NSDL IPO Day 2 Live: Issue subscribed 1.95x so far. Check GMP, review, key dates, more
31 Jul 2025, 11:17 AM IST
"The company plans to strengthen and modernize its IT infrastructure to improve operational efficiency, elevate service standards, and bolster resilience. Additionally, it aims to broaden its range of services, enhance its database management capabilities, and expand the market share of its payments bank division.
At the upper price band company is valuing at P/E of 46.6x to its FY25 earnings, and market cap of ₹ 1,60,000 million with Return on net worth of 17.1% post issue of equity shares.
We believe that the IPO is fairly priced and recommend a 'Subscribe' rating to the IPO," said the brokerage.
31 Jul 2025, 10:49 AM IST
NSDL's revenue model is diversified, generating income from core depository services, including custody fees, transaction fees, and annual maintenance charges, which constitute a stable recurring revenue stream. In FY25, consolidated operating revenue reached ₹ 1,420.1 Cr, marking a significant increase from ₹ 1,268.2 Cr in FY24. Net profit for FY25 stood at ₹ 343.1 Cr, with EBITDA of ₹ 375.5 Cr. The company's robust financial performance is reflected in its 24.2% PAT margin and strong Return on Equity (ROE) of 17.1%.
31 Jul 2025, 10:35 AM IST
Financial Infrastructure & Duopoly, Stable Revenue Model, Tech-Forward Approach, Beneficiary of Financialization
31 Jul 2025, 10:16 AM IST
NSDL IPO subscription status is 1.99 times on day 2, so far. The retail portion was subscribed 2.08 times, and NII portion has been booked 3.27 times, Qualified Institutional Buyers (QIBs) portion received 84% bids. The employee portion has been booked 4.00 times.
The company has received bids for 6,98,04,036 shares against 3,51,27,002 shares on offer, at 10:12 IST, according to data on BSE.
31 Jul 2025, 09:39 AM IST
"With demat penetration still at ~13.4% of the population, and financialization of household savings gaining pace, NSDL is well-positioned to benefit from India's rising capital market participation. NSDL's forward strategy of diversifying into adjacent domains through its subsidiaries—NPBL (payments bank), NDML (e-governance and KYC), and insurance repositories—adds new levers of monetization.
The NSDL Jiffy platform, Cash Management Services, and expansion in regtech and blockchain-backed infrastructure further strengthen its ecosystem approach. These initiatives are likely to not only deepen customer stickiness but also elevate revenue intensity per user. We recommend to subscribe to the issue due to NSDL's dominant market share in demat value, strong institutional franchise, regulatory tailwinds, diversified fintech initiatives, and high-quality revenue visibility," said SMIFS Ltd.
31 Jul 2025, 09:14 AM IST
NSDL secured over ₹ 1,201 crore from institutional investors on Tuesday, just one day prior to the commencement of its initial share-sale for public subscriptions. The anchor segment saw participation from both domestic and international institutional investors, including Life Insurance Corporation of India (LIC), Smallcap World Fund Inc, SBI Mutual Fund (MF), Fidelity Funds, and Nippon India MF, according to a bulletin released on the BSE's website.
SBI Life Insurance Company and HDFC Life Insurance Company, along with the Abu Dhabi Investment Authority, Ashoka WhiteOak India Opportunities Fund, ICICI Prudential MF, and HDFC MF, also joined as investors.
Among these contributors, LIC was the leading investor, purchasing nearly 18 lakh shares, which accounts for 11.99 percent of the total anchor book, for a total of ₹ 144 crore.
According to the bulletin, NSDL has allocated over 1.5 crore equity shares to 61 funds at a price of ₹ 800 each, resulting in a total transaction volume of ₹ 1,201.4 crore.
31 Jul 2025, 08:58 AM IST India's first and leading depository operating a wide range of technology-driven businesses Strong focus on technology-led product innovation Diversified Asset Classes held in Demat Accounts and Well-diversified Business Verticals
31 Jul 2025, 08:50 AM IST
As of March 31, 2025, NSDL stands as India's largest depository regarding the number of issuers, active instruments, market share in dematerialized value of settlement volume, and assets under custody, according to the CRISIL Report. Additionally, as of March 31, 2025, NSDL operated a network of 65,391 service centers for depository participants, in contrast to CDSL's 18,918 centers.
As per the red herring prospectus (RHP), the sole peer is Central Depository Services (India) Limited.
31 Jul 2025, 08:45 AM IST
NSDL IPO GMP is +135. This indicates NSDL share price was trading at a premium of ₹ 135 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of NSDL share price was indicated at ₹ 935 apiece, which is 16.88% higher than the IPO price of ₹ 800.
Analyzing the grey market activities from the last 27 sessions, the IPO GMP is currently on the rise, indicating a promising listing. The minimum GMP recorded is ₹ 0.00, while the maximum GMP has reached ₹ 167, as stated by experts at investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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