NSDL IPO Day 1: GMP, Subscription Status – All Details Here

The initial public offering (IPO) of National Securities Depository Ltd (NSDL) has opened today for subscription and will remain open until 1 August 2025. Price band has been fixed between ₹760-800 apiece. The company plans to raise ₹4,011.60 crore from its public issue. NSDL IPO is set to list on NSE and BSE.

NSDL GMP

As per market observers, NSDL shares are trading at a premium of ₹135 in the grey market today. This indicates a 17% premium on the listing day.

NSDL subscription status

As of 10:30 am, the public issue has been booked 0.21 times. Retail investors subscribed the issue by 0.27 times, while NII segment had been filled 0.32 times. The QIB portion was booked 0.00 times.

Should you buy it?

Giving a ‘subscribe’ rating to the issue, Gaurav Goel, Founder & Director at Fynocrat Technologies, said, “The NSDL IPO represents a rare opportunity for investors to participate in the backbone of India’s securities infrastructure. Despite the issue being entirely an OFS, the company’s annuity-style income model, strong margins, and dominant market position make it an attractive long-term bet. With a P/E of 47x FY25 earnings, the valuation is fair when compared to its listed peer CDSL, especially given NSDL’s larger scale and diversified service portfolio,” adding, “We assign a “Subscribe for the long term” tag to this IPO. Investors looking to gain exposure to India’s growing capital market infrastructure and the financialization of savings should find NSDL a compelling addition to their portfolio.”

Kalp Jain, Research Analyst, INVasset PMS, also assigned a ‘subscribe’ tag saying, “NSDL’s institutional franchise, steady annuity-like cash flows, and sectoral leadership offer a strong case for anchor allocations. At ~46× PE, this IPO appeals to investors seeking long-term exposure to India’s capital market infrastructure.”

“As of March 2025, NSDL manages over ₹500 lakh crore in assets under custody and services more than 3.9 crore active demat accounts. While its peer CDSL leads in retail accounts, NSDL retains a commanding 66.03% share in terms of value of dematerialised securities. The firm also serves as the principal repository for FPIs and institutions and operates strategic subsidiaries like NSDL Payments Bank and NSDL Database Management. For FY25, it reported ₹1,535 crore in revenue (up 12%) and ₹343 crore in PAT (up 25%), with free cash flow surpassing ₹290 crore and healthy EBITDA-like margins,” Kalp Jain added."

“NSDL operates in competitive segments like e-governance, digital KYC, database management, and inclusive banking services through its subsidiaries. While the depository space benefits from structural tailwinds, key risks include market volatility, regulatory changes, and technological disruptions. Financially, NSDL reported FY24 revenue of ₹1,420 crore (up 12% YoY) and PAT of ₹343 crore (up 24.7% YoY), implying a valuation of ~49x earnings. CDSL, in comparison, trades at ~65x, given its lead on the technology front. However, the current discount in NSDL’s pricing seems to adequately account for this gap, making its valuation appear fair. Backed by a stable business model, healthy cash flows, and steady growth prospects, NSDL remains well-positioned in India’s growing capital markets,” said Sachin Jasuja, Founding Partner & Head Equities at Centricity WealthTech.