NSDL IPO GMP steady at 17% despite market crash on Trump tariffs

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NSDL IPO GMP today: The grey market premium for the unlisted shares of National Securities Depository Limited (NSDL), the country’s largest depository, remained steady on Thursday, July 31, despite a broader market crash triggered by US President Donald Trump’s announcement of a 25 per cent trade tariff on Indian exports.

 

NSDL launched its Initial Public Offering (IPO) on July 30, which has received a favorable response from investors. As of now, the issue has been oversubscribed nearly three times.

 

According to sources tracking grey market activity, NSDL shares were exchanging hands at around ₹935–₹937 per share. This reflects a grey market premium (GMP) of ₹135–₹137, or approximately 16.88 per cent - 17.12 per cent, over the upper end of the IPO price band. Notably, this trading range is consistent with the levels seen on July 30, the day the IPO was launched.

NSDL IPO details

NSDL IPO consists entirely of an Offer for Sale (OFS) with shareholders divesting a total of 50.14 million equity shares, worth nearly ₹4,011.60 crore. The public offering is being offered at a price band of ₹760 to ₹800 per share, with a lot size of 18 shares. As the public issue is an OFS, 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.

 

The NSDL IPO is set to close for subscription on August 1. Following the close of the subscription window, the basis of allotment for NSDL IPO shares is likely to be finalised on August 4, while shares will be credited into demat accounts by August 5.

 

Shares of NSDL are slated to list on the BSE and NSE tentatively on August 6.

NSDL IPO subscription status

The public offering continues to receive high demand among investors, having garnered bids for 10,07,40,690 shares against 3,51,27,002 shares on offer till 12:55 PM on July 31, according to NSE data. This translates to an oversubscription of 2.87 times.

 

Among investor categories, non-institutional investors (NIIs) led the demand, with the category reserved for them subscribed 5.27 times. This was followed by retail investors, who oversubscribed 2.85 times the portion reserved for them. Participation from qualified institutional buyers (QIBs) has been lowest, yet they oversubscribed to the category reserved for them by 1.08 times. 

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

 

About National Securities Depository Limited (NSDL)

National Securities Depository Limited (NSDL), established in 1996, is India’s first and largest central securities depository and a critical infrastructure institution for electronic securities settlement and custody in the capital markets. NSDL is promoted by major Indian financial institutions, including the National Stock Exchange (NSE), IDBI Bank, and UTI.  As of June 30, 2025, NSDL reports managing ₹510.91 lakh crore in assets under custody, serving over 4 crore demat accounts through 289 depository participants, and operating 65,983 service centres nationwide.