National Securities Depository Ltd (NSDL), holding over 86% of India’s depository market, witnessed its ₹4,011 crore IPO being oversubscribed 41.02 times on the final day of bidding (August 1, 2025)
🔍 Subscription Breakdown by Investor Category
| Category | Subscription Rate |
|---|---|
| QIB (Qualified Institutional Buyers) | ~103.97× |
| NII (Non-Institutional Investors) | ~34.98× |
| Retail Individual Investors (RII) | ~7.76× |
| Employee Quota | ~15.4× |
Total bids exceeded 144 crore shares, while only 3.51 crore shares were on offer
🧾 IPO Details and Grey Market Preview
- Price Band: ₹760–₹800 per share
- Estimated Demand Value: Over ₹1.15 lakh crore (~$1.1 trillion) in bids
- Grey Market Premium (GMP): Around 16% to 17%, pointing to potential listing gains
🏦 What This Means and IPO Context
This was a pure Offer-for-Sale (OFS) by existing shareholders like NSE, SBI, HDFC Bank, IDBI Bank and SUUTI. NSDL will not receive the funds from the IPO; proceeds are realized by these institutions to meet regulatory caps. The company will debut on the BSE around August 6, 2025
⚙️ Why Earlier Investors Benefit Greatly
The IPO was priced at a 22% discount to its pre-IPO unlisted valuation of around ₹1,025/share. For example, the NSE’s initial investment of ₹59 crore is now valued at over ₹3,800 crore—yielding a return of around 6,415% The Economic Times.
📌 Final Perspective
The extremely high subscription rates reflect strong trust in NSDL’s dominant role in India’s securities infrastructure, despite the lack of fresh fundraising. With robust demand across all categories, the issue clearly outpaced supply. Early listing gains around 16%–17% appear likely, offering positive sentiment for both institutional and retail investors.
