NSDL Files IPO at ₹760–₹800: Valuation 22% Below Unlisted Price, Yet GMP Signals Strength

29 July 2025

The National Securities Depository Ltd (NSDL) is launching its Initial Public Offering (IPO) from July 30th to August 1st, 2025, aiming to raise ₹4,011.60 crore. This entire public offer is structured as an Offer For Sale (OFS), meaning existing shareholders are selling their shares. The company has set the price band at ₹760 to ₹800 per equity share, with lot size comprising 18 shares, making it accessible for investors looking to participate in India's financial market infrastructure.

Market sentiment ahead of the IPO appears robust, with the Grey Market Premium (GMP) for NSDL shares currently standing at ₹137. This premium suggests a potential listing gain of around 17% for investors, indicating strong demand and positive expectations for the company's performance post-listing.

Even though the IPO is priced about 22% below its unlisted market value (~₹1,025), the popular pricing and robust demand point to strong investor confidence.

Institutional shareholders like SBI, NSE, HDFC Bank and IDBI—some of whom bought shares decades ago for ₹2–₹12—stand to gain massive multiples, with returns projected up to 39,900%.

NSDL's financial health also presents a compelling picture. As of March 31, 2025, the company boasted a Return on Equity (ROE) of approximately 17.10% and a Return on Capital Employed (ROCE) of nearly 22.70%. Its strong operational efficiency is further evidenced by margins around 22.35% and EBITDA margins close to 24%. These financial metrics, coupled with a price-to-book value of around 8, underline NSDL's fundamental strength as it prepares to enter the public market.