CDSL shares under pressure, slide 3% ahead of NSDL IPO launch on July 30

Shares of Central Depository Services (India) Ltd (CDSL) fell by nearly 3% on Thursday to hit an intraday low of Rs 1,630.40 apiece on the NSE, as investor attention shifted towards the upcoming initial public offering (IPO) of its rival, National Securities Depository Limited (NSDL).

The two companies operate as the only depositories in India and are direct competitors in the capital market infrastructure space.

The dip in CDSL’s stock comes just days ahead of NSDL’s IPO, which is set to open for public subscription between July 30 and August 1. Bidding for anchor investors will take place on July 29.

NSDL’s IPO has generated strong interest in the grey market, where its shares are trading at a premium of Rs 145–Rs 155, implying a potential listing gain of around 18.13% over the upper end of the price band.

The company has fixed its price band between Rs 760 and Rs 800 per share, with a lot size of 18 shares, requiring a minimum investment of Rs 14,400 for retail investors. The total issue size is estimated at Rs 4,011.6 crore.

The IPO will be a complete offer for sale (OFS) of up to 5.01 crore equity shares by existing shareholders, including IDBI Bank, NSE, Union Bank of India, SBI, HDFC Bank, and SUUTI.NSDL will not receive any proceeds from the offering as the issue is entirely an offer for sale. As per the offer document, IDBI Bank will sell 2.22 crore shares, NSE will offload 1.8 crore shares, and Union Bank will sell 5 lakh shares.NSDL is aiming for a valuation of Rs 16,000 crore through the public issue. The company had initially filed its Draft Red Herring Prospectus (DRHP) with Sebi in July 2023, and later filed an addendum in May 2025, trimming the issue size from 5.72 crore shares to 5.01 crore shares.

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CDSL share price history

Over the past year, shares of Central Depository have gained 37.45%. In the last six months, the stock has risen 9.19%, while it has delivered a 19.8% return over the past three months. However, on a one-month basis, the stock has declined by 6.31%.

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