• National Securities and Depository Ltd (NSDL) is launching its IPO with a price band of ₹760-800 a share, valuing the company at 46.6 times its FY25 earnings.
• The IPO, open for subscription between July 30 and August 1, is entirely an offer for sale of ₹4,011.60 crore.
• NSDL primarily provides services for holding and facilitating transactions in financial assets in electronic form.
• While depository services are central, banking services account for 50.7% of the total operating revenue.
• Revenue from banking services grew 15% CAGR and depository services grew 23% CAGR between FY23 and FY25. The company's revenue from operations expanded 18% CAGR between FY23 and FY25 to ₹1,420 crore.
• NSDL operates in a duopolistic market, is value driven and institution focused.
