NSDL share price highlights: Stock closes 6% higher after listing at 10% premium on BSE, m-cap at Rs 18,600 crore

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said that NSDL listed broadly in line with their expectations, underpinned by its strong long-term fundamentals.

“We maintain our positive stance, as NSDL remains the dominant player in the institutional depository space, with a leading share in custodial and depository services for mutual funds, insurance firms, banks, and foreign portfolio investors (FPIs). Given the company’s established market position, revenue visibility, and the current valuation dynamics, we recommend allotted investors to HOLD from a long-term investment perspective. For non-allotted investors, a WAIT & WATCH approach is advised, as post-listing dips could offer a more attractive entry point,” he added.

At 2:25 pm on August 6, NSDL shares were trading 5% higher post-listing at 10% premium over issue price. The current market price of the stock is Rs 924. Its market capitalisation is nearly Rs 18,500 crore.

The Rs 4,000-crore initial public offering of National Securities Depository - one of the world's largest holders of investors' securities in electronic form - has turned out to be a multibagger for some of India’s top financial institutions.

Shareholders State Bank of India, IDBI Bank, the National Stock Exchange (NSE), HDFC Bank, and others are sitting on significant gains as the IPO is unlocked staggering returns on investments made decades ago at extremely low valuations.

"Company has 67-68% of market share in terms of custody value in retail side. As we become a listed company, our responsibilities increase accordingly," Vijay Chandok tells CNBC-TV18.

"NSDL has been playing a role of nation building, have brought digital services to capital markets," says Vijay Chandok.

Will be increasing our tech outlays in FY26, will also invest in customer experience. We are very strong in the institutional segment, he adds.

Nifty Capital Market index was trading 1.5% lower on August 6 amid reports of SEBI considering curbing weekly expiries. NSDL's peer CDSL is part of the index.

The 10% premium listing of NSDL delivered profit of Rs 1,440 per lot. National Securities Depository sold its shares in the price band of Rs 760-800 apiece.

At 10:50 am on August 6, NSDL peer CDSL was trading 1.6% lower at Rs 1,541.

The upper circuit of NSDL stock is 20% and its face value is Rs 2.

Here's what Perplexity is telling NSDL investors:

"Investor sentiment is positive thanks to high demand (41x subscription) and good sector growth, but whether to hold or sell depends on your goals—many analysts see long-term upside due to NSDL’s strong market position, but short-term gains are also on the table if you want to book profits.

"If you’re risk-averse or had just listed gains in mind, taking some profit now is reasonable; if you believe in long-term growth, holding could work out given India's growing retail investing base and NSDL’s scale advantage over rivals.

"Either way, it’s a strong listing—just factor in your personal portfolio needs before making a move."

At 10:35 am on August 6, NSDL stock was trading 3.2% higher at Rs 908.4 with market capitalisation crossing Rs 18,000 crore-mark.

After listing at 10% premium on BSE, NSDL stock is trading 2.2% higher at Rs 899.95.

The listing gave the company a market cap of nearly Rs 18,000 crore.

NSDL stock is trading 10% higher in pre-listing at Rs 880, below GMP expectations.

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.

Prashanth Tapse, Senior Vice President (Research Analyst) at Mehta Equities Ltd, said, "Despite volatility in broader markets in recent weeks, NSDL IPO witnessed strong investor interest, led by Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs), while retail participation remained decent compared to other recent IPOs."

He said the robust demand reflects NSDL’s dominant position in the Indian depository ecosystem, particularly in custodial and depository services for mutual funds, insurance companies, banks, and foreign portfolio investors (FPIs).

He expects the stock to list with gains in the range of 12-15 percent or higher, depending on market sentiment on the listing day. "For investors allotted shares, it is advisable to hold from a long-term perspective. Non-allotted investors can wait for any post-listing dip to enter," he said.

The depository's public issue solely consists of an offer for sale (OFS) component of 5.01 crore shares, and those selling shares under this are National Stock Exchange of India (NSE), State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India, and Administrator of Specified Undertaking of the Unit Trust of India (SUUTI).

Since the public issue is entirely an OFS, NSDL will not receive any proceeds from the IPO.

The upcoming listing will make NSDL the country's second publicly traded depository after Central Depository Services Ltd (CDSL), which was listed on the NSE in 2017.

NSDL is a Sebi-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. Following the introduction of the Depositories Act in 1996, it pioneered the dematerialisation of securities in India in November 1996.

ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers to the issue. Shares of NSDL are expected to list on August 6.

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 GMP for NSDL shares has seen some fluctuations and is currently around Rs 135, indicating a potential listing gain of approximately 17 percent over the upper price band of Rs 800. Read more

The initial public offer of National Securities Depository Ltd (NSDL) received 41 times subscription on the closing day of bidding on Friday.

The Rs 4,011-crore initial share sale got bids for 1,44,03,92,004 shares against 3,51,27,002 shares on offer, translating into 41.01 times subscription, as per data available with the NSE.

Qualified Institutional Buyers (QIBs) garnered 103.97 times subscription. The category for non-institutional investors received 34.98 times subscription and the portion for Retail Individual Investors (RIIs) got subscribed 7.73 times.

National Securities Depository Ltd mobilised over Rs 1,201 crore from anchor investors on Tuesday. The IPO has a price band of Rs 760-800 per share.