NSDL shares list at 10% premium over issue price

National Securities Depository Ltd (NSDL) shares listed on the BSE on August 6 at Rs 880, marking a 10% premium, or Rs 80 above, the issue price of Rs 800 per share.

The Rs 4,012 crore IPO, entirely an offer for sale (OFS) of 5.01 crore shares, received strong participation across all investor categories. The overall issue was subscribed 41.02 times, led by QIBs who subscribed 103.97 times, followed by NIIs at 34.98 times and retail investors at 7.76 times.

The anchor portion, subscribed on July 29, raised Rs 1,201.44 crore, reflecting strong institutional confidence.


Founded in 2012, NSDL is a Sebi-registered Market Infrastructure Institution (MII) and serves as a central pillar in India’s dematerialized securities market. It offers a wide range of services including demat account operations, trade settlements, corporate actions, e-voting, consolidated account statements, and pledge services.

Its subsidiaries, NSDL Database Management Ltd. and NSDL Payments Bank, further expand its footprint into e-governance and digital banking.

As of March 2025, NSDL had 3.94 crore active Demat accounts and worked with 294 depository participants.

The IPO was entirely an offer for sale (OFS), with no fresh capital being raised. Its sole objective was to provide liquidity to existing shareholders and achieve the benefits of listing. The promoter holding remains unchanged post-listing at 20 crore shares.

In FY25, NSDL reported a 12% increase in revenue to Rs 1,535.19 crore and a 25% rise in PAT to Rs 343.12 crore. The IPO was priced at a P/E of 46.63 and a price-to-book value of 7.98.

Despite being seen as fully priced by some analysts, NSDL’s institutional stature, dividend-paying track record, and growth in value-added services have made the issue attractive for long-term investors.

Many market participants view the IPO as a chance to invest in the infrastructure backbone of India’s capital markets, especially amid rising retail participation and the expansion of digital finance in the country.