At the upper end of the price band, fixed at Rs 800, this reflects a premium of around 17%.
Though GMPs are unofficial and derived from off-market trading, they are often considered an early indicator of investor sentiment. The strong premium suggests robust demand and optimistic expectations for listing day gains, especially considering NSDL’s foundational role in India’s financial infrastructure and its association with prominent institutional shareholders.
NSDL IPO price band and offer size
The price band for the NSDL IPO has been fixed between Rs 760 and Rs 800 per equity share. At the upper limit, the company aims to raise Rs 4,011.6 crore through an offer for sale (OFS), with no fresh issue of shares. The IPO will see some of India’s leading financial institutions reduce their holdings in the depository firm.
Retail investors can bid for a minimum of 18 equity shares, which translates to a minimum investment of Rs 14,400 at the upper end of the price band. Bids can be made in multiples of 18 thereafter.
NSDL IPO key dates
- Anchor Investor Bidding: July 29, 2025
- IPO opens: July 30, 2025
- IPO closes: August 1, 2025
- Basis of allotment: August 4, 2025
- Listing date: August 6, 2025
NDSL IPO review
Domestic brokerage firm Anand Rathi has issued a ‘Subscribe’ rating for the offer.
“At the upper price band company is valued at a P/E of 46.6x to its FY25 earnings, and a market cap of Rs 1,60,000 million, with the return on net worth of 17.1% post issue of equity shares,” said the brokerage note.
They believe that the IPO is fully priced in.
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Further, Kalp Jain, Research Analyst at INVasset PMS, noted that the investor sentiment has been strong, with a grey market premium pointing to an expected listing gain of 17%.
“While regulatory scrutiny—particularly past issues linked to Karvy—and rising competition from CDSL remain watchpoints, NSDL’s institutional franchise, steady annuity-like cash flows, and sectoral leadership offer a strong case for anchor allocations. At ~46× PE, this IPO appeals to investors seeking long-term exposure to India’s capital market infrastructure,” he added.
Lead managers to the issue
The NSDL IPO is being managed by a consortium of leading financial institutions. ICICI Securities, Axis Capital, HSBC Securities, IDBI Capital, Motilal Oswal Investment Advisors, and SBI Capital Markets are acting as the book-running lead managers to the issue.
About NSDL
Founded as India’s first depository, NSDL plays a critical role in holding and transferring securities electronically. With strong institutional backing, a leading position in the depository space, and a resilient revenue model, NSDL’s IPO is expected to mark a key milestone in the evolution of India’s capital markets.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
