NSDL IPO Allotment Status Highlights: Allotment status declared, GMP declines; check steps, direct links & more

"Highway Infrastructure Ltd.’s IPO arrives at a time when India’s infrastructure push is being actively translated into on-ground execution, particularly in roads, tollways, and urban development. As a multi-vertical player with established expertise in toll collection and EPC infrastructure, the company’s strategic positioning aligns with the government’s continued emphasis on digital tolling, expressway expansion, and semi-urban connectivity. Its adoption of ANPR and RFID-led systems for toll management underscores a shift toward tech-enabled operational efficiency — a model increasingly rewarded by public authorities in new tenders.

However, the company’s topline contraction in FY25, despite an uptick in net profits, warrants a closer look. The surge in profitability may partly reflect one-off efficiencies or contract timing, which should be normalized before projecting forward valuations. With a current order book of ₹666 crore — 90% of which stems from EPC — the company’s earnings visibility appears medium-term, especially if toll revenues remain sub-scale. At the upper price band, the IPO demands a P/E multiple of over 22x FY25 earnings — placing it between larger, established infra players and mid-sized EPC peers. While this is not unreasonable, it leaves limited margin of safety for near-term investors.

From a macro perspective, India’s infra spend remains a durable theme, particularly in transport and housing. Investors with a multi-year horizon may find merit in HIL’s digitized toll operations and regional EPC execution. Yet pricing discipline and project scalability will be critical for consistent value creation. A measured, allocation-based approach is advisable," said Bhavik Joshi, Business Head, INVasset PMS.

The shares of Central Depository Services (India) Limited (CDSL), the peer organisation of NSDL, were trading in the red with marginal losses at Rs 1,568.80 apiece.

NSDL shares are expected to list with a premium of around 17 percent over the issue price, as the grey market premium (GMP) for the company’s stock has surged ahead of the stock listing on August 6.

"The market is valuing NSDL favourably beyond the IPO price, driven by optimism about its long-term growth," noted Bhavik Joshi, Business Head, INVasset PMS.

Market participants said that investors should consider holding the stock for the long term, given NSDL’s strong fundamentals and leadership in the depository segment.

Highway Infrastructure’s initial public offering (IPO) drew strong investor interest on the first day of public bidding. The tollway operator's Rs 130-crore IPO was subscribed nearly 15 times within the first 3.5 hours of opening on August 5.

The IPO received bids for more than 24.84 crore shares, as against the offer size of 1.6 crore shares, according to data on NSE at 1.30 pm. Retail investors subscribed their reserved portion more than 17 times. Non Institutional Investors (NII) booked their reserved portion nearly 19 times. Qualified Institutional Buyers (QIB) have fully subscribed the portion kept for them.

(According to data in Investorgain)

"The National Securities Depository Ltd (NSDL) IPO has garnered significant attention, with the issue fully subscribed within hours of opening. This strong demand across all investor categories reflects confidence in NSDL’s position as a key player in India’s capital market infrastructure. Despite the robust subscription, the Grey Market Premium (GMP) has seen some fluctuations...Market is valuing NSDL more favorably than the IPO price, reflecting optimism about its long-term prospects," said Bhavik Joshi, Business Head, INVasset PMS.

"NSDL has demonstrated consistent growth, with FY25 financials showing a 22.3% increase in net profit to ₹343 crore and a healthy EBITDA margin of 32.1%. These robust figures further strengthen the case for its ongoing public offering. NSDL’s dominant position in the market, managing over ₹510 lakh crore in assets and serving nearly 3.94 crore demat account holders, underscores its critical role in India’s capital markets. Given the strong subscription numbers and positive GMP, investors who have been allotted shares can anticipate a favorable listing," said Bhavik Joshi, Business Head, INVasset PMS.

"For those who were not allotted shares, monitoring the stock's performance on the listing day can provide insights into future investment opportunities. It’s important to stay informed about market conditions and NSDL’s performance post-listing to assess the long-term potential of this opportunity," said Bhavik Joshi Business Head, INVasset PMS.

Highway Infrastructure’s initial public offering saw strong investor interest on its first day of public bidding. The Rs 130-crore IPO of the tollway operator was over-subscribed nearly 4 times its offer size within the first hour since opening.

