NSDL IPO sees strong demand; fully booked within hours; GMP holds at 16%

NSDL IPO: Check subscription status, grey market premium (GMP), price band, lot size, review, allotment date, listing date, and other key details here

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NSDL IPO subscription status: Investors rushed to secure their bids for the initial public offering (IPO) of National Securities Depository Limited (NSDL) which was fully subscribed in just over three hours after its opening. According to NSE data, the NSDL IPO received bids for 3,52,69,902 shares against 3,51,27,002 shares on offer till 01:09 PM on July 30. 

 

Among the investor categories, non-institutional investors (NIIs) led the demand, with the category reserved for them subscribed by 1.39 times. This was followed by retail investors, who oversubscribed 1.12 times of the portion reserved for them. The participation from qualified institutional buyers (QIBs) has been relatively sluggish, with only 50 per cent subscription of the category reserved for them.

NSDL IPO details

The public offering of NSDL consists entirely of an Offer for Sale (OFS) of 50.14 million equity shares, aggregating up to ₹4,011.60 crore. The IPO is available at a price band of ₹760 to ₹800 per share with a lot size of 18 shares.

 

Therefore, investors can bid for a minimum of 18 shares of the NSDL IPO and in multiples thereof. A retail investor would require a minimum of ₹14,400 to bid for one lot (18 shares), and ₹1,87,200 to bid for the maximum of 13 lots (234 shares).  ALSO READ | NSDL IPO opens today: How Harshad Mehta scam led demat revolution in India

NSDL IPO review

The depository has received favorable reviews from brokerages for its public offering. Market analysts have broadly shared positive views on the issue, citing its fair valuation compared to its only listed rival, Central Depository Services (India) Limited (CDSL). Analysts believe NSDL is well-positioned for long-term growth. READ MORE

NSDL IPO timeline

The three-day subscription window for the public issue of NSDL is set to close on August 1. Following that, the basis of allotment of NSDL IPO shares will be finalized on August 4. Successful allottees will receive the company's shares in their demat accounts by August 5.

 

Shares of NSDL are slated to make their stock market debut on August 6, with listings on both BSE and NSE.

NSDL IPO grey market premium (GMP) today

On the first day of its public subscription, NSDL’s unlisted shares were commanding a solid premium in the grey market. Sources tracking grey market activities revealed that the company’s unlisted shares were exchanging hands at ₹926 per share, reflecting a grey market premium (GMP) of ₹126 per share — nearly 15.75 per cent above the upper end of the issue price of ₹800.  ALSO READ | NSDL IPO opens: Analysts upbeat on fair valuation; should you subscribe?

NSDL IPO registrar, lead manager

MUFG Intime India (Erstwhile Link Intime) is the registrar for the issue, while ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors , and SBI Capital Markets are the book running lead managers. 

NSDL IPO objective

As the public issue is an Offer for Sale, NSDL will not receive any proceeds from it. The funds raised through the offering will go to the existing shareholders, who are divesting part of their stakes. 

About National Securities Depository (NSDL)

National Securities Depository (NSDL) is among the two depository companies in India registered with SEBI as market infrastructure institution (MII). NSDL is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets held under custody at end March 2025.  Its subsidiaries include NDML for e-governance/KYC and NPBL for digital banking. As of March 31, 2025, NSDL manages 39.45 million demat accounts across 99 per cent of PIN codes and 186 countries.