The National Securities Depository Limited (NSDL), one of India’s leading depository institutions, launched its much-anticipated initial public offering (IPO) on July 30, 2025. As of Day 2, July 31, the IPO has seen solid traction across investor categories, driven by attractive valuations, a strong grey market premium (GMP), and high retail interest.
In this comprehensive report, we decode every aspect of the NSDL IPO from price band, allotment, GMP trends, and expert recommendations to help you decide whether or not to apply.
Quick Facts About NSDL IPO
| Detail | Information |
|---|---|
| IPO Open Date | July 30, 2025 |
| IPO Close Date | August 1, 2025 |
| Price Band | ₹760 – ₹800 per share |
| IPO Size | ₹4,011.60 crore (Offer for Sale only) |
| Lot Size | 18 shares per lot |
| Grey Market Premium (GMP) | ₹126 as of July 31 |
| Listing Exchanges | NSE and BSE |
| Expected Listing Date | August 5, 2025 |
| Registrar | Link Intime India Pvt Ltd |
| Lead Managers | ICICI Sec, Axis Cap, SBI Cap, HSBC, etc. |
| Allotment Date | August 2, 2025 (Tentative) |
NSDL IPO Subscription Status on Day 2 (as of 10:57 AM)
|
Investor
Category |
Subscription (x
Times) |
|
Retail Investors |
2.49x |
|
Non-Institutional |
4.08x |
|
QIBs (Institutions) |
0.85x |
|
Overall |
2.37x |
This suggests strong participation from retail and HNIs (High Net-worth Individuals), while QIB interest is expected to ramp up on the final day, which is typical for large institutional players.
Grey Market Premium (GMP): ₹126 What It Means for Investors
The NSDL
IPO Grey Market Premium (GMP) stood at ₹126 on Day 2. If we calculate
the estimated listing price using the upper price band (₹800), the implied
listing is around ₹926, giving
investors a potential listing gain of
~15.75%.
This is a significant premium considering the issue is a pure OFS with no fresh fund infusion. The demand indicates confidence in NSDL’s long-term fundamentals.
NSDL Business Snapshot
Founded in 1996, NSDL is one of India’s two
major depositories (the other being CDSL). NSDL plays a crucial role in India’s
capital markets ecosystem and has diversified its service offerings through
strategic subsidiaries.
Key Business Highlights:
·
Assets
Under Custody (AUC): Over ₹500 lakh crore as of March 2025.
·
Active
Demat Accounts: 3.9 crore+
·
Market
Share: 66.03% (by value of dematerialised securities).
·
Subsidiaries:
o NSDL Payments Bank
o NSDL Database Management (Aadhaar authentication & e-KYC services)
Financial Performance Snapshot
| Metric | FY24 | FY25 (Estimated) | YoY Change |
|---|---|---|---|
| Revenue | ₹1,420 Cr | ₹1,535 Cr | +12% |
| PAT (Profit After Tax) | ₹275 Cr | ₹343 Cr | +24.7% |
| Free Cash Flow | - | ₹290 Cr+ | - |
| ROE | - | 17.1% | - |
| Valuation (P/E Ratio) | - | 46.6x to 49x (est.) | - |
NSDL vs CDSL: Key Differences for
Investors
| Metric | NSDL | CDSL |
|---|---|---|
| Market Share (Value) | 66.03% | 33.97% |
| Demat Accounts | 3.9 crore+ | 10 crore+ (retail-heavy) |
| P/E Ratio | ~46–49x | ~65x |
| Tech Leadership | Moderate | Stronger Tech Edge |
| Ownership Model | Institutional-focused | Retail-centric |
Bottom Line: NSDL is the institutional backbone, while CDSL leads in retail. NSDL’s IPO is priced more reasonably, with wider economic moat.
Investment Pros & Cons
Pros:
·
Dominant market share in terms of AUC.
·
Annuitized income model.
·
Backed by strong institutional clients.
·
Efficient cost structure and profitability.
·
Reasonable valuation vs peer (CDSL).
·
Robust GMP suggesting strong debut.
Cons:
·
Entirely an Offer for Sale no fresh capital into
the business.
·
Regulatory and tech disruption risks.
·
Lagging behind in digital and retail reach vs
CDSL.
· Valuation not exactly cheap on traditional parameters.
Final Verdict: Should You Apply for NSDL IPO?
The NSDL IPO represents a solid long-term investment opportunity for
investors bullish on India’s capital markets infrastructure. The company is
well-positioned to benefit from the increasing financialization of Indian
households and growing investor participation.
While the issue is purely OFS, and valuations are not “cheap,” the discount vs CDSL, consistent profitability, strong market position, and listing momentum make it a “Subscribe for Long Term” call.
Important NSDL IPO Dates to Remember
| Event | Date |
|---|---|
| IPO Open | July 30, 2025 |
| IPO Close | August 1, 2025 |
| Allotment Finalisation | August 2, 2025 |
| Shares Credited to Demat | August 5, 2025 |
| Listing Date (Expected) | August 5, 2025 |
Investment Risk Advisory
Investing in IPOs involves market risk. The
NSDL IPO is backed by strong fundamentals but not immune to external factors
like regulatory changes, economic slowdown, or technical challenges. Please
assess your financial goals, risk appetite, and consult a certified financial
advisor before investing.
Disclosure: This article is for informational purposes only. The author is not a SEBI-registered financial advisor.
For more IPO news and updates, visit
👉 FlipTheLoss.in Your Guide to Smarter Financial Decisions.
