The ₹4,012-crore initial public offering (IPO) of National Securities Depository Ltd. (NSDL) witnessed robust demand on its opening day, July 30, 2025. The issue was fully subscribed within the first three hours of public bidding, underscoring strong investor interest in India’s largest depository institution.

Ahead of the listing, NSDL shares in the grey market were quoting at ₹926 apiece, a 15.75% premium over the upper IPO price of ₹800, according to data from Investorgain. While this grey market premium (GMP) has cooled slightly from the 18.25% recorded on July 25, the current trend suggests healthy listing gains for investors. IPO Watch similarly pegged the GMP at around 15.87%.

NSDL’s public issue is entirely an Offer for Sale (OFS), with no fresh equity component. Priced between ₹760 and ₹800 per share, the IPO seeks to raise ₹4,012 crore, valuing the company at approximately ₹16,000 crore at the upper end of the price band. Investors could bid in lots of 18 shares, requiring a minimum investment of ₹14,400. Based on the current GMP, each lot could yield an estimated listing profit of ₹2,268.

NSDL is one of the world’s largest securities depositories and will become India’s second listed depository after CDSL, which was listed in 2017. The listing is also crucial for SEBI compliance, as regulations require no single entity to hold more than 15% in a depository.

The company has attracted major domestic and global institutional investors. In its anchor book allocation on July 29, NSDL raised ₹1,201.4 crore from 61 institutional investors. Notable foreign investors include the Government Pension Fund Global (Norway), Abu Dhabi Investment Authority, Smallcap World Fund, and Allianz Global. On the domestic front, LIC, HDFC AMC, ICICI Prudential Mutual Fund, Axis MF, and SBI Mutual Fund were among the key participants.

Brokerages have largely issued ‘Subscribe’ ratings for the IPO:

Angel One and Bajaj Broking recommend subscribing for the long term, citing NSDL’s foundational role in India’s capital market infrastructure.

Ajcon Global called the IPO a “landmark listing in financial infrastructure,” valuing it at a P/E of 46.62x based on FY25 EPS.

INVasset PMS highlighted NSDL’s annuity-like cash flows, institutional pedigree, and dominance in the demat ecosystem, despite regulatory and competitive watchpoints.

The allotment of shares is expected by August 2, and NSDL shares are scheduled to list on August 6, 2025. While the company itself will not receive IPO proceeds due to the OFS structure, the listing is seen as a strategic move to broaden shareholder ownership and comply with market regulations.