projected to fetch Rs 1,418 crore. HDFC Bank, despite entering at a higher price point of Rs 108.29 per share, will still see significant gains; its 20.1 lakh shares are expected to generate Rs 139 crore.

NSDL, founded in 1996, plays a central role in India’s capital markets infrastructure, facilitating the holding and transfer of securities in electronic form. The IPO marks a significant milestone for the company and its long-term stakeholders, many of whom invested in its early years when digital depositories were still a nascent concept in India.