NSDL made its debut on Dalal Street on August 06. As India’s oldest and largest depository, the stock was listed on the BSE after a three-day bidding process and allotment, opening with a 10% premium at Rs 880.
NSDL IPO Details
The Rs 4,011.60 crore NSDL IPO was subscribed a whopping 41 times. The retail category saw 7.76 subscriptions, while the QIB portion was subscribed to over 100 times. The non-institutional buyer segment was subscribed to nearly 35 times.
The issue was primarily an offer for sale, with NSE and SBI, HDFC Bank, and IDBI Bank being the prominent stakeholders selling shares. The IPO got a record subscription recommendation from the majority of brokerages and is seen as a value buy.
NSDL: Company fundamentals
The National Securities Depository (NSDL) is a Market Infrastructure Institution (MII) that plays a crucial role in providing a scalable digital framework for India’s financial markets. A leading depository, it is responsible for offering seamless transactions of securities via Demat accounts.
These include a range of offerings from equities to mutual funds and debt instruments. This also includes REITs, InvITs, AIFs, and sovereign gold bond transactions. As of March 31, 2025, 39.45 million active Demat accounts were managed by NSDL via 294 depository participants, with account holders spanning 99.34% of Indian pincodes. They also have presence in 194 countries.
NSDL: Expert Views
What’s the big call by leading brokerages on NSDL? Here are a host of expert views highlighting the valuation advantage and growth potential thatit showcases-
Anand Rathi: The brokerage sees NSDL ‘fairly priced.” They believe that the company aiming to “broaden its range of services, enhance its database management capabilities, and expand the market share of its payments bank division,” are key positives.
They are valuing the company at “P/E of 46.6x to its FY25 earnings, and market cap of Rs 1,60,000 million with a return on net worth of 17.1% post issue of equity shares.”
Geojit: The brokerage house highlighted that as the first and leading depository in the country, NSDL introduced the concept of dematerialisation of securities, revolutionising the securities landscape in India. They believe that at the issue price of Rs 800, “NSDL’s FY25 P/E ratio of 47x appears reasonably priced compared to its peer.” They have a favourable rating considering “its dominant share in AUC, rapid growth in financials, stable revenue stream, healthy return ratios and focus on digital infrastructure expansions ahead.”
NSDL IPO Listing, Share Price Live: Here's is everything you need to know
NSDL Share Price Live Updates: NSDL closes 6% from listing price
The share price of National Securities Depository Ltd. closed the first trading session more than 6% higher at Rs 936 on the BSE. The stock of NSDL was listed on the BSE on August 06 at a 10% premium to its issue price. The stock was listed at Rs 880.
NSDL Share Price Live Updates: NSDL up 3.58% from listing price
The demand for the share price of National Securities Depository Ltd. remains high post-listing on the BSE. NSDL's stock price was trading 3.58% higher from the listing price at Rs 911.50 on the BSE. NSDL's shares were listed on the exchanges on Wednesday, August 06, at 10 AM. The shares commanded a premium of 10% to the issue price while listing. NSDL was listed at Rs 880 on the BSE.
NSDL Share Price Live Updates: NSDL Vs CDSL- Which is a better play?
The NSDL share price is up 3.6% while the CDSL stock has slipped 2%. What's the big worry?
According to Deven Choksey, managing director, DRChoksey FinServ, "You have to see that both NSDL and CDSL are prominent depository players and we are very positive on the depository duopoly segment. Woth projections that India's market cap is set to triple in 3 years to Rs 15 trillion, depositories will continue to find favour as a sector-specific play. NSDL commands a higher share of the revenue, while CDSL has higher number of accounts because of the retail focus. As a result, one offers value (i.e., NSDL) and the other one volume (i,e. CDSL). NSDL has an enviable revenue pipeline with 3 streams of revenue opportunity. This is what could be a differentiator going forward. "
NSDL IPO GMP, Share Price Live Updates: NSDL gains, But rival CDSL slips over 2%
While NSDL shares continued to edge higher post-listing, its key rival Central Depository Services (India) (CDSL) saw some pressure on the bourses. As of now, CDSL shares are trading at Rs 1,529.10, down Rs 37.10 or 2.37% for the day, a contrasting market mood between the two depositories.
NSDL IPO GMP, Share Price Live Updates: NSDL shares update
NSDL shares are trading at Rs 909.15 on the BSE at this hour, up by Rs 29.15 or 3.31% from the listing price.
