NSDL IPO GMP Live Updates: Check Day 2 subscription data, GMP trend, allotment schedule and more

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Qualified Institutional Buyers (QIBs) - 133.16

Non Institutional Investors(NIIS) -- 71.60

Retail Individual Investors (RIIs) - 48.19

Employee Reserved - 7.76

Total - 100.06

Qualified Institutional Buyers (QIBs) --1.89

Non Institutional Investors(NIIS) - 9.10

Retail Individual Investors (RIIs) - 3.82

Employee Reserved -- 6.43

Total - 4.41

According to InvestorGain.com, the latest grey market premium (GMP) for the NSDL IPO stands at Rs 135 as of July 31, 2025, 1:53 PM. With the IPO price band capped at Rs 800, the estimated listing price is projected to be around Rs 935. This suggests a potential gain of approximately 16.88% per share on listing day.

Qualified Institutional Buyers (QIBs) - 1.52

Non Institutional Investors- (NIIS) -- 6.14

Retail Individual Investors (RIIs) -- 3.08

Employee Reserved -- 5.47

Total-- 3.32

A CRISIL report highlights the significant contribution of capital markets to India’s economic growth, noting that total capital raised—comprising both equity and debt—has surged from Rs 91,950 crore in FY2019 to Rs 2,18,120 crore in FY2025.

The price band for the NSDL IPO has been fixed at Rs 760 to Rs 800 per share, with a minimum application lot size of 18 shares.

The company’s entire shareholding is held by public investors, with 100% of its equity owned by individuals and institutions outside the Promoter or Promoter Group. This means the company functions with no promoter holding, representing a fully publicly-owned structure.

Deven Choksey Research, in its IPO note, stated, “We see value in NSDL’s IPO, which is priced at 46.6x TTM P/E—at a discount to its listed peer trading at 64.1x TTM P/E. We believe NSDL is well-positioned for stronger performance over the next 3–5 years, supported by its growing focus on expanding retail demat accounts by deepening ties with discount brokers and new-age depository participants, especially in underserved regions.”

The report assigned a “SUBSCRIBE” rating to the IPO.

According to data from investorgain.com, the latest grey market premium (GMP) for the NSDL IPO stands at Rs 135 as of July 31, 2025, 08:56 AM. With the IPO price band capped at Rs 800, the estimated listing price is projected to be around Rs 935. This suggests a potential listing gain of approximately 16.88% per share.

Qualified Institutional Buyers (QIBs) - 0.84

Non Institutional Investors(NIIS) - 3.70

Retail Individual Investors (RIIs) - 2.30

Employee Reserved - 4.36

Total - 2.19

NSDL’s active demat accounts have grown at a CAGR of 13.5% from FY19 to FY25, reaching 39.5 million. Despite having fewer active accounts compared to its peers, NSDL holds a dominant 66% market share in settlement value, with total assets under its custody standing at Rs 464 lakh crore.

“At the upper price band of Rs 800, NSDL’s FY25 P/E ratio of 47x appears reasonably priced compared to its peer. Considering its dominant share in AUC, rapid growth in financials, stable revenue stream, healthy return ratios, and focus on expanding digital infrastructure, we assign a ‘Subscribe’ rating with a long-term investment perspective,” said Geojit Investments in its IPO note.

The primary purpose of the IPO is to enable the listing of NSDL shares on a stock exchange and comply with regulatory requirements. As per SEBI norms, market infrastructure institutions must maintain a minimum level of public shareholding—an objective this offer seeks to fulfill. Notably, the proceeds from the IPO will not be used for business expansion or operational needs.

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Established in 1996, NSDL pioneered the introduction of electronic holding and settlement of securities in India. Today, it manages over 4 crore demat accounts and oversees assets exceeding Rs 510 lakh crore. Its operations are supported by a vast network of more than 66,000 service centres across the country.

Retail investors looking to participate in the NSDL IPO need to make a minimum investment of Rs 13,680 for a lot of 18 shares. For small non-institutional investors (sNII), the minimum application size is 14 lots, equating to 252 shares and amounting to Rs 2,01,600. Large non-institutional investors (bNII) must bid for at least 70 lots or 1,260 shares, requiring a minimum investment of Rs 10,08,000.

On Day 1 of bidding, NSDL's IPO saw an overall subscription of 0.78 times. Among investor categories, the employee segment attracted the most interest, getting subscribed 1.83 times. The Non-Institutional Investor (NII) portion was booked 1.32 times, while the retail category saw a subscription of 0.84 times. The Qualified Institutional Buyer (QIB) segment lagged behind, receiving bids for 0.26 times its allotted quota.

In terms of financial performance, NSDL reported a 24.6% rise in net profit to Rs 343 crore in FY25, supported by a healthy EBITDA margin of 32%. The robust financials further strengthen investor confidence in the ongoing public offering.

NSDL is the first and largest depository in India, currently managing assets worth Rs 510 lakh crore. It serves nearly 4 crore demat account holders through an expansive network of around 66,000 service centres across the country.

Ahead of the IPO launch, NSDL raised Rs 1,201 crore through its anchor book. Major investors in this segment include LIC, Abu Dhabi Investment Authority (ADIA), SBI Mutual Fund, and Fidelity Funds. LIC alone picked up shares worth approximately Rs 144 crore, signaling strong institutional confidence.

The IPO comprises solely an Offer for Sale (OFS) of 5.01 crore equity shares by existing shareholders such as IDBI Bank, SBI, NSE, HDFC Bank, and Union Bank. As a result, NSDL will not receive any proceeds from the issue. The primary aim is to comply with SEBI’s ownership norms and facilitate a partial exit for early investors.

Today is Day 2 of the public issue of NSDL, India’s oldest and largest depository. The Rs 4,011 crore IPO, considered one of the most anticipated listings of the year, witnessed strong demand from retail investors and was fully subscribed on the very first day of bidding.