According to data from UnlistedZone, NSDL shares had traded as high as Rs 1,275 in the unlisted market in June 2025 before cooling to around Rs 1,025 in July as the IPO process progressed. For investors who bought into the stock during its pre-listing phase, Friday’s surge marked a key psychological and financial milestone.
The stock made its public debut on August 6 at Rs 880, a 10% premium to the IPO issue price of Rs 800, and has climbed each day since. By Friday’s close, the stock had gained 62.5% over the IPO price and 47.8% over its listing price.
IPO frenzy backed by fundamentals
NSDL’s Rs 4,012 crore IPO, an entirely offer-for-sale issue, was met with overwhelming demand. The issue was subscribed 41.02 times, led by Qualified Institutional Buyers at 103.97 times, followed by non-institutional investors at 34.98 times and retail investors at 7.76 times. Anchor investors contributed Rs 1,201.44 crore through allocations on July 29.
“We remain constructive on NSDL, given its leadership in the institutional depository segment and its significant role in offering custodial and depository services to mutual funds, insurers, banks, and foreign portfolio investors (FPIs). With a robust market position, steady revenue visibility, and reasonable valuations, we recommend a HOLD for investors who received allotments, keeping a long-term view in mind,” said Gaurav Garg from Lemonn Markets Desk.
“For those who did not receive an allotment, it would be prudent to await a market dip before considering fresh entry, especially amid prevailing market volatility,” Garg said.
Pillar of market infrastructure
NSDL, a SEBI-registered Market Infrastructure Institution (MII), plays a foundational role in India’s capital market ecosystem. The company manages dematerialized securities and offers a suite of services including demat account operations, trade settlements, pledge management, e-voting, and corporate actions. As of March 2025, NSDL managed 3.94 crore active demat accounts via 294 depository participants.
Its subsidiaries, NSDL Database Management and NSDL Payments Bank, extend its reach into e-governance and digital financial infrastructure.
“National Securities Depository Limited (NSDL) made quite a good, solid debut on the stock market,” said Shivani Nyati, Head of Wealth at Swastika Investmart. “The company is expanding its horizon with more value-added services and options. The company posted steady growth in its top and bottom lines.”
Nyati also emphasised the company’s regulatory status, stating, “National Securities Depository Limited (NSDL) is SEBI-registered Market Infrastructure Institution and acts as a securities depository in India.”
Strong financials, measured optimism
For FY25, NSDL reported revenue of Rs 1,535.19 crore, up 12% year-on-year, while profit after tax rose 25% to Rs 343.12 crore. Despite the strong financial performance, some analysts have flagged valuations as rich, with the IPO priced at a P/E multiple of 46.63 and a price-to-book value of 7.98.
“Investors are advised to book partial profits near the listing level and retain some shares, possibly with a stop‑loss around Rs 850,” Nyati said.
Also read | NSDL shares rocket 67% from IPO price. Time to cash out or double down?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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