NSDL IPO: Big Demand, Grey Market Buzz, And What Experts Are Saying

NSDL has finally hit the market with its much-awaited IPO. The company, which is India’s first and largest securities depository, is selling 5.01 crore shares through an Offer-for-Sale. The price band is set at ₹760 to ₹800 per share, making the total offer size close to ₹4,012 crore.

The IPO opened today and will close on August 1, 2025. Allotment is likely on August 4, with refunds and demat credits by August 5. Listing is expected on August 6. Shares will trade on both NSE and BSE.

IPO Subscriptions on Fire

Investors rushed in on Day 1. Within a few hours, the IPO was fully booked. By the afternoon, it had bids for 3.52 crore shares, slightly higher than the 3.51 crore shares available.

Retail investors jumped in quickly. Their portion was subscribed around 1.11 to 1.13 times. Non-institutional investors booked 1.37 to 1.41 times. QIBs also showed interest, with 50–72% subscription. The employee quota saw a healthy 1.92 times subscription.

This early response signals strong confidence from all investor categories.

Grey Market Premium Looks Strong

In the unofficial grey market, NSDL shares are trading at a premium of ₹126 to ₹135. At this premium, the expected listing price could be around ₹926, which is about 16-17% above the upper price band.

Grey market data is just an indicator of sentiment. It’s not a guarantee of listing gains, but the premium shows there’s buzz around this IPO.

What Analysts Are Saying

Brokerages have largely given a thumbs-up.

Angel One suggests subscribing for long-term gains. They like NSDL’s strong market position and steady revenue model.
Canara Bank Securities also has a positive view, pointing to NSDL’s dominance and stable income.
Analyst Geetanjali Kedia from SPTulsian.com feels the valuation is fair. The IPO is priced at 47x FY25 earnings, while CDSL trades at around 60-67x.
Narendra Solanki of Anand Rathi believes investors should hold the stock for at least a year to unlock full potential.

There’s a lot of comparison with CDSL, which has given 12x returns since its listing. But past success doesn’t always repeat, and experts have advised caution.

About NSDL

Founded in 1996, NSDL holds and dematerialises securities electronically. It plays a big role in India’s capital markets. Most of its revenue is recurring, coming from custody fees, registration, and demat transactions.

In FY25, NSDL reported a 12% jump in revenue, with net margins of around 24%. EBITDA margin was near 32%, and RoNW at 17%. These numbers make it financially strong and profitable.

Key Details

Feature	Detail
Price Band	₹760–₹800
Lot Size	18 shares (min ₹14,400)
Offer Size	₹4,012 crore (OFS)
Allotment	Aug 4
Listing	Aug 6

Final Take

NSDL’s IPO is one of the biggest in 2025. Early subscription shows investors trust the company. The grey market premium hints at strong listing gains.

Still, this is a pure OFS. NSDL won’t get fresh capital from the issue. Growth depends on market activity, new digital products, and regulatory changes.

For long-term investors, NSDL offers a solid way to be part of India’s capital market backbone. But don’t just go by the grey market buzz. Study the company, compare valuations, and invest based on your goals.