NSDL IPO Explodes on Day 1: 1.78x Oversubscribed as Investors Stampede

Market frenzy hits NSDL's debut—because nothing gets hearts racing like a good old-fashioned IPO feeding frenzy.

The numbers don't lie

1.78 times oversubscribed before the champagne corks even popped. Wall Street's algo-traders and Main Street's FOMO brigade united in rare harmony—for at least one trading day.

Why this IPO's on fire

NSDL's offering tapped into that sweet spot where institutional confidence meets retail investor mania. The kind of perfect storm that makes bankers whisper 'pump it' behind closed doors.

The cynical take

Because nothing cures economic uncertainty like overpriced paper changing hands at lightning speed—just ask anyone who survived the 2021 SPACpocalypse.

Scale advantage

NSDL’s scale advantage over its listed competitor CDSL is significant. “NSDL holds securities worth ₹464 trillion, nearly 6.5 times that of CDSL’s ₹71 trillion,” noted Vaibhav Vidwani, Research Analyst at Bonanza.

The company also dominates institutional accounts with over 10.47 lakh non-retail investor accounts compared to CDSL’s 2.17 lakh.

The company’s financial performance has been robust, with revenue, EBITDA and PAT growing at CAGRs of 17.9 per cent, 21.2 per cent and 20.9 per cent respectively over FY23-25.

However, NSDL’s payment bank business, which contributes 51 per cent of revenues in FY25, operates with lower margins than other business segments.

At the upper price band of ₹800, NSDL’s FY25 P/E ratio of 47x appears reasonable compared to peers.

“Considering its dominant share in assets under custody, rapid growth in financials, stable revenue stream, healthy return ratios and focus on digital infrastructure expansions ahead, we assign a ‘Subscribe’ rating with a long-term investment perspective,” according to Geojit Investments Ltd research analysts.

The issue size comprises 3,51,27,002 shares with a minimum bid quantity of 18 shares per lot.

Published on July 30, 2025