NSDL IPO Day 1 GMP Live: Check Day 1 subscription data, allotment and listing dates

Qualified Institutional Buyers (QIBs) - 0.79

Non Institutional Investors(NIIS) - 2.34

Retail Individual Investors (RIIs) - 1.72

Employee Reserved - 2.79

Total - 1.59

Qualified Institutional Buyers (QIBs) - 0.79

Non Institutional Investors(NIIS) - 2.22

Retail Individual Investors (RIIs) -- 1.64

Employee Reserved -- 2.69

Total -- 1.52

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, noted that while CDSL commands a dominant position in the retail investor segment, NSDL maintains a strong foothold on the institutional side. He believes both depositories offer solid long-term investment potential. Bathini recommended subscribing to the NSDL IPO, highlighting its comparatively attractive valuation versus CDSL. He also suggested that investors could benefit from holding both companies, given their distinct but complementary roles in India's market infrastructure.

NSDL Offers Strong Long-Term Potential, Says Wealth Wisdom India MD Krishna Patwari, Founder and Managing Director of Wealth Wisdom India, echoed a positive outlook on NSDL, stating, “In my view, NSDL holds strong long-term investment potential due to its duopoly with CDSL in the vital securities depository segment, solid financial performance, and substantial regulatory importance.”

Vaibhav Vidwani, Research Analyst at Bonanza, pointed out the valuation gap between India’s two central securities depositories—Central Depository Services (India) Ltd (CDSL) and NSDL. “CDSL, currently the only listed depository in India, has a market capitalization of around Rs 32,000 crore. In comparison, NSDL’s upcoming IPO is expected to value it at approximately Rs 16,000 crore—a significant discount despite NSDL’s larger scale across several key metrics,” he noted.

Qualified Institutional Buyers (QIBs) - 0.50

Non Institutional Investors(NIIS) -- 1.38

Retail Individual Investors (RIIs) -- 1.11

Employee Reserved -- 1.92

Total -- 1.00

Qualified Institutional Buyers (QIBs) -- 0.50

Non Institutional Investors(NIIS) -- 1.29

Retail Individual Investors (RIIs) -- 1.05

Employee Reserved -- 1.80

Total - 0.95

Qualified Institutional Buyers (QIBs) -- 0.50

Non Institutional Investors(NIIS) - 1.03

Retail Individual Investors (RIIs) 0.92

Employee Reserved -- 1.58

Total -- 0.82

Qualified Institutional Buyers (QIBs) -- 0.02

Non Institutional Investors(NIIS) -- 0.90

Retail Individual Investors (RIIs) - 0.82

Employee Reserved -- 1.38

Total -- 0.61

Anirudh Garg, Fund Manager and Partner at INVasset PMS, highlighted the sharp contrast between India’s two depositories. CDSL reigns supreme in the retail segment, boasting over 14.6 crore demat accounts — nearly four times more than NSDL — thanks to strong support from fintech platforms and broker-driven onboarding. Meanwhile, NSDL leads in institutional dominance, managing assets under custody worth nearly Rs 464 lakh crore, compared to CDSL’s Rs 71 lakh crore. Its client base includes mutual funds, insurance firms, pension funds, and sovereign institutions. “NSDL has the depth; CDSL has the breadth,” Garg summed up.

The initial share sale of National Securities Depository Ltd. (NSDL) received 38% subscription so far on the first day of bidding on July 30. The initial public offer (IPO) got bids for 1,35,17,118 shares against 3,51,27,002 shares on offer, as per NSE data. (Read More)

“CDSL’s strong growth trajectory and the rapid expansion of the Indian demat ecosystem present compelling upside potential,” said Mohit Gulati, CIO and Managing Partner at ITI Growth Opportunities Fund. “However, its premium valuation could pose risks if execution slips. On the other hand, NSDL, backed by a solid institutional foundation, may lack near-term momentum but offers a more appealing entry point at IPO — making it a potentially better risk-adjusted investment for those aiming to benefit from India’s long-term capital market evolution.”

Mohit Gulati, CIO and Managing Partner at ITI Growth Opportunities Fund, stated that while both NSDL and CDSL have established themselves as critical infrastructure players in India’s capital markets, their valuations and risk-reward dynamics vary significantly.

