NSDL IPO Day 3 GMP Live: Here's Day 3 NSDL subscription data - See GMP, listing date, investor guidance and more

Qualified Institutional Buyers (QIBs) - 34.43

Non Institutional Investors(NIIS)- 32.56

Retail Individual Investors (RIIs) - 7.07

Employee Reserved - 12.85

Total- 20.42

"At the upper end of the price band (Rs 800), NSDL is targeting a market capitalisation of around Rs 16,000 crore. Based on FY25 projected earnings and fully diluted post-IPO equity, this translates to a price-to-earnings (PE) ratio of 46.6x, which appears fairly valued given the company’s recent performance. However, when compared to peer CDSL — currently trading at a PE of 64x — NSDL's pricing offers a relative discount, consistent with its steadier growth trajectory and stronger institutional orientation. Considering NSDL’s market leadership, solid financial base, and its critical role in India’s capital market infrastructure, we recommend a 'SUBSCRIBE' rating for long-term investors looking for stable returns in a high-entry-barrier business."

Marwadi Financial Services has given a ‘Subscribe’ rating to the NSDL IPO, citing attractive valuations and strong fundamentals. “Based on the FY25 projected EPS of Rs 17.16 post-issue, the IPO is priced at a P/E of around 47x, translating to a market capitalisation of approximately Rs 16,000 crore. In comparison, peer Central Depository Services (India) Ltd (CDSL) is currently trading at a P/E of roughly 68x,” the brokerage noted. It highlighted NSDL’s position as India’s first and largest depository with a tech-driven business model, stable revenues, and a high share of recurring income. “The offering is attractively priced relative to peers, making it a compelling investment,” it added.

Qualified Institutional Buyers (QIBs) 2.99

Non Institutional Investors(NIIS) - 20.61

Retail Individual Investors (RIIs) - 5.65

Employee Reserved -- 9.71

Total - 8.10

The depository segment in India has witnessed particularly strong momentum over the past three years, driven by increasing investor participation and the expanding scope of digital financial services.

As of March 31, 2025, NSDL remains the largest depository in India. It leads in key metrics such as number of issuers, active instruments, market share in demat value, settlement volumes, and value of assets under custody.

India’s capital markets have grown rapidly between FY2017 and FY2025. NSDL, as the pioneering depository, revolutionised the market with the introduction of dematerialisation, shifting securities from paper to electronic form.

Beyond core operations, NSDL also delivers value-added services including e-voting, consolidated account statements (CAS), and non-disposal undertakings (NDUs), enhancing the overall investor experience.

The depository provides essential services such as dematerialization of securities, trade settlements, pledging of shares, off-market transfers, and processing of corporate actions. These services are integral to the smooth functioning of the Indian securities market.

NSDL holds the distinction of being India’s first and largest securities depository. It plays a critical role in the country’s capital markets by maintaining electronic records of securities allotments and ownership transfers.

The Initial Public Offering (IPO) of National Securities Depository Ltd (NSDL) has been subscribed 6.14 times so far on Day 3. The offering is a complete Offer for Sale (OFS) by existing shareholders, amounting to Rs 4,012 crore. No new capital is being raised through this issue.

Grey market premiums (GMPs) for the initial public offerings (IPOs) of National Securities Depository Ltd (NSDL), Aditya Infotech Ltd, Sri Lotus Developers and M&B Engineering have witnessed a sharp rise, buoyed by strong subscription trends in the primary market. According to market trackers monitoring unofficial grey market activity, GMPs for these four companies have surged up to 43 percent over their respective issue prices. (Read More)

The shares of Patel Chem Specialities made a strong market debut on August 1, listing at Rs 110 apiece on the BSE SME platform. This marks a premium of nearly 31 percent over the IPO price of Rs 84 apiece. The listing premium is more or less at par with grey market estimates. Ahead of listing, the unlisted shares of the company were trading with a grey market premium of nearly Rs 32 percent over the IPO price at Rs 111 apiece, according to data on Investorgain. (Read More)

Retail investors subscribed 53.81 times their allotted portion, while qualified institutional buyers (QIBs) put in bids 140.5 times the available quota. Non-institutional investors (NIIs) also showed strong interest, subscribing 75.93 times.

To check the allotment status of the Aditya Infotech IPO through the registrar’s website, follow these steps:

Visit the official website of the IPO registrar

From the list of companies, select "Aditya Infotech"

Enter your Client ID, Application Number, or PAN

Click on Submit to view your allotment details

To check the allotment status of the Aditya Infotech IPO on the BSE website, follow these steps:

Visit the BSE IPO allotment status page

Under Issue Type, select "Equity"

From the Issue Name dropdown, choose "Aditya Infotech"

Enter your Application Number or PAN

Check the "I am not a robot" box and click on Submit to view your allotment status

To check the Aditya Infotech IPO allotment status online via the NSE website, follow these steps:

Visit the NSE IPO application status page

Select "Equity and SME IPO bids"

From the Issue Name dropdown, choose "Aditya Infotech"

Enter your Application Number or PAN

Click on Submit to view your allotment status

Bidding for the Aditya Infotech IPO was held from July 29 to July 31, 2025, with allotment status to be finalised on August 1. The issue saw strong investor interest, as retail investors subscribed 195.05 times and Non-Institutional Investors (NIIs) 197.01 times. The company is expected to list on the BSE and NSE on August 5, 2025.

The public issue received bids for 117.07 crore shares against 62.42 lakh shares on offer, translating to an oversubscription of 187.55 times. Non-Institutional Investors (NIIs) led the charge with their portion subscribed 197.01 times, closely followed by retail investors at 195.05 times.

The IPO was priced in the range of Rs 640 to Rs 675 per share, with a minimum lot size of 2,000 shares.

Aditya Infotech’s Rs 1,300 crore book-built IPO attracted massive interest from investors. The offering included a fresh issue of 75.61 lakh equity shares worth Rs 94.51 crore and an offer for sale (OFS) of 18.25 lakh shares aggregating Rs 22.81 crore. The bidding period ran from July 29 to July 31, 2025, with the allotment set to be finalised on August 1. The company is expected to debut on the BSE and NSE on August 5, 2025.

Hello and welcome to Moneycontrol. In today's special coverage, we will bring you latest on Aditya Infotech allotment and NSDL Day 3 subscription trends and much more. Stay with us for expert view, current trends and listing guidance, GMP watch and much more