The NSDL IPO (National Securities Depository Ltd) opened on 30 July 2025 and will remain open until 1 August 2025. The company has set the IPO price band at ₹760–₹800 per share and aims to raise ₹4,011.60 crore through this 100% offer-for-sale (OFS) issue. The shares will be listed on both BSE and NSE.

As of Day 2, the IPO is witnessing strong demand across investor categories, and the grey market premium (GMP) indicates a healthy listing gain potential.

NSDL IPO Grey Market Premium (GMP) Today

Market observers report that NSDL shares are trading at a premium of ₹126 in the grey market, suggesting an estimated 16% listing gain.

NSDL IPO Subscription Status (Day 2)

By 5 PM on Day 2, the IPO had been subscribed 5.03 times overall:

  • Retail investors: 4.17x

  • Non-Institutional Investors (NII): 11.08x

  • Qualified Institutional Buyers (QIB): 1.96x

NSDL IPO Key Details

  • IPO Price Band: ₹760–₹800 per share

  • Issue Size: ₹4,011.60 crore (100% OFS)

  • Lot Size: 18 shares per lot

  • IPO Open Date: 30 July 2025

  • IPO Close Date: 1 August 2025

  • Allotment Date: 2 August 2025 (tentative)

  • Listing Date: 5 August 2025 (tentative)

  • Registrar: MUFG Intime India Pvt Ltd

  • Lead Managers: ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal, SBI Capital

Should You Apply for NSDL IPO?

Several analysts have assigned a “Subscribe” rating to the IPO:

  • Anand Rathi: “At the upper price band, NSDL is valued at a P/E of 46.6x FY25 earnings with a market cap of ₹16,000 crore and RoNW of 17.1%. The IPO is reasonably priced.”

  • Fynocrat Technologies: “This is a rare opportunity to invest in India’s market infrastructure backbone. With strong margins, annuity-style revenue, and a dominant market share, NSDL is a solid long-term bet.”

  • INVasset PMS: “NSDL’s institutional strength, annuity-like cash flows, and leadership in the depository space make this an attractive long-term investment.”

Financial Performance

  • FY25 Revenue: ₹1,535 crore (up 12% YoY)

  • FY25 PAT: ₹343 crore (up 25% YoY)

  • Assets Under Custody: Over ₹500 lakh crore

  • Active Demat Accounts: 3.9 crore

  • Market Share: 66.03% in value of dematerialized securities

Our Take

The NSDL IPO offers exposure to a stable, high-entry-barrier business with strong cash flows and a significant role in India’s capital market infrastructure. The valuation (46–49x P/E) is attractive compared to peer CDSL (65x P/E), making it a reasonable investment for long-term investors.