Mumbai, August 6, 2025 – All eyes are on the Indian stock market today as National Securities Depository Limited (NSDL) makes its much-awaited debut. The IPO, which received an overwhelming response from investors, is now set to list its shares on the Bombay Stock Exchange (BSE) under the ‘B’ group of securities.
According to a notice issued by the BSE, NSDL shares will participate in a Special Pre-Open Session (SPOS) at 10:00 AM, before regular trading begins. The company’s listing is one of the most anticipated events of the year, given its strong market position and high demand during the IPO subscription phase.
NSDL IPO Journey: From Opening to Allotment
NSDL’s public issue ran from July 30 to August 1, 2025, with allotments confirmed on August 4. The much-anticipated listing on August 6 follows an entirely Offer for Sale (OFS) of 5.01 crore equity shares, through which the company raised ₹4,011.60 crore at the top end of its ₹760–₹800 price band
Since it was a complete OFS, no new capital was infused into the company; instead, existing shareholders offloaded part of their stake. This means the funds raised will not directly be used for future expansion but will allow some stakeholders to book profits.
GMP Shows Strong Bullish Trend
In the days leading up to the listing, Grey Market Premium (GMP) trends have indicated investor confidence. Market trackers report that NSDL IPO’s GMP today stands at ₹127 per share, which means the stock is trading at around ₹927 in the unofficial market — a solid 16% premium over the issue price of ₹800.
This bullish GMP points towards a potentially strong debut on the bourses, with analysts predicting gains in the 12–15% range or even higher, depending on market sentiment on listing day.
Expected Listing Price
Based on the current GMP, the estimated listing price for NSDL shares is pegged at ₹927 per share, signalling healthy gains for investors who were allotted shares in the IPO. However, analysts caution that while short-term listing pops can be rewarding, long-term returns will depend on the company’s business performance.
Expert Opinions on NSDL Listing
Prashanth Tapse, Senior VP (Research) at Mehta Equities, stated:
With robust subscription numbers and upbeat market sentiment, we anticipate a healthy listing gain of around 12–15% or possibly higher. Beyond the short-term boost, NSDL stands out as a solid play on the rising institutional participation in India’s capital markets.”
Harshal Dasani, Business Head at INVasset PMS, offered a slightly cautious perspective:
“While the listing will likely be healthy, future upside will depend on consistent financial performance and monetisation of new service lines. At ₹760–₹800 per share, the company is valued at around ₹16,400 crore, translating to a P/E of nearly 47x FY25 earnings. The valuations are steep compared to peer CDSL, which trades at a discount. Still, NSDL’s governance standards, duopoly market position, and operational scale make it a strong long-term compounding candidate.”
IPO Subscription Status: Who Bought What
Investor demand for NSDL IPO was exceptionally strong across all categories:
Overall Subscription: 41.01 times
Retail Investors: 7.73 times
Non-Institutional Investors (NII): 34.98 times
Qualified Institutional Buyers (QIB): 103.97 times
The massive interest from QIBs highlights institutional faith in NSDL’s business model and market leadership.
Company Profile & Market Position
Founded in 1996, NSDL is India’s first and one of the largest depositories, holding electronic securities for investors and enabling seamless settlement of trades. It operates in a duopoly market alongside CDSL, giving it a significant competitive advantage.
With strong governance, cutting-edge infrastructure, and a wide network of depository participants, NSDL plays a crucial role in India’s capital market ecosystem. Its services include dematerialisation of securities, market settlement, and other investor-centric services.
Long-Term Outlook
While today’s listing is all about short-term gains, experts stress that long-term investors should focus on NSDL’s fundamentals. The absence of fresh capital from the IPO means the company will rely on internal accruals and operational efficiency for growth.
New revenue streams — including expanding into additional investor services and potential international collaborations — could drive growth in the coming years. Given its market dominance, scalability, and role in a growing capital market, NSDL could remain a key player in investors’ portfolios.
Key Takeaways for Investors
Listing Date: August 6, 2025
Listing Venue: BSE (‘B’ Group of Securities)
Issue Size: ₹4,011.60 crore (OFS)
Price Band: ₹760–₹800
GMP Today: ₹127
Expected Listing Price: Around ₹927 (16% premium)
Subscription: 41.01 times overall