NSDL IPO: Latest GMP Signals 17% Listing Gain, Check Key Details

The initial public offering (IPO) of National Securities Depository Ltd. (NSDL) is set to open for subscription on Wednesday, July 30. The company, a SEBI-registered Market Infrastructure Institution (MII), is preparing to make its debut on the BSE.

Ahead of the launch, the grey market premium (GMP) for the NSDL IPO indicates a listing gain of over 17% per share. As the launch date approaches, investors can check the following key details about the mainboard IPO before participating in the subscription.

As of 5 p.m. on July 28, the latest grey market premium (GMP) for the NSDL IPO stood at Rs 137 apiece, as per Investorgain. The latest GMP indicates an estimated listing price of Rs 937 apiece for NSDL shares. As per the GMP, NSDL shares are expected to be listed at a premium of 17.12% over the upper limit of the IPO price band.

Note: GMP is not an official source of data and is based on speculation.

The NSDL IPO is a book-built issue worth Rs 4,011.60 crore, comprising solely an offer for sale (OFS) of 5.01 crore equity shares.

The price band for the NSDL IPO has been set at Rs 760 to Rs 800 per share.

The leading depository has set aside up to 50% of the net offer for Qualified Institutional Buyers (QIBs). The Non-Institutional Investors (NII) will receive at least 15% of the net offer, while the retail portion will comprise the remaining 35%.

The IPO lot size has been fixed at 18 shares. Retail investors can apply for at least a single lot size, amounting to a minimum investment of Rs 13,680. For small non-institutional investors (sNII), the minimum application size is 14 lots, or 252 shares, amounting to Rs 2,01,600. Big non-institutional investors (bNII) are required to apply for at least 70 lots, or 1,260 shares, aggregating to an investment of Rs 10,08,000.

NSDL IPO subscription will remain open till Friday, Aug. 1. The basis of allotment is expected to be finalised by Monday, Aug. 4. Refunds for non-allottees will be initiated on Tuesday, Aug. 5. The company will also transfer the shares to the Demat accounts of the successful bidders the same day.

The IPO listing date has been tentatively fixed as Aug. 6. Shares of NDSL will be listed on the BSE.

ICICI Securities Ltd. is acting as the book-running lead manager for the NSDL IPO, while MUFG Intime India Private Ltd. has been appointed as the registrar for the issue.

National Securities Depository Ltd. (NSDL) is a major player in India’s capital market, handling electronic records of securities and ownership transfers. It offers services like dematerialisation, trade settlement, off-market transfers, pledging and corporate actions. The leading depository also offers value-added features such as e-voting, consolidated account statements (CAS) and non-disposal undertakings (NDU).

The net proceeds from the NSDL IPO will be utilised to achieve the benefits of listing the equity shares on the BSE.

NSDL’s revenue stood at Rs 1,535.19 crore for the financial year ended March 31, 2025, reflecting a 12% increase over Rs 1,365.71 crore in the previous fiscal. Profit after tax in FY25 stood at Rs 343.12 crore, up 25% from Rs 275.45 crore in FY24.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.