On August 1, 2025, National Securities Depository Limited’s (NSDL) ₹4,011.60 crore IPO came to an end with a robust 3.93-time overall subscription. The pure offer for sale (OFS) of 5.01 crore equity shares, with prices ranging from ₹760 to ₹800 per share, began on July 30, 2025.
📅 First Day: July 30, 2025—Powerful Start
By midday, the total number of subscriptions was 0.79.
Non-Institutional Investors (NIIs): 0.97x; Retail Investors: 0.87x
QIBs (Qualified Institutional Buyers): 0.50x
A possible listing price of ₹926 is indicated by the Grey Market Premium (GMP) of ₹126.
Analysis: The IPO got off to a strong start, with early enthusiasm seen in the retail and NII categories. Investor sentiment was raised when the GMP alluded to a listing gain of about 15.75 percent.
📅 Day 2: July 31, 2025 — Momentum Gains — Total Subscription: 5.03
Retail Investors: 4.17x; NIIs: 11.08x; QIBs: 1.96x; GMP: Increased to ₹135, indicating a listing price close to ₹935.
🔍 Analysis: Demand spiked on day two, particularly from NIIs. Growing trust in NSDL’s market positioning and valuation was reflected in the rising GMP.
📅 Day 3: August 1, 2025 — Strong Finish and Oversubscription
As of this morning, the overall subscription was 5.90 times; the NIIs were 14.06 times; the retail investors were 4.75 times; and the GMP was ₹134, which indicates a premium of approximately 16.75% over the upper price range.
Analysis: Strong investor appetite was confirmed on the last day. Strong institutional and retail participation helped NSDL’s IPO close on a high note with a nearly six-fold subscription.
💰 IPO Details at a Glance
| Attribute | Details |
| Issue Size | ₹4,011 crore |
| Price Band | ₹760 – ₹800 per share |
| Lot Size | 18 shares |
| Minimum Investment | ₹13,680 |
| Type | Offer for Sale (OFS) |
| Anchor Investment Raised | ₹1,201 crore |
| Listing Date | August 6, 2025 |
| Allotment Date | August 4, 2025 |
| GMP Range (Day 1–3) | ₹126 – ₹135 |
Professional Opinion
Citing NSDL’s duopoly status and robust institutional support, Geetanjali Kedia of SPTulsian Investment Adviser said the IPO is “attractively priced” and advised subscribing. NSDL presents a strong second opportunity for investors who were not able to take advantage of CDSL’s explosive growth.
Conclusion
In every category, the NSDL IPO has shown a high level of investor confidence. It is well-positioned for a successful bourse debut thanks to its oversubscription and robust GMP. The listing of NSDL may be a long-term, strategic move in India’s developing capital market infrastructure, regardless of whether you’re an institution or a retail investor.
Disclaimer: This information is merely meant to be informative and should not be interpreted as financial advice. Before making any investment decisions, please seek professional advice.
