NSDL’s Blockbuster ₹4,011-Crore IPO Gets Gobbled Up in Hours—Investors FOMO at Record Speed
NSDL just pulled off what traditional finance can only dream of—a ₹4,011-crore IPO devoured faster than a meme coin pump. Here’s the breakdown:
The Rush: Bidding books slammed shut within hours, proving even old-school depository services can trigger investor frenzy when the price looks right.
The Irony: Meanwhile, legacy banks still take 3 business days to clear a cheque. But sure, blockchain is the ‘slow’ technology.
Another win for market infrastructure players quietly eating the financial system’s lunch—while crypto and TradFi keep bickering like divorced parents at a kid’s birthday party.
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Non Institutional Investors part received 1.48 times subscription while the quota for Retail Individual Investors (RIIs) fetched 1.18 times subscription. The portion for Qualified Institutional Buyers (QIBs) received 72 per cent subscription.
National Securities Depository Ltd mobilised over ₹1,201 crore from anchor investors on Tuesday.
The initial public offering (IPO) will conclude on August 1. The price band has been fixed at ₹760 to ₹800 per share.
The depository's public issue solely consists of an offer-for-sale (OFS) component of 5.01 crore shares, and those selling shares under this are National Stock Exchange of India (NSE), State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India and Administrator of Specified Undertaking of the Unit Trust of India (SUUTI).
Since the public issue is entirely an OFS, NSDL will not receive any proceeds from the IPO.
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NSDL IPO opens today in ₹760-800 price band
This upcoming listing will make NSDL the country's second publicly traded depository after Central Depository Services (CDSL), which was listed on the NSE in 2017.
The listing of NSDL is crucial in order to comply with Sebi's ownership norms. These regulations require that no entity can hold more than 15 per cent of the shareholding in a depository company.
NSDL's principal shareholders, IDBI Bank and the NSE, are required to reduce their stake in the company to comply with Sebi's rule. Currently, IDBI holds 26.10 per cent and NSE owns 24 per cent stake in NSDL, which exceeds the permissible limit.
NSDL is a SEBI-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. Following the introduction of the Depositories Act in 1996, it pioneered the dematerialisation of securities in India in November 1996.
ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers to the issue.
Shares of NSDL are expected to list on August 6.
Published on July 30, 2025