The IPO received bids for more than 5.94 crore shares, as against the offer size of 1.6 crore shares, according to data on NSE at 10.50 am. Retail investors led the subscription rally, subscribing their reserved portion more than 5 times. Non Institutional Investors (NII) followed, booking their reserved portion more than 3 times. Qualified Institutional Buyers (QIB) have subscribed 2 percent of the portion kept for them so far.

Laxmi India Finance market debut: See pictures from the listing ceremony at NSE

Aditya Infotech market debut: See pictures from the listing ceremony at NSE

(according to data on IPO Watch)

Laxmi India Finance shares made a weak stock market debut on August 5, following a 1.85 times subscription in the primary market. Shares of NBFC player Laxmi India Finance Ltd got at Rs 137.52 per share on the NSE, a discount of 12.96 percent from it's issue price of Rs 158 apiece.

The shares of Aditya Infotech made a strong debut on the stock markets on August 5, listing at Rs 1,015 apiece on NSE. This implies a premium of more than 50 percent over the IPO price of Rs 675 apiece. On BSE, the shares however listed with a premium of nearly 51 percent over the IPO price at Rs 1,018 apiece.

The listing premium has beaten grey market estimates. Ahead of listing, the unlisted shares of the company were trading with more than 45 percent GMP over the IPO price at Rs 980 apiece, according to data on Investorgain.

• Step 1: Open the website of Bombay Stock Exchange (BSE).
• Step 2: Click on ‘Investors’ option.
• Step 3: On the ‘Investor Services’ dropdown, click on ‘Status of Issue Application’.
• Step 4: Click on ‘Application Status Check’.
• Step 5: Select Equity in the issue type.
• Step 6: Fill in the required details including the ‘Issue Name’.
• Step 7: Enter PAN number and click on Search to view the status

• Step 1: Open the website of NSE by clicking on this direct link (https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp).
• Step 2: Select the company ‘NSDL’ by selecting Equity & SME IPO bid details
• Step 3: Investors can check the allotment status by filling in details like their IPO Application number or PAN details after selecting company symbol.
• Step 4: Press the Submit button
• Step 5: The allotment status will be shown in the window.

• Step 1: Open the link to the official registrar of the issue on this URL: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
• Step 2: Select the company from the dropdown menu.
• Step 3: You check your allotment status by filling in details like PAN, application number or DP client ID.
• Step 4: Press the Submit button
• Step 5: Your allotment status will be shown in the window.

Investors who applied for the Sri Lotus Developers and Realty Ltd IPO can now check their allotment status online through multiple platforms. Here's a step-by-step guide:

On KFin Technologies Portal

Visit KFin IPO Status Page

Choose any of the five available links to access IPO allotment information

From the dropdown menu, select 'Sri Lotus Developers and Realty Ltd'

Choose your preferred identification method — Demat account number, Application number, or PAN

Complete the captcha verification and click 'Submit'

• On BSE India Website

Go to the BSE IPO Application Status page

Set 'Equity' as the issue type

Select 'Sri Lotus Developers and Realty Ltd' from the list of IPOs

Enter your PAN or Application Number

Click 'Search' to view the allotment result

•  On NSE India Website

Visit NSE IPO Allotment Portal

Choose ‘Equity & SME IPO bid details’

Select 'Sri Lotus Developers and Realty Ltd' (symbol: LOTUSDEV)

Enter your Application Number and PAN

Click 'Submit' to check the status

If you are allotted shares, they will likely be credited to your Demat account by August 6 or 7. You can check your holdings through your broker’s app or the NSDL portal.

In case you do not receive an allotment, the application amount will be automatically unblocked or refunded within 2–3 working days.

“At the upper price band of Rs 800, NSDL is valued at a post-issue P/E of 47× FY25 earnings, which is at a discount compared to listed peer CDSL,” noted Angel One. Highlighting NSDL’s strong market leadership, high entry barriers, and the long-term growth potential driven by India’s digitalisation and capital market growth, the brokerage has given a ‘Subscribe’ rating for long-term investors.

Ajcon Global has issued a ‘Subscribe’ recommendation for the NSDL IPO, highlighting the depository’s pioneering role in India’s financial infrastructure. “NSDL, India’s pioneering depository, opens its doors to public investors. Backed by marquee institutions, this Offer for Sale marks a landmark listing in the financial infrastructure space,” the firm stated. At the upper price band of Rs 800, the IPO is valued at a P/E multiple of 46.62 based on its FY25 post-IPO EPS of Rs 17.16.

