NSDL IPO: The National Securities Depository Ltd. (NSDL) Initial Public Offering (IPO), India’s first and largest securities depository, opens for public subscription today, July 30, 2025, and will remain open till August 1, 2025.
With a price band of ₹760–₹800 per share and a total issue size of around ₹4,011–4,012 crore, this IPO is structured entirely as an Offer-for-Sale, meaning NSDL itself will not receive any fresh funds. Prior to the launch, anchor investors infused ₹1,201 crore, signaling strong institutional confidence in the company’s established market position and long-term prospects.
NSDL Share Price
As of July 30, 2025, NSDL share price is trading at a grey market premium (GMP) of ₹126–₹135, indicating strong investor demand. When added to the upper price band of ₹800, it suggests a likely listing price around ₹926–₹935—a potential 15–17% premium over the IPO price.
Interestingly, in the unlisted/pre‑IPO market earlier this month, NSDL share prices are approximately ₹1,025 per share, making the IPO pricing a ~20–22% discount to the unlisted valuation.
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NSDL IPO Review
The NSDL IPO, which opened on July 30, 2025 with a price band of ₹760–₹800, has drawn consistently positive reviews from leading brokerages, who highlight its fair valuation and dominant position in India’s capital market infrastructure.
Analysts across Anand Rathi Research, Canara Bank Securities, INVasset PMS, Angel One, and Equinomics have flagged it as a long-term “Subscribe” opportunity, citing its annuity‑like revenue profile, expansive institutional franchise, and significantly lower P/E multiple (~46–47×) compared to peer CDSL (~60×).
While the Offer‑for‑Sale structure means no fresh capital is raised by NSDL itself, investors view the IPO as an efficient way to gain exposure to India’s expanding market plumbing. Risks noted include regulatory scrutiny, competition from CDSL, and reliance on trading volumes, but overall the consensus is that it’s a solid long-term infrastructure play.
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NSDL IPO: What Analysts Recommend?
Nearly all brokerages and advisors who have weighed in recommend a long‑term Subscribe:
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Anand Rathi Research: Calls the pricing fair, expects growth via modernizing IT infrastructure and expanding service offerings, “Subscribe”
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Canara Bank Securities: Cites strong entry barriers and long-term tailwinds; recommends “Subscribe”
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SP Tulsian Advisor (Geetanjali Kedia): Sees NSDL as attractively priced within its duopoly; suitable for long-term investors
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Angel One & Bajaj Broking: Long-term subscribe, highlighting growth potential amid digitalisation and strong structural positioning; but flag risks from competition, regulatory changes, cybersecurity infrastructure and market trading volume dependency
