NSDL public issue gets fully subscribed, GMP at 16 pc

New Delhi, July 30 National Securities Depository Ltd (NSDL), one of the largest securities depositories in the world, opened its public issue on Wednesday and saw strong investor interest, with the issue fully subscribed in the first three hours of public bidding.

Ahead of listing, the unlisted shares of the company traded with a grey market premium (GMP) of around 16 per cent over the IPO price at Rs 926 apiece, according to multiple reports. The GMP, however, fell 2.50 per cent in last five days.

NSDL launched its IPO to raise Rs 4,012 crore from the capital markets at a price band of Rs 760 to Rs 800 per share. The IPO entirely comprises an offer for sale with no fresh issue component. NSDL will not receive any proceeds from the IPO.

Investors can bid for a minimum of 18 shares, with an investment of Rs 14,400, and in multiples thereafter. At the prevailing GMP, a profit of Rs 2,268 can be expected per lot for allotted investors.

The allotments will be finalised on August 2, and the shares will be listed on August 6, 2025, making NSDL the country's second publicly traded depository after Central Depository Services. The listing of NSDL is crucial in order to comply with SEBI's ownership norms. These regulations require that no entity can hold more than 15% of the shareholding in a depository company.

ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are the book running lead managers to the issue.

Analysts say that investors can look for long term exposure to NDSL shares. NSDL's reliable annuity-like revenue flows, and sectoral leadership support the stock despite regulatory scrutiny and CDSL competition.

National Securities Depository Limited (NSDL) is India's first and largest central securities depository and a capital market infrastructure institution for electronic securities settlement and custody. The issue is priced at a P/E multiple of 46.62.

The company raised Rs 1,201.4 crore from 61 institutional investors via anchor book on July 29.

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