According to investorgain.com, the last reported Grey Market Premium (GMP) for the NSDL IPO was Rs 126, as of August 4, 2025, 6:34 PM. Based on the IPO's price band of Rs 800, the estimated listing price is projected to be around Rs 926. This implies an expected gain of approximately 15.75% per share over the cap price.

• The NSDL IPO saw overwhelming demand across all investor segments, reflecting strong confidence in the company's fundamentals and long-term outlook. As India’s first and largest depository, NSDL commands a dominant market share in demat value and settlement volume, underpinned by a scalable, tech-driven platform.
• With a diversified revenue base, robust profit growth (PAT CAGR of 20% from FY23 to FY25), high return ratios (ROE of 17%), and strong cash flows, the company boasts solid financial health. Strategic moves into digital infrastructure, payments banking, and value-added services via subsidiaries further bolster its growth potential.
• Despite being purely an offer for sale, the IPO's valuation appears reasonable when benchmarked against peer CDSL on profitability parameters. “Given its monopoly-like position, recurring revenues, and crucial role in capital markets infrastructure, NSDL is a compelling subscription for long-term investors,” said Gaurav Garg from Lemonn Markets Desk.

Ajcon Global advised investors to 'Subscribe' to the issue. “NSDL, India's pioneering depository, opens its doors to public investors. Backed by marquee institutions, this Offer for Sale marks a landmark listing in the financial infrastructure space. At the upper price band of Rs. 800, the issue is priced at a P/E multiple of 46.62 its FY25 post IPO EPS of Rs. 17.16,” it said.

A day before the IPO opened for public bidding, the company raised Rs 1,201.4 crore from 61 institutional investors via anchor book on July 29. Marquee global investors invested in NSDL via anchor book were Smallcap World Fund, Government Pension Fund Global, Abu Dhabi Investment Authority, Ashoka Whiteoak, Florida Retirement System, Allianz Global, Manulife Global Fund, Tocu Europe, Amundi Funds, and Eastspring Investments.

Several domestic institutional investors like Life Insurance Corporation (LIC), SBI Mutual Fund, ICICI Prudential Mutual Fund, Whiteoak Capital, HDFC AMC, Fidelity Funds, Nippon Life, Aditya Birla Sun Life AMC, Axis Mutual Fund, UTI AMC, SBI Life Insurance, Mirae Asset, HDFC Life Insurance, 360 ONE Equity Opportunity Fund, JM Financial MF, Tata Investment Corporation, and LIC MF also put their name in the shareholders list through anchor book investment.

"At the upper price band of ₹800, NSDL is valued at a post-issue P/E of 47× FY25 earnings, which is lower than listed peer CDSL. Given its strong market position, high entry barriers, and long-term growth tailwinds from India’s digital and capital market expansion, we assign a ‘Subscribe’ rating for long-term investors," said Angel One.

Bajaj Broking in its note had listed out key risks for investors to watch out for. These are as follows:

• If there is a shift in investor preferences away from investing and trading in securities to alternative avenues, it may lead to reduced demand for the Company’s services, thereby adversely impacting its business, financial condition, and results of operations.
• A failure on the part of the Company to expand its service offerings and market reach through continuous innovation and the development of new, technology-driven products and services—or the underperformance of such offerings—could negatively affect its business prospects.
• The Company derives a significant portion of its revenue from transaction-based activities, particularly delivery-based trading in the securities market. External factors beyond the Company’s control may influence trading volumes, which could, in turn, have an adverse effect on its business, cash flows, operating results, and financial health.

The IPO appealed to investors seeking long-term exposure to India’s capital market infrastructure, said Kalp Jain, Research Analyst, INVasset PMS. “Investor sentiment has been stron...While regulatory scrutiny—particularly past issues linked to Karvy — and rising competition from CDSL remain watchpoints, NSDL’s institutional franchise, steady annuity-like cash flows, and sectoral leadership offer a strong case for anchor allocations,” he said.

