NSDL IPO Day 2: Issue Subscribed Over Five Times — Check GMP

The initial public offering of National Securities Depository Ltd., India’s first and largest securities depository, opened for second day of subscription after it was fully subscribed on its first day on Wednesday.

On Day 2, the IPO was subscribed 5.03 times as of 5:00 p.m.

The NSDL IPO is entirely an offer for sale of up to 5.01 crore equity shares by existing shareholders, including IDBI Bank, the National Stock Exchange of India, and the State Bank of India. The share sale is expected to fetch up to Rs 4,012 crore.

The company raised Rs 1,201.44 crore from anchor investors on Tuesday. Life Insurance Corporation of India, Capital Group and Fidelity were among the prominent investors..

ICICI Securities Ltd., Axis Capital Ltd., HSBC Securities and Capital Markets (India) Pvt., SBI Capital Markets Ltd., IDBI Capital Markets & Securities Ltd. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers to the issue.

The offer, which concludes on Friday, is set to list on the BSE and the National Stock Exchange next month.

• Issue Date: July 30 - August 1

• Price Band: Rs 760-800

• OFS: 5.01 crore shares

• OFS Size: Rs 4,011.6 crore

• Market Value: Rs 16,000 crore

• Lot Size: 18 shares

• Listing: By August 6

The NSDL IPO has been subscribed 5.03 times as of 5:00 p.m. on Thursday.

• Qualified Institutions: 1.96 times

• Non-Institutional Buyers: 11.08 times.

• Retail Investors: 4.17 times.

• Portion reserved for employees: 7.69 times

The grey market premium for NSDL IPO rose to Rs 143, as of 6:01 p.m. on July 31, according to InvestorGain. That implies a potential premium listing at around Rs 943 per share, indicating a 17.88% gain over the upper price.

GMP or grey market price is not an official indicator and is based on market speculation.