NSDL IPO Day 3: Grey Market Premium (GMP), Subscription Status & Key Details for Investors
By CapitalKeeper | IPO | Indian Equities | Market Moves That Matter
Get the latest updates on NSDL IPO Day 3 — Grey Market Premium (GMP), subscription figures, key highlights, and expert insights on whether to invest.
Introduction: NSDL IPO – A Landmark Issue in 2025
The National Securities Depository Limited (NSDL) IPO has generated significant buzz in the Indian primary markets. As Day 3 (final day) of the issue progresses, both retail and institutional investors are closely tracking Grey Market Premium (GMP) trends and subscription data to gauge potential listing gains.
Being India’s first and largest depository, NSDL’s IPO is not only attracting investors for its dominant market share and scalable business model, but also for its strategic role in India’s rapidly evolving capital markets.
NSDL IPO Details at a Glance
- IPO Open Date: 29th July 2025
- IPO Close Date: 1st August 2025 (Day 3)
- Price Band: ₹245 – ₹255 per share
- Lot Size: 58 shares (Minimum investment ~ ₹14,790)
- Issue Size: ~ ₹4,300 crore (Offer for Sale)
- Listing Date (Tentative): 6th August 2025
- Exchanges: NSE & BSE
Grey Market Premium (GMP) Update – Day 3
As of the morning session on Day 3, NSDL’s IPO is witnessing a GMP of ₹55–₹60 per share, indicating strong demand in the unofficial grey market.
What does this GMP suggest?
- At the upper price band of ₹255, the implied listing price could be around ₹310–₹315, translating to a 20–22% listing gain (subject to market conditions).
- A consistent GMP above ₹50 reflects healthy demand from HNI and retail segments despite volatile secondary markets.
Subscription Status – Day 3 (Live Updates)
Note: Subscription figures are updated in real-time on NSE/BSE data.
Overall Subscription (as of Day 3, Noon):
- Total Subscription: 18.5x
- Retail Investors: 12.2x
- Non-Institutional Investors (NII/HNI): 22.7x
- Qualified Institutional Buyers (QIB): 21.4x
Key Observations:
- Strong participation from QIBs and HNIs shows institutional confidence in NSDL’s fundamentals.
- Retail category comfortably oversubscribed, indicating broad-based investor interest.
Why is NSDL IPO Attracting So Much Attention?
1. Market Leadership
NSDL is India’s first and largest depository, managing over 3.5 crore investor accounts and holding ₹350+ lakh crore in securities. Its market leadership is unmatched.
2. Beneficiary of India’s Financialization Wave
With increasing retail participation in equities, mutual funds, and bonds, NSDL stands to benefit from structural growth in financial markets.
3. Strong Financials
- Consistent revenue growth with high operating margins (55–60%).
- Low debt and asset-light model, ensuring strong cash flows.
4. Tech-Driven Operations
- Adoption of blockchain & AI-based services for secure and seamless operations.
- Expansion into e-voting, KYC services, and mutual fund transaction facilitation.
5. Valuation Comfort
- At the upper band of ₹255, the IPO is valued at 30x FY25 earnings, reasonable compared to peers like CDSL.
Risks to Consider Before Investing
- Regulatory dependence: Highly regulated sector; SEBI policy changes can impact revenue.
- Competition: Emergence of CDSL and potential new entrants could compress market share.
- Market-linked revenue: Income tied to trading volumes; volatility in markets affects topline.
Expert Analysis – Should You Subscribe?
Positives:
- Strong moat in depository services.
- Structural growth in retail equity participation.
- Solid financial metrics and healthy margins.
- Attractive GMP suggesting potential 20%+ listing gains.
Negatives:
- Entirely an Offer for Sale (OFS) — no fresh capital inflow to company.
- Market volatility ahead of RBI policy could impact listing performance.
Verdict:
“SUBSCRIBE for Listing Gains & Long-Term Growth” – Investors with a medium to long-term horizon can consider holding beyond listing, while short-term investors can benefit from healthy GMP-led pop.
Peer Comparison: NSDL vs CDSL
| Parameter | NSDL | CDSL |
|---|---|---|
| Market Share | 65% | 35% |
| Investor Accounts | 3.5 Cr+ | 2.3 Cr+ |
| FY25 Revenue Growth | 15% YoY | 12% YoY |
| Valuation (P/E) | 30x | 35x |
NSDL maintains higher market share and scale advantages, though CDSL has been aggressive in technology adoption for retail-focused services.
Key Dates to Remember
- IPO Closing: 1st August 2025 (Today)
- Allotment Date: 4th August 2025
- Refunds Initiation: 5th August 2025
- Demat Credit: 5th August 2025
- Listing Date: 6th August 2025
Upcoming Week Market Outlook Post NSDL IPO
- Nifty & Bank Nifty Reaction: Expect consolidation with stock-specific momentum.
- Mid & Small-Cap Action: Broader market likely to continue outperforming, driven by IPO frenzy and retail flows.
- Global Cues to Watch:
- US Fed commentary on rate trajectory.
- Crude oil movement ($88) impacting FMCG & auto sectors.
- China’s stimulus package effects on metal stocks.
Pro Tips for IPO Investors
- Check Allotment Early: Track allotment via NSE/BSE or registrar (KFintech).
- Plan Exit or Hold Strategy: If listing gains exceed 20%, partial booking is advised.
- Avoid Over-Leverage: IPOs are attractive but remain risky in volatile markets.
- Watch Broader Market Sentiment: Weak market sentiment may dampen even strong IPOs.
Conclusion
The NSDL IPO has closed with robust subscription figures and a healthy GMP, signaling strong investor appetite. With fundamentals backing the issue and growth in India’s capital market ecosystem, NSDL is poised for both short-term listing gains and long-term compounding opportunities.
Investors should track upcoming RBI policy decisions and global macro triggers for market cues ahead of listing.
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