NSDL is targeting a valuation of around Rs 16,000 crore through its IPO, implying a price-to-earnings (P/E) multiple of approximately 47x based on FY25 earnings. In contrast, CDSL commands a market capitalisation of nearly Rs 32,000 crore and trades at a trailing P/E of about 65x, driven by its strong retail-led growth and solid financial performance.

In FY25, CDSL reported a consolidated net profit of Rs 526 crore, marking a 25% year-on-year increase, while its revenue grew by 32% to Rs 1,199 crore.

NSDL recorded a net profit of Rs 343.12 crore for the same period, up 24.5% from Rs 275.45 crore in FY24, with revenue rising 12.4% YoY to Rs 1,535.19 crore.

CDSL continues to demonstrate stronger profitability, with margins of approximately 48%, significantly higher than NSDL’s ~22%. This outperformance is attributed to CDSL’s more efficient operating model and greater scalability driven by retail investor participation.

National Securities Depository Ltd. (NSDL) has launched its Rs 4,011 crore Initial Public Offering (IPO), which is now open for subscription. The price band for the issue is set between Rs 760 and Rs 800 per share.

NSDL recorded 3.95 crore demat accounts supported by 294 registered depository participants (DPs). In comparison, CDSL became the first depository to surpass 15.29 crore demat accounts as of March 31, 2025, fueled primarily by strong retail participation via fintech apps and brokerage platforms.

In a duopolistic market structure, NSDL is well poised to benefit as capital markets grow in scale and depth. (Read More)

NSDL operated 65,391 service centres via its depository participants (DPs), significantly more than CDSL’s 18,918 centres.

In FY25, NSDL held a dominant position with a 73.04% share in unlisted equity companies, 66.03% in dematerialised share settlements, and 65.27% in active instruments.

As of March 31, 2025, NSDL continues to be India’s leading depository, holding the top position in terms of the number of issuers, active instruments, demat settlement volume market share, and total assets under custody.

NSDL and CDSL are both crucial pillars of India’s capital market infrastructure, operating within the depository services space. They compete on various fronts, including the number of depository participants (DPs), volume of instruments handled, technological innovation, and overall customer reach.

The NSDL IPO is set to close on August 1, with the company's equity shares proposed to be listed on the BSE. Upon listing, NSDL will directly compete with its rival depository, Central Depository Services (India) Ltd (CDSL).

Bajaj Broking, like Angel One, has given a long-term 'Subscribe' recommendation for the NSDL IPO.

According to Bajaj Broking, India's demat account penetration stood at just 13.4% in FY25, indicating significant growth potential for depository service providers like NSDL.

However, the brokerage also highlights key risks, including changing investor behavior, external factors affecting market volumes, and a decline in transaction-based activity that could adversely impact NSDL's revenue.

Angel One, in its note, advised investors with a long-term perspective to subscribe to the NSDL IPO. The brokerage firm expects robust growth in India’s securities depository sector, driven by deepening capital markets, advancing financial inclusion, and supportive policy reforms.

However, it also flagged certain risks, including regulatory pressure on transaction pricing, stiff competition from CDSL in the retail segment, and the company’s revenue dependence on overall market activity.

Brokerage firm Anand Rathi has given a "Subscribe" recommendation on the NSDL IPO, considering the issue fairly priced. At the upper end of the price band, the IPO values NSDL at 46.6 times its estimated FY25 earnings and implies a market capitalisation of around Rs 16,000 crore.

Investors can place bids starting with a single lot of 18 shares, which requires a minimum investment of Rs 14,400 at the upper price band of Rs 800. Additional bids must be made in multiples of 18 shares.

Ahead of the IPO opening, NSDL secured Rs 1,201 crore from anchor investors. Major institutional participants included Life Insurance Corporation of India (LIC) and the Abu Dhabi Investment Authority (ADIA), reflecting strong investor confidence in the offering.

The entire offering is structured as an Offer For Sale (OFS), meaning NSDL itself will not receive any funds raised through the IPO. Instead, the proceeds will benefit existing shareholders, some of whom are expected to earn returns of nearly 400 times their original investment.

The Rs 4,011 crore Initial Public Offering (IPO) of National Securities Depository Ltd. (NSDL) opens for public subscription today. The price band for the issue has been set between Rs 760 and Rs 800 per share.