NSDL IPO Subscribed 5.04x on Day 2 as Retail and NII Categories Witness Sharp Surge in Bidding Before Final Day

Mumbai, 31 July 2025: The ₹4,011.60 crore initial public offering (IPO) of National Securities Depository Limited (NSDL) has garnered significant investor attention on its second day of bidding, with the issue being subscribed 5.04 times overall as of 5:04:46 PM. The retail, high net-worth individual (HNI), and employee segments were the primary contributors to the demand. The IPO, which closes on August 1, 2025, has so far received 17.68 crore shares in bids against an offer size of 3.51 crore shares.

Retail Investors Place Over 7.34 Crore Bids as Retail Portion Gets Subscribed 4.19 Times on Day 2

The retail investor segment in the NSDL IPO witnessed notable participation, with the quota being subscribed 4.19 times by the end of Day 2. Against the available 1.75 crore shares, over 7.34 crore shares were bid by retail investors, accounting for a total application amount of approximately ₹5,874.27 crore. This sharp rise reflects growing investor confidence in the offering as it enters its final day. Retail investors can apply for a minimum lot size of 18 shares, amounting to ₹13,680, based on the upper end of the price band of ₹760–₹800. With the cut-off time for UPI confirmation being 5 PM on August 1, more traction from retail participants is expected on the final day.

NII Segment Oversubscribed 11.08 Times as HNIs Lead the Charge with Heavy Applications

Non-Institutional Investors (NIIs), especially high net-worth individuals, demonstrated aggressive bidding behavior, pushing the NII quota subscription to 11.08 times on Day 2.

• Investors in the bNII (above ₹10 lakh) category submitted bids for over 5.22 crore shares, resulting in a 10.44x subscription.
• The sNII (₹2 lakh–₹10 lakh) category saw even greater interest, with 3.09 crore shares bid, translating to 12.36x subscription.

This segment had 75.09 lakh shares on offer, and the total bids crossed 8.31 crore shares, valued at ₹6,655.72 crore. The interest from HNIs suggests strong backing from informed investors who are betting on NSDL’s position as a market infrastructure institution.

Institutional Interest Picks Up as QIB Portion Sees 1.96x Subscription by Second Day

The Qualified Institutional Buyers (QIB) segment, which often provides directional cues for IPOs, recorded a subscription of 1.96x by the end of Day 2. Institutions bid for 1.95 crore shares against a non-anchor quota of 1 crore shares, with a total application value of ₹1,567.70 crore. While the QIB portion tends to build closer to the end of the IPO window, the current interest indicates favourable sentiment from mutual funds, insurance companies, and other institutional investors.

Employee Quota Subscribed 7.69x as 6.53 Lakh Bids Placed for 85,000 Reserved Shares

The employee quota, which includes a discount of ₹76 per share, saw significant traction, with the category being subscribed 7.69 times. A total of 6.53 lakh shares were bid against a reservation of 85,000 shares, amounting to ₹52.28 crore in value. The high participation rate from employees indicates internal faith in NSDL’s long-term growth and stability.

Total Subscription Reaches 5.04x as NSDL IPO Receives Over 25.8 Lakh Applications So Far

The NSDL IPO has received a total of 25,82,707 applications across all categories by the end of Day 2, indicating strong market-wide interest. The cumulative bids amount to ₹14,149.98 crore, against the offer size of ₹4,011.60 crore, representing a 5.04x total subscription. With another full day of bidding left, the numbers are expected to increase further, especially from institutional participants.

Anchor Investors Commit ₹1,201.44 Crore Ahead of Public Issue Opening

Before the IPO opened for public bidding, Anchor Investors were allotted 1.50 crore shares, raising ₹1,201.44 crore on July 29, 2025. The anchor lock-in period ends on September 3, 2025 for 50% of these shares, while the rest remains locked until November 2, 2025. This early commitment played a role in building investor confidence before the IPO opened.

NSDL IPO: Key Dates, Pricing and Offer Structure for Investors

• IPO Subscription Period: July 30 to August 1, 2025

• Allotment Date: August 4, 2025
• Listing on BSE: Tentatively August 6, 2025
• Price Band: ₹760 – ₹800 per share
• Lot Size: 18 shares per lot
• Offer Size: Entirely Offer for Sale of 5.01 crore shares
• Minimum Retail Investment: ₹13,680
• bNII Minimum Application: ₹10,08,000 (70 lots)
• sNII Minimum Application: ₹2,01,600 (14 lots)

NSDL’s Business Model and Financial Growth Attracts Long-Term Investors

Founded in 2012, NSDL operates as a SEBI-registered Market Infrastructure Institution (MII) offering a range of depository services including dematerialisation, e-voting, and account servicing. It also manages subsidiaries in e-governance and payments banking. As of March 31, 2025, the company has:

• 39.45 million active demat accounts
• 294 registered depository participants
• 33,758 registered issuers

NSDL posted a 12% growth in revenue to ₹1,535.19 crore and a 25% rise in net profit to ₹343.12 crore in FY25 compared to the previous year.

Final Day Ahead: All Eyes on Subscription Surge Before UPI Cut-off at 5 PM, August 1

With Day 2 ending on a strong note and total applications nearing the 26 lakh mark, investor sentiment around the NSDL IPO remains positive. The market will closely watch subscription trends on the final day, especially in the QIB segment, as the UPI mandate confirmation window closes at 5 PM on August 1, 2025.

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