The Abu Dhabi Investment Authority has acquired a 1.17% stake in India’s National Securities Depository Limited (NSDL), joining the anchor book of the depository’s INR 40.12 billion ($460 million) initial public offering.
According to a regulatory disclosure filed with the Bombay Stock Exchange, ADIA subscribed to 174,996 equity shares at INR 800 per share, bringing its total investment to INR 140 million. The UAE sovereign wealth fund is among several institutional investors allocated shares ahead of the IPO’s formal subscription window, which opened today.
Other anchor investors include the Life Insurance Corporation of India, which received the largest allotment with an 11.99% stake, and the Smallcap World Fund, which secured 8.33%.
NSDL, the oldest depository in India, provides electronic securities custody and settlement services. The IPO includes an offer for sale of existing shares by several shareholders, including IDBI Bank, National Stock Exchange of India, and State Bank of India.
ADIA’s investment comes shortly after the fund acquired a 3% stake in Micro Life Sciences Private Ltd, the parent of Indian medical device firm Meril, for $200 million, further extending its exposure to India’s financial and healthcare sectors.
With $1.11 trillion in assets under management, ADIA has been increasing its allocations to Asia and India in particular. In recent years, the fund has invested across Indian infrastructure, renewables, financial services, and healthcare, in line with its strategy to deploy long-term capital in growth markets.
India’s IPO market has seen renewed interest in 2024 and 2025, following a subdued period during the pandemic. According to EY data, India recorded over 110 IPOs in the first half of 2025, raising more than $6.6 billion, making it one of the most active equity markets globally this year.
