NSB BPO Solutions IPO Subscribed Just 2% So far on Day 2 as Retail Demand Stays Muted

Mumbai, 24 September 2025: NSB BPO Solutions Limited’s SME IPO on the BSE witnessed tepid interest on the second day of bidding, with overall subscription at 0.02 times as of 3:39 p.m. The issue, which opened on 23 September in the price band of ₹140-₹147 per share, will close on 25 September 2025.

Headquartered in Bhopal with a corporate office in Noida, NSB BPO Solutions operates in the business process outsourcing (BPO) industry. The company provides services to clients across telecom, BFSI (banking, financial services and insurance), e-retail, insurance, healthcare, and government sectors.

NSB BPO Solutions IPO Retail Subscription at Only 3% While QIB Bids Yet to Begin

The retail individual investors’ segment saw bids for just 80,000 shares against the 25,00,000 shares available, translating into a subscription of 0.03 times.

Meanwhile, qualified institutional buyers (QIBs) have not yet placed any bids, leaving subscription in this category at 0.00 times.

In the non-institutional category, bids stood at 23,000 shares against 24,82,000 shares, marking 0.01 times subscription. Within this, bids above ₹10 lakh (bNII) reached 14,000 shares, while bids below ₹10 lakh (sNII) accounted for 9,000 shares.

NSB BPO Solutions IPO Market Maker Portion Fully Taken While Overall Demand Weak

The market maker portion of 2,65,000 shares was fully subscribed, but the net offer of 50,35,000 shares has seen only 1,03,000 bids so far. This brings the total subscription across categories to 0.02 times, reflecting a cautious response midway through the bidding window.

At the cut-off price of ₹147 per share, the value of bids stood at approximately ₹1.51 crore by mid-afternoon.

NSB BPO Solutions IPO Structure and Key Details Highlight Use of Proceeds

NSB BPO Solutions IPO consists of a 100% fresh issue of 53,00,000 equity shares, with Alacrity Securities acting as the market maker.

• Issue size (est.): ₹742–₹779 crore
• Lot size: 1,000 shares
• Bidding window: 23–25 September 2025 (UPI mandate until 5:00 p.m., 25 September)
• Registrar: Bigshare Services Pvt Ltd
• Lead manager: Inventure Merchant Banker Services Pvt Ltd
• Listing platform: BSE SME, with a T+3 listing timeline

The proceeds are earmarked for debt repayment, capacity expansion, and working capital requirements.

With just one day left for bidding, NSB BPO Solutions’ IPO has so far recorded minimal interest from both retail and institutional investors, apart from the market maker allocation. The subscription trend on the final day will determine the eventual outcome of the issue.

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