NSDL IPO closes for subscription today; GMP up 17%

The three-day subscription window to bid for the initial public offering (IPO) of National Securities Depository Ltd. (NSDL) is set to conclude today, August 1. The ₹4,011 crore issue, which opened for subscription on July 30, has received a solid response from investors so far.The issue has been subscribed 7.17 times so far on the third and final day of the bidding process. Strong demand from non-institutional investors (NIIs) drove the surge, with NIIs subscribing 18.17 times. Retail investors subscribed 5.25 times, while qualified institutional buyers (QIBs) subscribed 2.24 times.
In the unlisted market, NSDL shares are trading at a healthy 17% premium, suggesting an estimated listing price of ₹934. Most investors track the grey market premium (GMP) to get an idea of the listing price.
The fully Offer for Sale (OFS) issue is priced between ₹760 to ₹800 per share. The full OFS means that NSDL will not receive any proceeds from the share sale.However, existing investors like IDBI Bank, NSE, SBI, HDFC Bank and Union Bank, would be paring some stake and the gains on their initial investment, are up to 400x.
NSDL is reportedly targeting an IPO valuation of around $1.85 billion (₹16,000 crore at current exchange rates).Ahead of the issue opening, the depository services provider raised ₹1,201 crore from anchor investors, including LIC and the Abu Dhabi Investment Authority (ADIA).

At the lower end of the price band, NSDL’s price-to-earnings multiple on a financial year 2025 diluted EPS basis is at 44.29 times and at the upper end, its at 46.62 times, in comparison to the average industry price-to-earnings multiple of 68 times.

As of December 31, 2024, NSDL is the largest depository in India by number of issuers, number of active instruments, market share in demat value of settlement volume, and value of assets under custody.

SEBI has allowed India’s oldest depository to complete its listing by August 14, 2025.

ICICI Securities, Axis Capital, HSBC Securities, IDBI Capital, Motilal Oswal, and SBI Caps are acting as the book-running lead managers to the IPO.

The allotment for the NSDL IPO is expected to be finalised on Monday, August 4. NSDL IPO will be listing on the bourses with a tentative listing date fixed as August 6.