NSDL IPO Subscribed 41.02 Times on Final Day, Retail Portion Draws 7.76x Bids Amid Robust Investor Interest

Mumbai, 1 August 2025: The ₹4,011.60 crore initial public offering (IPO) of National Securities Depository Ltd (NSDL) witnessed a total subscription of 41.02 times on the final day of bidding, reflecting strong interest from all categories of investors. Retail and non-institutional investors joined qualified institutional buyers (QIBs) in heavily bidding for the issue, which opened on July 30 and closed on August 1, 2025.

Retail Investors Bid 7.76 Times for NSDL IPO as Interest Spikes on Final Day

Retail investor participation in the NSDL IPO was significant, with the category receiving 7.76 times subscription against the 1.75 crore shares on offer. The retail portion received bids for 13.59 crore shares, amounting to ₹10,876.44 crore, indicating widespread interest from individual investors in the depository services major.

QIB Portion Oversubscribed 103.97 Times Amid Strong Institutional Demand

The Qualified Institutional Buyers (QIB) segment saw overwhelming interest, garnering 103.97 times subscription against an offer of 1 crore shares. Bids for over 104 crore shares were received in this category, with the total bid value amounting to ₹83,273.33 crore. This strong turnout by institutional players underscores their confidence in NSDL’s long-term business outlook.

Non-Institutional Category Subscribed 34.98x Led by bNII Investors at 37.73x Bids

The Non-Institutional Investors (NII) segment was subscribed 34.98 times. Within this, bNII (large investors bidding above ₹10 lakh) led with 37.73 times subscription, bidding for 18.88 crore shares, translating into ₹15,111.40 crore. Meanwhile, sNII (small NIIs bidding below ₹10 lakh) subscribed 29.47 times, contributing bids worth ₹5,900.97 crore.

Total Bids Cross 144 Crore Shares, Applications Touch 52 Lakh

By the close of Day 3, the NSDL IPO had received total bids for 144.08 crore shares, against 3.51 crore shares on offer (excluding anchor portion), with the total application count at 51,99,261. The cumulative bid value reached ₹1,15,266.78 crore, highlighting investor trust in the company’s market standing and future potential.

Employee Quota Sees 15.39x Subscription With Over 13 Lakh Shares Bid

The employee quota, which had a reservation of 85,000 shares at a discount of ₹76 per share, saw bids for 13.07 lakh shares, subscribing the category 15.39 times. The total bid amount in this category stood at ₹104.64 crore, demonstrating positive sentiment even among internal stakeholders.

Day-Wise Subscription Trend Shows Momentum Picking Up Steadily

Subscription data over three days reflects growing interest, especially from institutional and non-institutional investors:

• Day 1 (Jul 30): Total 0.78x
• Day 2 (Jul 31): Total 5.04x
• Day 3 (Aug 1): Total 41.02x

The sharp surge on Day 3 was primarily driven by QIB and HNI participation.

NSDL IPO Offer Structure: Entirely an OFS of 5.01 Crore Shares Worth ₹4,011.60 Cr

The IPO is a pure offer-for-sale (OFS), comprising 5.01 crore equity shares. The break-up of share allocation is as follows:

• Retail Investors: 1.75 crore shares (34.94%)
• Qualified Institutional Buyers: 2.50 crore shares (49.92%)
• Non-Institutional Investors: 75.09 lakh shares (14.97%)
• Employees: 85,000 shares (0.17%)
• Anchor Investors: 1.50 crore shares (29.95%)

Key IPO Details: Price Band at ₹800; Retail Lot Requires ₹13,680 Investment

The IPO was priced at a fixed band of ₹800 per share. The lot size for retail investors was 18 shares, amounting to a minimum investment of ₹13,680. For sNII, the minimum lot size was 14 lots (252 shares) or ₹2,01,600, while bNII needed to bid for 70 lots (1,260 shares) or ₹10,08,000.

Anchor Investors Commit ₹1,201.44 Cr; Lock-in Ends in September and November

NSDL raised ₹1,201.44 crore from anchor investors on July 29, 2025, by allotting 1.50 crore shares. The 30-day lock-in for 50% of anchor shares ends on September 3, 2025, while the 90-day lock-in for the remaining shares ends on November 2, 2025.

Tentative Listing on BSE Scheduled for August 6, 2025

Here’s the tentative IPO timeline:

• IPO Opened: July 30, 2025
• IPO Closed: August 1, 2025
• Allotment Date: August 4, 2025
• Refund Initiation: August 5, 2025
• Demat Credit: August 5, 2025
• Listing on BSE: August 6, 2025

NSDL to Use Offer Proceeds for Shareholder Divestment, Not for Company Expansion

As the issue is entirely an Offer for Sale, NSDL will not receive any proceeds from the IPO. Instead, the proceeds will go to the selling shareholders. The offer allows existing shareholders to monetise part of their holdings while enabling wider public participation.

About NSDL: India’s First Depository with Over ₹4,500 Lakh Crore Assets Under Custody

National Securities Depository Ltd (NSDL), established in 1996, is India’s first and largest depository. It holds assets worth over ₹4,500 lakh crore under custody and plays a crucial role in the Indian capital market by facilitating seamless electronic settlement of securities.

NSDL’s services include dematerialisation of securities, facilitating transactions, and enabling secure record-keeping for investors. It serves a broad base of depository participants, investors, stock exchanges, and clearing corporations.

NSDL is backed by marquee institutions including IDBI Bank, National Stock Exchange (NSE), and State Bank of India, among others.

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