NSDL IPO Subscribed 0.29x by Midday on Day 1; QIB Segment Records No Bids, Retail and NII Drive Early Demand

Mumbai, 30 July 2025: The initial public offering (IPO) of National Securities Depository Limited (NSDL) recorded an overall subscription of 0.29 times as of 12:05:27 PM on Day 1 of the bidding process. While the issue saw participation from retail investors, non-institutional investors (NII), and employees, the qualified institutional buyers (QIB) category remained inactive in the early hours of the offer.

QIB Category Remains Inactive in First Half of Day 1

The QIB segment, which plays a crucial role in IPO price discovery and institutional sentiment, showed 0.00x subscription as of the midday update. Only 49,320 shares were bid for out of a total allocation of 1,00,12,000 shares, with a corresponding bid value of ₹3.95 crore. The absence of institutional bids has kept the total subscription figure relatively low at this stage.

Retail Investor Segment Registers 0.39x Subscription

Retail investors showed visible interest in the offering, with 67,57,038 bids placed for 1,75,21,001 shares, translating to a 0.39x subscription by 12:05 PM. The total bid value for the retail portion stood at ₹540.56 crore, based on the upper end of the price band. This segment continues to drive early demand and could play a key role in overall issue performance if momentum picks up in the coming hours.

NII Category Shows Mixed Trends Across Subsegments

The non-institutional investor portion received a total of 33,40,908 bids against 75,09,001 shares, marking a 0.44x subscription. Within the NII segment:

• The small NII category (bids below ₹10 lakh) contributed significantly with 18,53,730 shares bid, reflecting a 0.74x subscription for the allocated 25,03,000 shares.
• The big NII category (bids above ₹10 lakh) recorded 14,87,178 bids for 50,06,001 shares, amounting to a 0.30x subscription.

The total bid value from the NII segment reached ₹267.27 crore, combining inputs from both high and small-ticket investors.

Employee Quota Sees Continued Participation

The employee quota maintained steady progress with 47,574 bids received for 85,000 shares, resulting in a 0.56x subscription. The total value of bids in this category amounted to ₹3.81 crore, indicating a consistent trend of participation from internal stakeholders.

Total Applications Cross 1.88 Lakh by Midday

As per the update at 12:05:27 PM, the NSDL IPO had received 1,88,064 applications across investor categories. The cumulative number of shares bid for stood at 1,01,94,840, against the total non-anchor offer size of 3,51,27,002 shares, leading to an overall subscription of 0.29x.

Anchor Investors Fully Subscribed Pre-IPO

Prior to the public offering, NSDL raised ₹1,201.44 crore through its anchor book, allotting 1,50,17,999 shares to anchor investors at the upper price band. This portion was fully subscribed, helping establish early interest ahead of the public phase.

NSDL IPO Issue Structure and Timeline

• Issue Size: ₹4,011.60 crore (pure offer for sale of 5.01 crore shares)
• Price Band: ₹393 – ₹403 per equity share
• Lot Size: 37 shares per application
• IPO Open Date: 30 July 2025
• IPO Close Date: 1 August 2025
• Expected Allotment Date: 5 August 2025
• Tentative Listing Date: 7 August 2025

As Day 1 continues, investor response in the latter half-especially from QIBs-will be closely watched. With two more days remaining for subscription, demand trends from institutional and retail investors will shape the final outcome of the NSDL IPO.

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