National Securities Depository Ltd (NSDL), India’s oldest and largest securities depository, made a respectable debut on the stock exchanges today, with its shares listing at a 10% premium over the issue price. The Initial Public Offering (IPO), which was entirely an Offer For Sale (OFS) of 5.01 crore shares, concluded its bidding process on 1st August 2025, after garnering significant investor interest.
The NSDL shares commenced trading on the BSE at ₹880 per share, marking a 10% increase from its issue price of ₹800 per share. While the shares were primarily listed on the BSE, the National Stock Exchange (NSE) is a prominent selling shareholder in this IPO.
The ₹4,010.95 crore IPO saw robust demand across all investor categories, with the overall issue being subscribed an impressive 41.02 times. Qualified Institutional Buyers (QIBs) led the charge, subscribing their portion nearly 104 times, followed by Non-Institutional Investors (NIIs) at 34.98 times, and retail investors showing strong participation with a 7.76 times subscription.
Market analysts had largely anticipated a positive listing, with grey market premiums (GMP) indicating a potential gain of around 15-16%. While the actual listing premium of 10% was slightly below the highest GMP expectations, it is still considered a decent debut, reflecting investor confidence in NSDL’s fundamental strengths and its pivotal role in India’s capital markets infrastructure.
NSDL, founded in 1996, operates as a SEBI-registered Market Infrastructure Institution (MII), facilitating the electronic holding and transfer of securities. As of March 2025, the company boasted 3.94 crore active Demat accounts and worked with 294 depository participants, solidifying its position as a backbone of India’s dematerialised securities market. The IPO was structured as a pure OFS, meaning the company itself will not receive any proceeds; instead, the funds will go to the existing shareholders who divested their stakes.
Investors who were allotted shares in the IPO would have seen a profit of at least ₹1,440 per lot (for a minimum bid of 18 shares) at the listing price. Experts are advising a balanced approach, with some suggesting partial profit booking while holding onto shares for long-term gains, citing NSDL’s consistent profitability, dividend-paying track record, and expansion into value-added services through its subsidiaries like NSDL Payments Bank.
NSDL IPO Key Details:
- Issue Price: ₹760 – ₹800 per equity share
- Offer Dates: 30th July 2025 – 1st August 2025
- Allotment Date: 4th August 2025
- Listing Date: 6th August 2025
- Total Issue Size: ₹4,010.95 crore (5.01 crore shares)
- Listing Exchange: BSE (NSE is a selling shareholder)
