Why NSDL Had to Launch Its IPO:-
Everyone knows that investors are going to make money in NSDL’s IPO and maybe that’s why every IPO investor was eagerly waiting for NSDL’s IPO. So finally NSL’s IPO is coming this month. The way HDB Financials was forced to bring an IPO. In the same manner NSDL also has to be brought in. Recently SEBI had given them a deadline that you have to get listed in the market on this date. Later it was extended and finally the last date given to them by SEBI is 31st July. The end of this month, that is, in this month itself, they had to be listed according to SEBI’s norms and rules. So what are the IPO dates coming out? What is its price band coming out to be ? How much profit can we make in IPO ? And also what activity is going on in the unlisted market regarding its share prices ? Is the valuation going on? We will analyse all the things here and it is very important to analyse the valuation. Do not face any problem in this IPO and you can easily make profit here.
NSDL IPO Tentative Dates:-
Now you have to keep in mind that these IPO dates are tentative dates. Meaning there could be a difference of 1920. Ok? So as per the tentative dates, as per rumours, the IPO will open in the market on 21st July and you can apply here till 25th July. Finally, if we talk about its allotment date, its allotment is going to be cleared on 28th July. If about its listing date, it is going to be listed in the market on 30th July. Meaning, these are going to be listed in the market before the date given to them by SEBI. Is the IPO a fresh issue now? What is OFS? We will cover everything.
Offer Details: No Fresh Issue – It’s All OFS:-
This IPO is going to be a total OFS. Offer for sale is going to happen. Let us also understand how many shares will be sold here now. So here, 5.01 crore equity shares will be sold. The issue size of the IPO is coming out to be ₹3421 crores. This will be its issue size. Ee will clearly understand that the price of one share comes out to be around ₹184. So its price band will be around ₹650 to ₹700. Clear cut is what we understand here. If we go by this now, then how many of its equity shares are available in the simple market? Total number of its equity shares available in the market is Rs 20 crore. Currently, we also have the issue size of the IPO. Also the number of shares is known. Along with that, we also got the price band and we also have profit which we will talk about. How much profit are they making? From this we will find out its price to earning ratio. Along with this, we will see its revenue split and also analyze it with its competitors.
What NSDL Does – Explained Simply:-
Now finally NSDL is also going to be listed in the market. So, first let us understand what their issue is in our depository system. So as of June 30, 2025, NSDL has total investor accounts of around 4 crores. Ok? Now the DP service centers where your shares are stored, the depositories are there, brother, there are total 65000, approximately 66000 DP service centers with them. About the demat custody value, it is coming out to be around 510 lakh crore.
NSDL vs. CDSL – Market Share Comparison:-
Now if we compare it with its competitors, then about market share, first of all about market share as per customers, so CDSL, okay, here the market share of CDSL is 75% and the market share of NSDL is only 25%. Now after seeing this you will say that brother, here CDSL is far ahead. Both have a duopoly. Apart from these there is no other player in depository services. But here CDSL is way ahead in terms of the current time. Look, look like this in reality, there is nothing like this in reality. Here, what CDSL targets is the mass retail audience. Meaning it targets mass retail customers. About NSDL, they have big institutions and retailers as well. But they have a lot of accounts of institutions and HS with NSDL. The total amount of demat custody value, then according to this, if we look at the market share, go into a little precise figure, here the market share of CDSL as per the total demat custody value is coming out to be 11%, whereas if we of NSDL, then it is 89%, now the simple reason for this is that CDSL has a lot of retail investors who invest in small amounts. Whereas NSDL has most of the accounts of HAI and other institutions. Due to which the amount increases significantly because the institutions have shares of slightly higher value. So finally let us come to the financials of the company.
NSDL’s Financials: Strong Growth Story:-
Now if you look at the financials here, you will get to see data only till 2023. So the revenue was Rs 526 crore in 2021. In 2022 this became Rs 821 crore. In 2023 this became Rs 1000 crore. So they made a profit of Rs 188 crores, total Rs 212 crores in 2021. Then again they came above Rs 20034 crores. If about 2024 now, here they have earned Rs 275 crores in 2024. About 2025, this is a total of Rs 343 crores. What are you doing with this ₹343 crore year ? We are making profits. According to this you know the number of shares you have. So here we calculate the share on earning. So its earning per share EPS comes out to be 17.15.
Valuation & Price-to-Earnings (P/E) Ratio:-
So the unlisted share hit a high of ₹ 125. Now HDB’s case has gotten a little worse. Now see, the share goes up in the unlisted market. This means that you should understand that its buyers and sellers are available at the price of ₹ 125. That’s why we are able to trade here. Even in the case of HDB, it went up to ₹1200. A decline was seen here too. HDB got busted. After that, this share almost fell in the market to around ₹ 980. At the same time, its tentative price band is coming out to be around ₹650 to ₹700. So we will analyse it accordingly. Right now at the price of ₹980, its market cap which is coming out is around ₹100 crores. About the current valuation of NSDL the current price in the unlisted market, what is its price coming out to be? How much is its market cap coming out to be? So at the price of ₹980, its market cap comes out to be a full ₹200 crores in the market. About ₹650 which is the price band that is going to come this will cost around ₹17,000 crores. The market cap is also out with us. You also have your total yearly earnings. So accordingly we calculate its price to earning ratio. Ok? So in the current situation its PE ratio is coming out to be total 60:60. At the same time, where it reached its high, its price to earning ratio came out to be 74. At the price at which it is expected that it will bring its IPO in the market, its PE ratio is coming out to be 40.
CDSL Comparison: P/E Ratio Insight:-
Now if we compare it with its competitor, then CDSL. About CDSL, currently the PE ratio of CDSL is 70. According to that, the current price in the market is somewhere around ₹ 1000. If we see it this way, then at the present time the current market valuation of the share is ₹ 980, somewhere at this price the chances of listing of its shares become quite high. According to this, if we assume that if this stock comes in the market at a PE ratio of 40, then here if we assume a gain of around 30-40%, then this IPO shows us a gain of 40%, which is expected. The profit of 20 to 30% is listing gain. In any case, you should assume that this much will definitely happen. Ok? If this much happens here then at present there are chances of it getting listed in the market for around ₹1000.
Unlisted Market Sentiment & Grey Market Trends:-
Even if it gets listed in the market at around ₹900. Irrespective of its price band, investors are still going to make profit somewhere here.Look, somewhere the rumours regarding price band have already arrived in the market. Despite that, the share price of the unlisted market did not reach this price. Because if you see in the case of Wari, the price of Wari was ₹ 1500 per share. But somewhere its grey market premium, GMP was very high. There was of almost 2x the money being there here. Actually there was no 2x money here. But the price of its unlisted shares was above this. Even though the price band was down, it was up. Because, look, when shares are being traded in the unlisted market, they know very well that whenever it gets listed in the market, no matter what price band the company brings, investors ultimately get the profit and whatever is the value of any share, it gets listed in the share market at that value only.