India’s oldest and largest securities depository, National Securities Depository Ltd (NSDL), is all set to make its debut on the stock exchanges. Shares of NSDL will list on the BSE and NSE on Wednesday, August 6, 2025, following an overwhelmingly subscribed IPO. The public issue, worth ₹4,012 crore, was structured entirely as an Offer For Sale (OFS), meaning that no new capital was raised for the company—existing investors like NSE, SBI, and IDBI Bank sold part of their holdings.
Let’s take a closer look at the IPO journey, subscription buzz, listing expectations, and the big takeaways for investors.
NSDL IPO Journey and Key Details
NSDL offered 5.01 crore equity shares (face value ₹2) through a price band of ₹760 to ₹800. The IPO opened on 30 July and closed on 1 August 2025, with allotment finalized by 4 August. Refunds and credit of shares are scheduled for 5 August, a day before the stock lists on exchanges.
Here’s a quick factsheet:
- Issue Size: ₹4,011.60 crore
- Type: 100% OFS
- Lot Size: 18 shares (~₹14,400 at upper band)
- Lead Managers: ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal, SBI Capital
- Registrar: MUFG Intime India Pvt Ltd
As the offering was purely an OFS, NSDL will not receive any proceeds from the IPO.
Huge Subscription, Especially from Institutions
The NSDL IPO witnessed massive investor interest, especially from institutional buyers. Here’s how it played out:
- Overall Subscription: ~41×
- Qualified Institutional Buyers (QIBs): ~104×
- High Net-worth Individuals (HNIs): ~35×
- Retail Investors: ~8×
Such high levels of oversubscription, particularly from QIBs, reflect strong institutional confidence in NSDL’s business and long-term growth potential. Analysts believe the robust demand is a result of NSDL’s critical role in India’s financial infrastructure, servicing over 192 million demat accounts.
NSDL IPO Grey Market Buzz and Expected Listing Price
In the unofficial grey market, NSDL shares are commanding a premium of ₹135–₹136 over the ₹800 issue price. This suggests a likely listing price in the range of ₹935–₹936, representing a 17% premium.
However, it’s worth noting that grey market premiums (GMP) are not guaranteed and are influenced by market sentiment. That said, the consistent buzz around NSDL signals strong listing-day enthusiasm from both institutional and retail segments.
Long-Term Outlook and Key Points to Watch
Compared to its peer Central Depository Services Ltd (CDSL), which is currently trading at around 68× earnings, NSDL’s IPO valuation at 47× FY25 earnings appears more reasonable. Analysts suggest this offers an attractive entry point for investors looking at core market infrastructure plays.
Other key listing-day factors:
- NSDL’s listing price vs grey market expectations
- Early trading performance and whether premium sustains
- Comparison to CDSL’s IPO performance (which rose 12× post-IPO)
- Market mood, especially in financial services and tech segments
Interestingly, NSE, one of the largest shareholders, made an initial investment of ₹59 crore in NSDL. That stake is now valued at over ₹3,840 crore, a mind-blowing 6,415% return even before the listing. Public sector banks like SBI and IDBI are also exiting partially with strong gains.
Caution for Investors
Despite all the excitement, a few cautionary points remain:
- GMP is speculative: The grey market is not regulated, and the premium can change rapidly.
- No fresh capital raised: As this is an OFS, NSDL won’t receive new funds for expansion.
- Future returns may vary: Comparing NSDL with CDSL or other IPOs can be illustrative but isn’t a predictor of performance.
Conclusion
NSDL’s IPO ticks many boxes—strong fundamentals, a dominant market position, healthy valuations, and massive pre-listing demand. All signs point to a successful listing on August 6. But investors should also be aware that listing gains are never guaranteed, and the real value lies in long-term performance.
For those considering long-term exposure to India’s financial infrastructure backbone, NSDL could be a compelling candidate. However, as always, it’s wise to review personal risk appetite and market conditions before making any move.
Also read:-