NSDL IPO day 3 Live: Bidding for the initial public offering (IPO) of National Securities Depository Ltd (NSDL) opened on 30 July 2025 and will remain open until 1 August 2025. This means investors have just one day to apply for the public issue, as bidding for the NSDL IPO will end today at 5:00 PM.
According to the NSDL IPO subscription status, the depository company has received a strong response from investors in the first two days of bidding. This strong response to the public issue is visible in the NSDL IPO GMP (grey market premium). According to market observers, shares of the Company are available at a premium of ₹135 in the grey market today.
NSDL IPO GMP today
As mentioned, NSDL IPO GMP today is ₹135, which is steady and signalling a 17% return on one’s money. This could become possible because of the resilience shown by the Indian stock market despite the imposition of Trump’s tariffs from 1 August 2025. Market observers said that NSDL IPO GMP may appreciate if the resilience on Dalal Street against Trump’s tariffs on India gets extended during the Friday session. Shares of the Company debuted in the grey market on 19 July 2025 at around ₹190, and since then, it has remained above the ₹130 levels.
NSDL IPO subscription status
By 5 PM on day 2 of bidding, the public issue had been booked 5.03 times, the retail portion of the public offer had been subscribed 4.17 times, the NII segment had been filled 11.08 times, while the QIB portion had been subscribed 1.96 times.
NSDL IPO review
On whether one should apply for the NSDL IPO or not, BP Equities said, “The IPO is priced at a P/E of 46.6x on FY25 earnings at the upper end of the price band, which appears reasonable when compared to CDSL, currently trading at a P/E of 64.8x. We recommend a ‘SUBSCRIBE’ rating for the issue, supported by the Company’s strong credit underwriting practices and prudent risk management framework.”
Marwadi Financial Services also assigned a ‘subscribe’ tag to NSDL IPO saying, “Considering the FY 25 EPS of ₹17.16 on a post-issue basis, the Company is set to list at a P/E of approximately ~47x with a market cap of ₹16,000 Cr, whereas its peer namely Central Depository Services (India) Limited is trading at P/E ratio of approximately ~68x respectively. We assign a “Subscribe” rating to this IPO as the Company is India’s first and leading depository operating a wide range of technology-driven businesses and a stable revenue base with a significant proportion of recurring revenue. Also, it is available at a reasonable valuation compared to its peers.”
Deven Choksey Research has also given a ‘subscribe’ rating to NSDL IPO, saying, “We find value in the NSDL’s initial issue, which is priced at 46.6x TTM P/E, compared to the 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. We assign a “SUBSCRIBE” rating to its initial issue.”
Rajan Shinde, Research Analyst at Mehta Equities, said, “On valuation parse at the upper price band of ₹800/-, the issue is asking for a market cap of ₹16000 cr. Based on FY 2025 earnings and fully-diluted post-IPO paid-up capital, the Company is asking for a PE of 46.6x, which seems fully priced by looking at its recent financials. However, compared to its peer CDSL, which trades at 64x, NSDL’s valuation reflects a discount, aligned with its more measured growth profile and deeper institutional focus. Given its dominant position, strong financial foundation and systemic importance to India’s capital markets, we recommend investors seeking steady growth and exposure to a high-barrier business to “SUBSCRIBE” to the NSDL IPO from a long-term investment perspective.”
In addition to these, Lakshmishree Investment, Anand Rathi, Canara Bank Securities, Cholamandalam Securities, SMIFS, and Ventura Securities have also assigned a ‘subscribe’ tag to the NSDL IPO.
NSDL IPO details
The company has declared NSDL IPO price at ₹760 to ₹800 per equity share. The NSDL IPO date is 30 July 2025 to 1 August 2025. The most likely NSDL IPO allotment date is 2 August 2025. In case of delay due to 2 August being Saturday, share allotment can be expected on 4 August 2025. The most likely NSDL IPO listing date is 6 August 2025.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.