Summary:
NSDL IPO details are out! Discover the official date, price band, subscription info, and allotment timeline in our full breakdown.
India's largest securities depository, National Securities Depository Ltd (NSDL), has recently unveiled its much-awaited Initial Public Offering (IPO).
With strong investor interest, robust financial credentials, and vital infrastructure positioning, this IPO marks a massive milestone in India's capital markets.
Below is a detailed breakdown of NSDL's IPO timeline, pricing, subscription stats, allotment process, valuation, and listing projections.
Offer Period: 30 July to 1 August 2025
Allotment Date: 4 August 2025 (Monday)
Share Credit & Refunds: 5 August 2025
Listing Date (Tentative): 6 August 2025 on BSE (likely NSE participation)
Investors can verify their allotment status online, and the team anticipates processing refunds on the same day after verification.
Price Band: ₹760–₹800 per share (final issue price set at ₹800)
Issue Size: ₹4,011.60 crore via an Offer for Sale (OFS) of up to 5.01 crore shares; no new capital raise.
Lot Size: 18 equity shares per application, totalling ~₹13,680 minimum retail investment
Reservation: 85,000 shares reserved for eligible employees, with a ₹76 per share discount
Lead managers include ICICI Securities, Axis Capital, SBI Capital Markets, Motilal Oswal, HSBC Securities, and IDBI Capital. MUFG Intime India serves as the registrar.
NSDL's IPO saw overwhelming interest:
Overall subscription: ~41.02 times (144.04 crore bids vs 3.51 crore shares)
Category-wise:
QIBs: ~103.97× subscription
NIIs: ~34.98×
Retail Investors: ~7.73× subscription
grey market premium (GMP) surged to ~₹134–₹140 per share (~16–17% premium), signalling strong listing expectations.
Anchor Round: ₹1,201 crore secured from marquee investors like LIC and Capital International ahead of public offer
Valuation Multiple: IPO priced at ~₹800, reflecting ₹17.16 EPS estimate)
Analysts and others rated the deal for its strategic dominance and infrastructure moat.
NSDL holds approximately 86% market share in India's depository services, backed by swift growth in demat accounts (CAGR 21.9%) with more than 192.4 million accounts.
1) Strategic Dominance
NSDL's near-monopoly in Indian securities depository services translates to high entry barriers and consistent recurring revenues.
2) Market Timing & Growth Tailwinds
Rapid digitisation, sustained retail participation, and expansion of dematerialisation support continued growth in NSDL's addressable market.
3) Strong Anchor Participation
Institutional backing from sovereign and public-sector entities provided confidence in valuation and long-term outlook.
1) Premium Valuation
At ~47× FY25 EPS, NSDL's pricing is richly set, potentially leaving little room for re-rating unless EPS growth accelerates materially.
2) Locking Supply
Top shareholders (e.g., IDBI, NSE, SBI, HDFC) are divesting shares to comply with regulatory caps but could continue selling after listing, exerting downward pressure on stock prices.
3) Listing Overhang
Anticipations in the grey market and oversaturation in notable IPO demand could result in a fluctuating listing should the overall tech sentiment change before the public offering.
| Event | Date / Detail |
|---|---|
| IPO Open | July 30, 2025 |
| IPO Close | August 1, 2025 |
| IPO Price Band | ₹760–₹800 |
| Issue Type | Offer for Sale (5.01 crore shares) |
| Lot Size | 18 shares (~₹13,680 per lot) |
| Allotment Date | August 4, 2025 |
| Credit & Refund | August 5, 2025 |
| Listing Date | August 6, 2025 (likely on BSE/NSE) |
| Subscription Ratio | ~41× overall |
| Grey Market Premium | ₹134–₹140 (16–17%) |
| Anchor Round Size | ₹1,201 crore with marquee buyers |
| Final Issue Price | ₹800 per share |
For Subscribers & IPO Applicants
Submit your application early, as high demand might restrict availability.
Verify allocation via MUFG Intime or BSE post-August 4.
Shares should appear in the demat accounts, and refunds processed by 5 August.
Pre-listing Expectations
Grey market premium (~₹120–₹140) hints at listing between ₹920–₹940 (15–17% premium vs issue).
Long-Term View
Buyers should consider valuation relative to growth, institutional durability, and future earnings prospects. NSDL's essential infrastructure role supports a subscription view for long-term investors.
In conclusion, NSDL's IPO emerges as a significant infrastructure listing, attracting interest from both retail and institutional investors. With a price band of ₹760–₹800, strong anchor backing, and overwhelming oversubscription (~41×), early sentiment signals a likely positive debut.
While the 47× valuation multiple may appear costly, NSDL's dominance in India's capital market structure and recurring revenue model justify the confidence for many long-term investors.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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