"The NSDL IPO witnessed overwhelming demand across all investor categories, indicating robust confidence in the company's fundamentals and long-term prospects. NSDL, India's first and largest depository, holds a dominant market share in demat value and settlement volume, supported by a scalable and tech-driven platform. Its diversified revenue mix, consistent growth in profits (PAT CAGR of 20% over FY23–25), high return ratios (ROE 17%), and strong cash generation lend financial resilience. Moreover, strategic investments in digital infrastructure, expansion into payments banking, and value-added services through subsidiaries position it well for future scalability. Despite being an offer for sale, the asking valuation appears reasonable when compared with peer CDSL on profitability metrics. Given its monopoly-like status, strong financials, recurring revenue, and essential role in capital markets infrastructure, it is a good subscription for long-term investors," said Gaurav Garg from Lemonn Markets Desk.

Half of the issue size was reserved for qualified institutional buyers (50 percent). 35 percent was kept for retail investors and the remaining 15 per cent for non-institutional buyers.

Retail investors had subscribed the portion reserved for them nearly 8 times. This implies that one our of every 8 investors who had bid for the IPO will likely receive allotment today. The IPO saw strong investor interest during its three days of public bidding, being subscribed more than 41 times overall. The maiden share sale of the company received bids for more than 144 crore shares worth Rs 1.15 lakh crore, as against the offer size of 3.51 crore shares, according to data on NSE.

Indian benchmark indices Sensex and Nifty snapped two-day losing streak and ended on a positive note on August 4. Broader markets also supported the rebound, with both mid and smallcap indices surging over a percent each. At close, the Sensex was up 418.81 points or 0.52 percent at 81,018.72, and the Nifty was up 157.40 points or 0.64 percent at 24,722.75. About 2049 shares advanced, 1607 shares declined, and 152 shares unchanged.

On the sheer number of demat accounts itself, CDSL has over 15 crore accounts, almost four times more than NSDL. Even on financial parameters, despite lagging NSDL pre-pandemic, CDSL has taken over on profitability and margins front.

NSDL has a more sticky, concentrated client base of mutual funds, foreign institutional investors, pension funds, and insurance players. As of FY25, NSDL serviced almost all of the value of equity, debt and other securities held by foreign portfolio investors in dematerialized form in India. On the flip side, CDSL's core clientele are individual investors who invest in the equity markets via discount brokers. Since the pandemic, the firm has scaled up rapidly as retail investors flocked to the equity markets.

NSDL boasts of more issuers (companies that are registered with the depositaries for various services such as annual custody), with the number steadily rising. However, NSDL has fewer depository participants (financial services firms, like brokers) and the accounts are far more concentrated in value. The firm has a standalone operational revenue per investor account of Rs 56.80, which is higher than CDSL’s as a result of its strong institutional focus. (Read more)

The Mumbai-based real estate developer had launched its IPO to raise Rs 792 crore from the capital markets through a fresh issue of shares at a price band of Rs 140-150 per share. The IPO was open for public bidding from July 30 to August 1.

Investors could bid for a minimum of 100 shares, requiring an investment of Rs 15,000, and in multiples thereafter. The allotments will likely be finalized on August 4, and the shares are scheduled to debut on NSE and BSE on August 6.

Popular Bollywood actors like Shah Rukh Khan, Amitabh Bachchan, Hrithik Roshan, Tiger Shroff and Manoj Bajpayee had invested in the company in a pre-IPO round last year. The company raised Rs 400 crore through private placement. Ace investor Ashish Kacholia had invested Rs 50 crore in the company.

(Source: IPO Watch)

The Rs 792-crore initial public offering of Sri Lotus Developers saw strong investor interest on during its three days of public bidding. The maiden public issue of the company was  subscribed more than 69 times its offer size by the end of its third and final day of bidding (August 1).

The IPO received bids for nearly 274 crore shares, as against the offer size of 3.97 crore shares, according to data on NSE. Retail investors have booked their reserved portion nearly 20 times, while Non Institutional Investors (NII) subscribed their quota more than 58 times. Qualified Institutional Buyers (QIBs) booked their reserved portion nearly 164 times.

Ahead of listing, the unlisted shares of the company were trading with a grey market premium (GMP) of nearly 25% over the IPO price at Rs 187 apiece, according to data on Investorgain at 11.36 am. According to IPO Watch, the unlisted shares were trading with 26% GMP over IPO price.

Notably, the GMP has fallen from the 29% earlier quoted by the sites on the day the IPO opened for public bidding.

