By Krishna Dua 
NSDL Lists at ₹880 on BSE: Oversubscribed IPO Debut
National Securities Depository Ltd (NSDL) made a strong debut on the stock exchanges, listing at a 10% premium after its highly anticipated initial public offering.
NSDL Shares List at 10% Premium on BSE
National Securities Depository Ltd (NSDL), a central pillar in India’s dematerialized securities market, made its much-awaited stock market debut on August 6, 2025. The shares listed on the BSE at ₹880 per share, marking a robust 10% premium over its issue price of ₹800 per share. This positive opening, while slightly below some grey market expectations of 15-20%, still signaled strong investor confidence in the depository’s long-term prospects.
The ₹4,012 crore IPO, which was entirely an Offer for Sale (OFS) of 5.01 crore shares, garnered significant attention from all investor categories during its subscription window from July 30 to August 1, 2025.
Overwhelming Investor Demand: Subscribed 41 Times
The NSDL IPO witnessed overwhelming investor interest, being subscribed a remarkable 41.02 times overall. This strong demand was evident across all segments:
- Qualified Institutional Buyers (QIBs): Led the charge with an impressive subscription of 103.97 times.
- Non-Institutional Investors (NIIs): Showed robust participation, subscribing their quota 34.98 times.
- Retail Investors: Subscribed their portion 7.76 times.
- Employee Category: Also saw healthy interest, being subscribed 15.39 times.
The strong oversubscription, particularly from institutional investors, underscores the market’s confidence in NSDL’s business fundamentals and its pivotal role in India’s capital market infrastructure. The IPO’s pricing, which some analysts considered purposefully discounted, aimed to foster solid demand and deliver tangible upside for new investors.
Strong Performance Continues Post-Listing
Following its debut, NSDL’s share price continued to show positive momentum. Shortly after listing, the stock extended its gains, trading over 3% higher at around ₹912.30 apiece on the BSE, touching an intraday high of ₹920. This performance reflects sustained investor interest and the company’s strong positioning.
NSDL, incorporated in 2012, is a SEBI-registered Market Infrastructure Institution (MII) and plays a crucial role in maintaining electronic records of securities. It offers a wide array of services including demat account operations, trade settlements, corporate actions, e-voting, and consolidated account statements. Its subsidiaries, NSDL Database Management Ltd. and NSDL Payments Bank, further diversify its operations into e-governance and digital banking.
In FY25, NSDL reported a 12% increase in revenue to ₹1,535.19 crore and a 25% rise in Profit After Tax (PAT) to ₹343.12 crore. Analysts view NSDL as a stable investment opportunity due to its institutional stature, consistent dividend-paying track record, and growth in value-added services. Its listing is seen as a valuable addition to the market, especially with rising retail participation and the expansion of digital finance in India.
Positioning in India’s Depository Landscape
NSDL is the second publicly listed depository in India, after Central Depository Services (India) Ltd (CDSL), which debuted in 2017. While CDSL has a larger number of active demat accounts, NSDL holds a dominant position in terms of assets under custody and institutional client base.
Key Comparison: At the upper end of the IPO price band, NSDL was valued at a P/E of 46.63 times its FY25 earnings, compared to CDSL’s P/E of around 61-64 times. This suggests that NSDL offers a relatively more attractive entry point, with potential for valuation gap closure in the future.
Experts suggest that while short- to medium-term investors might consider booking some profits, long-term investors could continue to hold NSDL shares, given its strong fundamentals and strategic importance as the infrastructure backbone of India’s capital markets.
Conclusion: A Promising Start for a Market Infrastructure Giant
NSDL’s successful listing at a premium, backed by overwhelming investor interest, marks a significant milestone for the company and the Indian capital markets. Its strong debut reinforces its position as a critical market infrastructure institution. As India’s financial markets continue to expand and digital adoption grows, NSDL is well-positioned for sustained growth, making it an attractive proposition for investors looking to participate in the long-term evolution of the country’s financial ecosystem.