NSDL IPO Receives 7.03 Times Subscription Applications by Start of Day 3

Mumbai, 1 August 2025: The ₹4,011.60 crore initial public offering (IPO) of National Securities Depository Ltd. (NSDL) continued to receive a robust response on its final bidding day. As of 11:02 AM on August 1, 2025, the issue was subscribed 7.03 times, led by  demand from retail and non-institutional investors.

Retail Investors Push Subscription to 5.19 Times as Bidding Enters Final Hours

Retail investors maintained their momentum, bidding for 9,09,71,550 shares against 1,75,21,001 shares reserved for them. This translates to a subscription of 5.19 times, indicating significant retail participation in the NSDL offering ahead of the issue’s closure later today.

NII Segment Surges to 17.67 Times; bNII Portion at 18.11x as HNI Demand Stays High

The Non-Institutional Investor (NII) category saw a strong influx of high-value bids. As of the latest update, the category was subscribed 17.67 times, with the bNII (above ₹10 lakh) sub-category subscribed 18.11 times and sNII (below ₹10 lakh) at 16.78 times. Overall, NIIs bid for 13.26 crore shares compared to 75.09 lakh shares on offer.

QIB Subscription Stable at 2.23x as Institutional Demand Holds Steady

The Qualified Institutional Buyers (QIB) portion remained unchanged at 2.23 times, with 2,23,74,792 shares bid for against 1,00,12,000 shares. While QIB interest is relatively moderate, further bidding is expected through the remainder of the day.

Over 32.67 Lakh Applications Filed; Total Bids Reach 24.67 Crore Shares

The NSDL IPO received 32,67,831 applications by 11:02 AM. Total bids stood at 24,67,78,938 shares, significantly higher than the 3,51,27,002 shares on offer (excluding anchor allocation). The total bid value crossed ₹19,742.32 crore.

IPO Structure: Offer for Sale with Employee Discount and No Fresh Issue

The NSDL IPO is purely an offer for sale (OFS) of 5.01 crore shares, amounting to ₹4,011.60 crore. A total of 85,000 shares are reserved for employees, who benefit from a ₹76 discount per share.

IPO Structure Overview

• Total Issue Size: 5,01,45,001 shares (₹4,011.60 crore)
• Price Band: ₹800 per share
• Lot Size: 18 shares
• Offer Type: 100% OFS (no fresh equity)
• Employee Reservation: 85,000 shares at a discount of ₹76

Anchor Investment of ₹1,201.44 Crore Completed Ahead of Launch

On 29 July 2025, NSDL raised ₹1,201.44 crore from anchor investors by allocating 1,50,17,999 shares. This pre-IPO participation underscores institutional confidence in NSDL’s long-term value.

Key IPO Dates: Issue Closes Today, Listing Expected on August 6

The IPO opened on July 30, 2025, and will close today, August 1, 2025. Final allotments are expected by August 4, with listing scheduled for August 6 on the BSE.

Tentative IPO Timeline:

• Issue Opened: July 30, 2025

• Issue Closes: August 1, 2025
• Allotment Finalisation: August 4, 2025
• Refunds Initiated: August 5, 2025
• Demat Credit: August 5, 2025
• Listing Date: August 6, 2025

Proceeds to Go to Selling Shareholders; NSDL to Receive No Capital Infusion

Being a 100% OFS, proceeds from the IPO will be routed to the selling shareholders. NSDL itself will not receive any capital from this issue.

Utilisation of Proceeds:

• Proceeds distributed to existing shareholders
• No capital raised for NSDL’s expansion
• Post-issue shareholding structure remains unaffected

NSDL: India’s First Securities Depository With a Wide National Footprint

Established in 1996, National Securities Depository Ltd. was the first depository in India, playing a foundational role in digitising India’s capital markets. With over 297 lakh active demat accounts, NSDL serves as a key market infrastructure institution, enabling secure and efficient settlement services across equity and debt instruments.

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