Central Depository Services (India) Ltd (CDSL) shares fell almost 3% on Thursday to ₹1,630.40 on the NSE. The drop happened just days ahead of the IPO of CDSL’s main competitor, National Securities Depository Limited (NSDL), which would launch on July 30.
There are two depositories in India, CDSL and NSDL, and are just as relevant to the stock market by holding shares in electronic form. CDSL shares are under pressure as investors focus on NSDL’s upcoming IPO.
NSDL IPO Information
NSDL will be issuing an IPO open for public subscription from July 30th to August 1st, and the anchor investor portion will be available for subscription on July 29th.
- Price Band: ₹760 to ₹800 per share
- Lot Size: 18 shares, or a minimum investment of ₹14,400
- Total Issue Size: ₹4,011.6 crore
Type of IPO: 100% Offer for Sale (OFS)
The IPO has generated substantial buzz in the grey market, where shares are trading at a significant premium of ₹145 to ₹155. This would suggest a potential listing gain of roughly 18% over the issue price.
Since this is a complete OFS, NSDL won’t earn any money from the IPO. The shares are being sold by existing shareholders such as IDBI Bank, NSE, SBI, Union Bank of India, HDFC Bank, and SUUTI.
Here’s how many shares each significant shareholder plans to sell.
- IDBI Bank: 2.22 crore shares
- NSE: 1.8 crore shares
- Union Bank of India: 5 lakh shares
NSDL is seeking a valuation of ₹16,000 crore through the IPO. The company had initially filed its IPO documents with SEBI in July 2023, but made amendments in May 2025 and reduced the offer size from 5.72 crore shares to 5.01 crore.
CDSL Stock Review
Another way to look at CDSL’s stock performance: even though the recent drop was somewhat aggressive, CDSL has been performing quite well over the past year:
- 1-year return: +37.45%
- 6-month return: +9.19%
- 3-month return: + 19.8%
- 1-month return: -6.31%
The share price drop is likely a reaction to investors switching their attention to NSDL’s IPO. Analysts suggest the listing could increase competition in the industry and potentially revalue both firms in the market.
CDSL shares have declined ahead of the initial public offering (IPO) launch of NSDL. As strong interest is building for NSDL in the market space, investors will be interested to see how the listing performs and what impact it may have on both depositories going forward.
