NSDL IPO Sees Strong Demand on Day 2, Subscribed 3 Times; GMP at 17%

The ₹4,011-crore initial public offering (IPO) of National Securities Depository Ltd (NSDL) continues to attract strong investor interest, with the issue being subscribed 3 times by the end of Day 2. This robust response comes amid positive sentiment in the primary market and rising grey market premium (GMP).

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Subscription Details

According to data from stock exchanges, the IPO saw strong traction particularly from non-institutional investors (NIIs) and retail individual investors (RIIs):

• NII portion: Subscribed 4.31 times

• Retail portion: Subscribed 2.58 times

• Qualified Institutional Buyers (QIBs): Subscribed 85%

The issue will remain open until August 1, with final subscription figures expected to rise further on the last day.

GMP and Anchor Investment

The IPO is also witnessing solid activity in the grey market, with the GMP (grey market premium) climbing to ₹135 per share, indicating a potential listing gain of nearly 17% over the upper price band.

As per IPO tracking platforms like Investorgain, the steady rise in GMP reflects strong market sentiment and listing expectations.

Earlier, NSDL raised ₹1,201 crore from anchor investors on July 30, ahead of the public offering. The price band for the IPO is set at ₹760–₹800 per share.

IPO Structure and Listing Details

The NSDL IPO is a pure offer-for-sale (OFS) of 5.01 crore shares. Major shareholders offloading their stake include:

• National Stock Exchange of India (NSE)

• State Bank of India (SBI)

• HDFC Bank

• IDBI Bank

• Union Bank of India

• Administrator of SUUTI

There is no fresh issue of shares, and the entire proceeds will go to the selling shareholders.

• Allotment date: Expected by August 4

• Listing date: Scheduled for August 6 on the BSE

Neutral Analysis

The NSDL IPO’s solid subscription figures across investor categories, coupled with a rising GMP, indicate healthy investor appetite despite volatile market conditions. As the first depository to hit the markets, NSDL’s listing is being closely watched. However, with no fresh issue, the offering is purely a stake sale by existing promoters and shareholders.

Investors are now eyeing the final day of bidding and the listing performance on August 6.

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