NSDL shares list at 10% premium on BSE; should you book profit or hold?

NSDL share price: NSDL shares listed at ₹880 per share on the BSE, reflecting a premium of ₹80 or 10 per cent above the issue price of ₹800

NSDL IPO listing today, NSDL share price: Shares of the country’s largest depository, National Securities Depository Limited (NSDL), made a positive debut on Dalal Street on Wednesday, August 6, following the completion of its initial public offering (IPO).

NSDL shares listed at ₹880 per share on the BSE, reflecting a premium of ₹80 per share or 10 per cent above the issue price of ₹800 per share. With this, NSDL became the second listed depository in India, after its counterpart Central Depository Services (India), which went public in 2017.

However, the listing price was slightly below grey market expectations. Before the listing, NSDL’s unlisted shares were trading around ₹925, indicating a grey market premium (GMP) of ₹125 per share or about 15.62 per cent over the issue price, according to sources tracking grey market activities. 

Should you hold or book profit?

Prashanth Tapse, senior VP (Research) at Mehta Equities, suggested that investors who were allotted shares may consider holding the stock for the long term, citing the company's established market position, revenue visibility, and the current valuation dynamics.

 

“Despite the muted sentiment in broader markets, NSDL listed broadly in line with our expectations, underpinned by its strong long-term fundamentals. We maintain our positive stance, as NSDL remains the dominant player in the institutional depository space, with a leading share in custodial and depository services for mutual funds, insurance firms, banks, and foreign portfolio investors (FPIs),” said Tapse.

 

For those who were not allotted shares, he recommended waiting and observing the price trend, as post-listing dips could offer a more attractive entry point. 

Shivani Nyati, head of wealth, Swastika Investmart, on the other hand, recommended that investors book partial profits near the listing level. She further highlighted that NSDL is expanding its horizons by offering more value-added services and options. The company, Nyati noted, has also posted steady growth in both its top and bottom lines.

She further advised investors to retain some shares after partial profit booking, possibly with a stop-loss around ₹850. 

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NSDL IPO details

The public issue of NSDL was valued at ₹4,011.60 crore and consisted entirely of an offer for sale, with shareholders offloading up to 50.1 million equity shares. According to the Red Herring Prospectus (RHP), the shareholders participating in the OFS include IDBI Bank, NSE, HDFC Bank, State Bank of India (SBI), Union Bank of India, and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI).  The subscription window was open from July 30 to August 1, 2025. The NSDL IPO was offered in a price range of ₹760 to ₹800 per share, with a minimum application size of 18 shares.

  NSDL IPO received strong demand and was oversubscribed by more than 41 times. Qualified institutional buyers (QIBs) led the interest, subscribing to their reserved portion over 103.97 times, based on data from the National Stock Exchange. The basis of allotment of NSDL IPO shares was finalised on August 4, and the issue price was set at ₹800 per share.

Since the issue was entirely an offer for sale, NSDL will not receive any proceeds from the IPO. The funds will go to the existing shareholders who sold their stakes.

About National Securities Depository Limited (NSDL)

NSDL is India’s largest securities depository based on several key metrics, including the number of issuers, active instruments, market share in demat settlement volume, and the total value of assets under custody as of March 2025. It is one of only two depositories in India registered with the Securities and Exchange Board of India as a Market Infrastructure Institution.

The company operates several subsidiaries, including NSDL Database Management Limited, which provides electronic governance and know-your-customer services, and NSDL Payments Bank Limited, which focuses on digital banking solutions. As of March 31, 2025, NSDL managed 39.45 million demat accounts, covering nearly the entire country and maintaining a presence in 186 countries.