NSDL IPO GMP, Share Price Live Updates: NSDL shares gain further after listing
After debuting with a 10% premium on the BSE, NSDL shares continued to edge higher and were trading 3.5% up at Rs 911.40. The listing valued the depository major at a market capitalisation of nearly Rs 18,000 crore.
NSDL IPO GMP, Share Price Live Updates: NSDL shares lists at 10% premium
The share of Natioanl Securities Depository Ltd. (NSDL) were listed at Rs 880 on the BSE. The stock of NSDL debuted at a premium of 10% to the issue price. The shares of NSDL were not listed on the National Stock Exchange. The IPO was offered at a price of Rs 800 per equity share.
NSDL IPO GMP, Share Price Live Updates: GMP at this moment
Just a few minutes left for NSDL’s listing. In the final moments, the company’s shares in the grey market are trading nearly 16% higher, indicating a potential listing price of around Rs 925.
NSDL IPO GMP, Share Price Live Updates: Payments Bank
NSDL derives the major part of its revenue from its banking services subsidiary, NPBL. It stands for NSDL Payments Bank Ltd. Incorporated on August 17, 2016, NPBL is a payments bank that commenced its business operations on October 29, 2018. It is engaged in the payment banking business. NSDL holds 100% ownership and voting power in NPBL. The primary focus of NPBL is financial inclusion, aiming to bring financial services to the disadvantaged and people with low incomes, especially in remote areas. It operates on a business-to-business (B2B) model.
NSDL IPO GMP, Share Price Live Updates: GMP at this hour
With just hours to go before NSDL makes its debut on Dalal Street, the grey market is already buzzing. According to the latest trends, NSDL shares are commanding a premium of Rs 125 in the unofficial market.
This suggests a potential listing price of Rs 925, which is about 16% higher than the IPO's upper price band of Rs 800.
However, investors should note that grey market premiums are unofficial and speculative. The actual listing price may vary depending on market sentiment at the time of debut.
NSDL IPO GMP, Share Price Live Updates: Business of NSDL
National Securities Depository Ltd. (NSDL) was originally incorporated in April 2012 as “NSDL Depository Ltd.”, and it is a SEBI-registered market infrastructure institution (MII). It is a pioneer in the dematerialisation of securities in Indian capital markets. After almost a year of incorporation, the company’s name was changed to “National Securities Depository Limited”. The company has been in depository operations for over 26 years, as per the data provided in the DRHP. NSDL started operations for the first time in 1996.
NSDL’s payment bank business contributes 51% of revenues in FY25, which is less profitable than other parts of its business due to lower margins. NSDL’s institutional-heavy client base results in elevated compliance and infrastructure costs, increasing the cost of operation.
NSDL IPO GMP, Share Price Live Updates: Deven Choksey Research on NSDL
"We find value in the NSDL’s initial issue, which is priced at 46.6x TTM P/E, compared to listed peer valuation of 64.1x TTM P/E, as we believe the Company will perform better over the upcoming 3-5 years, driven by its higher focus on driving growth in retail demat accounts, through expanding relations with discount and new-age depository participants across underserved regions," said Deven Choksey Research in an IPO note.
NSDL IPO GMP, Share Price Live Updates: About the company
Set up in 2012, National Securities Depository Limited (NSDL) is a SEBI-registered Market Infrastructure Institution (MII). It acts as a key player in India’s financial system by maintaining electronic records of who owns what shares. NSDL handles the dematerialisation of securities, trade settlements, off-market transfers, pledging, and corporate actions. Apart from this, it also offers services like e-voting, consolidated account statements (CAS), and non-disposal undertakings (NDU), making it an essential part of India's capital market infrastructure.
NSDL IPO GMP, Share Price Live Updates: Key dates
The bidding for the NSDL IPO took place from July 30 to August 1, 2025. The share allotment was finalised on Monday, August 4. NSDL is now set to debut on the BSE, with the listing date scheduled for today, August 6.
NSDL IPO GMP, Share Price Live Updates: Geojit Investments on NSDL IPO
“At the upper price band of Rs 800, NSDL’s FY25 P/E ratio of 47x appears reasonably priced compared to its peer. Considering its dominant share in AUC, rapid growth in financials, stable revenue stream, healthy return ratios and focus on digital infrastructure expansions ahead,” said Geojit Investments in its IPO note.