NSDL IPO shares to list on August 6: Here's what latest GMP hints at

NSDL IPO listing forecast: Shares of NSDL are slated to make their D-Street debut on Wednesday, August 6. Here's what the current grey market trends hint at regarding the company's possible listing

NSDL IPO listing forecast, NSDL IPO grey market premium (GMP):  As investors await the D-Street debut of India’s largest depository, National Securities Depository Limited (NSDL), the grey market premium (GMP) indicates a favourable listing for the company’s shares on the BSE and NSE, scheduled for Wednesday, August 6, 2025.

 

Ahead of the listing, the unlisted shares of NSDL were exchanging hands at around ₹924 per share, reflecting a grey market premium (GMP) of ₹124 per share or nearly 15.50 per cent over the issue price of ₹800, according to sources tracking unofficial market activity.

 

Should the current grey market trends sustain, NSDL shares may list on the BSE and NSE at around ₹924 (issue price + GMP). Thus, investors who have been allotted NSDL shares may expect a gain of around 15 per cent upon listing. That said, since the GMP is an unregulated and unofficial indicator, investors should not consider it a reliable measure of the company’s actual market performance. 

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Expert commentary

Prashanth Tapse, senior VP (Research) at Mehta Equities, expects a decent listing gain in the range of 12–15 per cent or higher, depending on the market mood on listing day. Beyond the short-term listing pop, Tapse believes NSDL represents a compelling long-term proxy play on the growth of institutional participation in Indian capital markets.

 

“Notably, NSDL continues to lead in value-based transactions and institutional account holdings, underpinned by deep-rooted industry trust and robust technological infrastructure, making it a key pillar of India’s capital market framework. Alongside CDSL, it forms a near-duopoly, with high entry barriers for new competitors in the segment,” said Tapse.

 

He recommended that allotted investors hold the stock from a long-term perspective, while non-allotted investors can wait and watch for a potential post-listing dip to enter.

NSDL IPO details

The public offering of NSDL, estimated at ₹4,011.60 crore, comprised entirely an offer-for-sale (OFS), with shareholders divesting up to 50.1 million equity shares. The IPO was open for subscription from July 30, 2025, to August 1, 2025.

 

Offered at a price band of ₹760–800 with a lot size of 18 shares, the IPO received strong demand, getting oversubscribed by 41.01 times, primarily driven by qualified institutional buyers (QIBs), who subscribed 103.97 times the portion reserved for them, according to NSE data. The basis of allotment of NSDL IPO shares was finalised on August 4. The company has set the issue price at ₹800 per share. 

 

In its Red Herring Prospectus (RHP), NSDL stated that it will not receive any proceeds from the public issue, as the funds will go to shareholders selling their stakes through the OFS. 

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About National Securities Depository (NSDL)

National Securities Depository (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 as of March 2025. It is one of only two depositories in India registered with SEBI as a Market Infrastructure Institution (MII). Its subsidiaries include NDML for e-governance/KYC services and NPBL for digital banking. As of March 31, 2025, NSDL manages 39.45 million demat accounts across 99% of Indian PIN codes and has a presence in 186 countries.