• Step 1: Open the website of Bombay Stock Exchange (BSE).
• Step 2: Click on 'Investors' option.
• Step 3: On the 'Investor Services' dropdown, click on 'Status of Issue Application'.
• Step 4: Click on 'Application Status Check'.
• Step 5: Select Equity in the issue type.
• Step 6: Fill in the required details including the 'Issue Name'.
• Step 7: Enter PAN number and click on Search to view the status

• Step 1: Open the website of NSE by clicking on this direct link (https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp).
• Step 2: Select the company 'Sri Lotus Developers' by selecting Equity & SME IPO bid details
• Step 3: Investors can check the allotment status by filling in details like their IPO Application number or PAN details after selecting company symbol.
• Step 4: Press the Submit button
• Step 5: The allotment status will be shown in the window.

• Step 1: Open the direct link to the registrar on this URL (https://evault.kfintech.com/ipostatus/).
• Step 2: Select the IPO from the dropdown menu
• Step 3: Investors can check the allotment status by filling in details like PAN, Application number or Demat. Enter Captcha
• Step 4: Press the Submit button
• Step 5: The allotment status will be shown in the window

NSDL, which is one of the largest securities depositories in the world, launched its IPO to raise Rs 4,012 crore from the capital markets at a price band of Rs 760 to Rs 800 per share. The IPO entirely comprised an offer for sale with no fresh issue component.

Investors could bid for a minimum of 18 shares, requiring an investment of Rs 14,400, and in multiples thereafter. The allotments will likely be finalized on August 2, and the shares are scheduled to debut on the stock markets on August 6. Since the public issue is entirely an OFS, NSDL will not receive any proceeds from the IPO.

At the upper end of the price band, NSDL's maiden public issue is expected to fetch Rs 4,011 crore, valuing the company at Rs 16,000 crore. This upcoming listing will make NSDL the country's second publicly traded depository after Central Depository Services (CDSL), which was listed on the NSE in 2017.

The listing of NSDL is crucial in order to comply with SEBI's ownership norms. These regulations require that no entity can hold more than 15% of the shareholding in a depository company. ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors and SBI Capital Markets were the book running lead managers to the issue.

The Rs 4,011-crore initial public offering of National Securities Depository Ltd (NSDL) continued to see strong investor interest on its third and final day of public bidding. The IPO closed for on August 1 after being subscribed 41 times its offer size.

The maiden share sale of the company received bids for more than 144 crore shares, as against the offer size of 3.51 crore shares, according to data on NSE. Non Institutional Investors (NII) booked their reserved portion nearly 35 times. Retail Individual Investors (RII) subscribed the portion kept for them nearly 8 times, while employees booked their reserved portion more than 15 times. Qualified Institutional Buyers (QIBs) lead the subscription rally by booking their reserved portion nearly 104 times.

Central Depository Services (India) Limited (CDSL), the peer organisation of NSDL, saw a sharp rise in its share price. The shares of the company surged more than 3 percent to trade at Rs 1,525 apiece.

Ahead of listing, the unlisted shares of the company were trading with a grey market premium (GMP) of 15% over the IPO price at Rs 920 apiece, according to data on Investorgain at 9.35 am. According to IPO Watch, the unlisted shares were trading with 15.25% GMP over IPO price.

Notably, the GMP has fallen from the 18% earlier quoted by the sites before the IPO opened for public bidding.

• Step 1: Open the website of Bombay Stock Exchange (BSE).
• Step 2: Click on 'Investors' option.
• Step 3: On the 'Investor Services' dropdown, click on 'Status of Issue Application'.
• Step 4: Click on 'Application Status Check'.
• Step 5: Select Equity in the issue type.
• Step 6: Fill in the required details including the 'Issue Name'.
• Step 7: Enter PAN number and click on Search to view the status

• Step 1: Open the website of NSE by clicking on this direct link (https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp).
• Step 2: Select the company 'NSDL' by selecting Equity & SME IPO bid details
• Step 3: Investors can check the allotment status by filling in details like their IPO Application number or PAN details after selecting company symbol.
• Step 4: Press the Submit button
• Step 5: The allotment status will be shown in the window.

• Step 1: Open the link to the official registrar of the issue on this URL: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
• Step 2: Select the company from the dropdown menu.
• Step 3: You check your allotment status by filling in details like PAN, application number or DP client ID.
• Step 4: Press the Submit button
• Step 5: Your allotment status will be shown in the window.