NSDL IPO GMP: Issue Closes With Over 41x Subscription, Retail Portion Booked 7.7x
NSDL IPO GMP, Subscription Status Today: The grey market premium (GMP) for the NSDL IPO currently stands at 16.75%, indicating decent listing gains for investors.
The initial public offering of National Securities Depository Ltd (NSDL) closed on Friday, August 1. The mainboard issue worth ₹4,011.16 crore is entirely an offer-for-sale (OFS). The company had set the price band between ₹760 and ₹800 per equity share. On the final day of bidding, the IPO was subscribed 41.02 times, receiving bids for 1,44,08,34,768 shares against the 3,51,27,002 shares on offer.
Retail investor participation was at 7.76 times, while the non-institutional investor (NII) category was subscribed 34.98 times. The qualified institutional buyers (QIB) segment witnessed a 103.97x subscription.
The IPO’s GMP is currently at 16.75%, pointing to reasonable listing gains for investors.
After Central Depository Services (CDSL), which was listed on the NSE in 2017, NSDL will become the second depository in India to be publicly traded.
NSDL IPO Allotment and Listing Date
The IPO was open for public subscription from July 30 to August 1. The basis of allotment will be finalised on August 4, and the shares are set to be listed on August 6, 2025.
NSDL IPO Price and Lot Size
The price band for the ₹4,011.60 crore mainboard IPO was fixed between ₹760 and ₹800 per share.
Retail investors are required to apply for a minimum of one lot comprising 18 shares, or in multiples thereof. Therefore, the minimum investment amount required is ₹13,680.
NSDL IPO GMP Today
As per market sources, NSDL’s unlisted shares are currently trading at ₹935 against the upper IPO price of ₹800. This reflects a grey market premium of ₹135, which is 16.88% over the issue price.
The GMP is purely based on market sentiment and is subject to fluctuation. The ‘grey market premium’ suggests the amount investors are willing to pay over and above the issue price.
NSDL IPO Quota
NSDL has allocated 50% of the IPO for qualified institutional buyers (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors.
NSDL IPO: Additional Details
The public issue consists entirely of an OFS comprising 5.01 crore shares. The selling shareholders include the National Stock Exchange of India (NSE), State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India, and the Administrator of Specified Undertaking of the Unit Trust of India (SUUTI). Since it is a complete OFS, NSDL will not receive any proceeds from the issue.
The listing of NSDL is significant to comply with SEBI’s ownership norms, which mandate that no single entity can hold more than 15% in a depository firm.
Currently, IDBI Bank holds a 26.10% stake and NSE holds 24% in NSDL—both exceeding SEBI’s limit. Hence, both institutions are required to dilute their shareholding.
NSDL IPO: Analysts’ View
Brokerage firm Angel One has recommended a “Subscribe” rating for investors with a long-term view. It expects strong growth in India’s securities depository space, supported by expanding capital markets, increasing financial inclusion, and positive regulatory reforms.
However, the firm also pointed out certain risks such as pricing pressure due to regulation, competition from CDSL in the retail space, and dependency on overall market activity for revenues.
Anand Rathi also gave a “Subscribe” call, stating the IPO is fairly priced. At the upper price band, NSDL is valued at 46.6 times its projected FY25 earnings, with an implied market capitalisation of approximately ₹16,000 crore.
