The SEBI-registered market infrastructure institution NSDL's IPO will open for subscription on July 30 and the offer closes on August 01. The company has fixed the price band in the range of Rs 760 and Rs 800 per equity share.NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.Angel One ReportNational Securities Depository Ltd.'s initial public offering will open for subscription on July 30 and the offer closes on August 01. The SEBI-registered market infrastructure institution has fixed the price band in the range of Rs 760 and Rs 800 per equity share. Investors can place bids starting from a minimum of 18 shares and in multiples thereafter.NSDL aims to raise Rs 4,011.60 crore through an IPO comprising a pure offer-for-sale of 5.01 crore shares by existing shareholders, including NSE and IDBI Bank. Since the issue is entirely an OFS, NSDL will not receive any proceeds; the IPO enables early investors to partially exit their holdings.ICICI Securities Ltd., Axis Capital Ltd., HSBC Securities and Capital Markets (India) Private Ltd., IDBI Capital Markets and Securities Ltd., Motilal Oswal Investment Advisors Ltd., SBI Capital Markets Ltd. are the book-running lead managers for the public issue.The shares will be listed on both the National Stock Exchange and the BSE on August 06.Company Outlook NSDL reported robust operational results in FY25, with total income rising 12.41% YoY to Rs 1,535.18 crore and net profit increasing by 24.57% to Rs 343.12 crore . The company reported a healthy Ebitda margin of 32% and Return on Net Worth of 17.11%, reaffirming its strong position in institutional custody and digital financial infrastructure. At the upper price band of Rs 800, NSDL is valued at a post-issue P/E of 47× FY25 earnings, which is lower than listed peer CDSL. Given its strong market position, high entry barriers, and long-term growth tailwinds from India’s digital and capital market expansion, we assign a ‘Subscribe’ rating for long-term investors. Key RisksNSDL faces key risks including regulatory pressure on transaction pricing, intense competition from CDSL in the retail segment, dependence on market activity for revenue stability, and limited growth capital from the IPO asit is a pure offer-for-sale.Click on the attachment to read the full report:Sri Lotus Developers IPO Opens On July 30 — For Key Details, Valuations, Risks, Read Anand Rathi's AnalysisDISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.. Read more on Research Reports by NDTV Profit.