After receiving an overwhelming response for its initial public offering (IPO), National Securities Depository Ltd's (NSDL) share allotment is expected to be finalised today. Applicants who applied for the issue can check the NSDL IPO allotment status on the registrar’s website or the BSE and the NSE platforms. MUFG Intime India Private Limited (formerly Link Intime) is the registrar for the IPO.

The ₹4,011-crore IPO of NSDL, which opened between July 30 and August 1, was subscribed 41.02 times. According to data available on the exchanges, the public issue received bids for over 144 crore shares worth ₹1.15 lakh crore against 3.51 crore shares offered.

The IPO was subscribed 103.97 times in the qualified institutional buyer (QIB) segment, followed by 34.98 times in the non-institutional investor (NII) segment. The quota reserved for retail investors was booked 7.76 times, while the employee portion was subscribed 15.42 times. The company had reserved 50% of the issue for QIBs, 35% for retail investors, and the remaining 15% for NIIs.

The IPO was entirely an offer for sale (OFS) of 5.01 crore equity shares, offered at an issue price of ₹800 per share. Under the OFS, existing shareholders, including IDBI Bank, NSE, SBI, HDFC Bank, Union Bank of India, Canara Bank, and others, partially sold their stake in the country’s oldest and largest depository.

NSDL GMP rises 15% ahead of listing

Ahead of NSDL's IPO listing, shares were gaining traction in the grey market, trading at a premium of ₹122 apiece over the issue price. The NSDL shares were commanding a grey market premium (GMP) of ₹122 in the unlisted market, indicating the listing price to be around ₹922, up 15.25% over the issue price, data available on the InvestorGain website showed.

Shares of NSDL are set to make their debut on the BSE and the NSE on August 6, 2025. 

On the market valuation front, NSDL is coming to the market at a 47x earnings multiple, with its market capitalisation pegged at around ₹16,000 crore.

Analysts believe the IPO pricing for NSDL is deliberately conservative, owing to the recent market meltdown. For a business with nearly ₹500 lakh crore in custody, the ₹16,000 crore market cap seems like a discount, especially when compared to its listed peer, CDSL, which is priced at double that for a much smaller asset base.

Central Depository Services Ltd (CDSL), a rival of NSDL, has a market cap of ₹32,140 crore, with its shares trading at around ₹1,540 levels.

While NSDL is focussed on large institutional clients, including foreign portfolio investors (FPIs), custodians, and mutual funds, CDSL dominates the retail investor segment, thanks to deep integrations with brokers and fintech platforms.

As of March 2025, NSDL handles a far larger chunk of high-value securities, managing ₹464 lakh crore in assets under custody (AUC) through a network of 65,391 depository participants’ service centres. In comparison, CDSL handles ₹70.52 lakh crore in assets under custody via 18,918 such centres.

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