NSDL IPO Subscribed 38% on Day 1; Retail Investors Lead with 51%

The Initial Public Offering (IPO) of National Securities Depository Limited (NSDL) opened for subscription on July 30 and saw a moderate response on Day 1. According to data from the NSE, the public issue received bids for 1,35,17,118 shares against 3,51,27,002 shares, translating to a 38% subscription rate by the end of the first bidding day.

Among investor categories, the retail portion was subscribed 51%, showing healthy interest from individual investors. The IPO remains open for bidding until August 1.

NSDL IPO Details: Price Band, Size & Offer Structure

• IPO Size: ₹4,011 crore

• Price Band: ₹760 – ₹800 per share

• Offer Type: Pure offer for sale (OFS)

• Lot Size: 18 shares

• IPO Dates: July 30 – August 1

As a pure OFS, no fresh capital is being raised. Instead, existing shareholders, including IDBI Bank, NSE Investments, and State Bank of India, are offloading part of their stake.

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NSDL vs CDSL: A Comparative Take on Valuation

In the context of peer comparison, Mohit Gulati, CIO at ITI Growth Opportunities Fund, noted that while CDSL commands a high valuation due to its growth trajectory, NSDL provides a more risk-adjusted entry point. He highlighted that NSDL’s institutional backing and long-term relevance in India’s capital market ecosystem make it a strong foundational investment, especially for those seeking long-term gains in the demat and securities infrastructure space.

Grey Market Premium (GMP) and Market Sentiment

As of July 30, the grey market premium (GMP) for NSDL IPO hovers around Rs 30–40, suggesting muted listing expectations but still positive sentiment among informal channels.

Quick Analysis

The initial response to the NSDL IPO has been steady, led by retail investors. While institutional demand remains key in the coming days, the offer’s valuation, industry positioning, and comparison with peer CDSL may continue to draw investor attention.

With two more days to go, subscription trends will be crucial in determining the overall investor appetite for India’s oldest depository institution.