India's NSDL IPO fully subscribed within hours of launch, says exchange data
The company had raised 12 billion rupees from marquee investors including the Life Insurance Corporation of India (LIFI.NS), opens new tab, U.S.-based Capital International on Tuesday in the anchor round of the IPO.
Shares were allotted at the upper end of the price band of 760 rupees to 800 rupees. The issue will close on August 1.
The portion reserved for retail investors was subscribed 1.16 times, while non-institutional investors had bid for 1.09 times the allotted portion, data on exchange website showed.
The qualified institutional investors had also bid for 72% of the portion allocated for them.
Analysts said NSDL's issue was fairly priced at 47x of FY25 earnings.
"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," Angel One said in a note.
($1 = 87.3470 Indian rupees)
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