NSDL Shares To Debut On BSE Today: Strong Listing Expected Amid High Investor Interest

Trading in NSDL shares will begin at 10:00 AM during the Special Pre-open Session (SPOS) on the BSE.

National Securities Depository Limited (NSDL) is all set to make its much-awaited stock market debut on Wednesday (August 6) after a blockbuster response to its initial public offering (IPO). The shares will be listed on the Bombay Stock Exchange (BSE) under the 'B' group of securities.

Trading in NSDL shares will begin at 10:00 AM during the Special Pre-open Session (SPOS) on the BSE. The IPO was open for subscription between July 30 and August 1, with the allotment finalised on August 4.

The listing has been eagerly anticipated, with analysts and investors alike expecting a strong start - and there's already positive buzz in the grey market.

Ahead of its listing, NSDL's shares were commanding a grey market premium (GMP) of Rs 127 per share, signaling a potential listing price of around Rs 927. That's nearly 16% higher than its issue price of Rs 800.

Experts believe that kind of grey market enthusiasm usually translates into a solid debut on the exchanges.

“Given the strong subscription levels and current market sentiment, we expect a decent listing gain in the range of 12–15% or higher,” Prashanth Tapse, Sr VP Research, Mehta Equities said.

He added that NSDL is well-positioned as a long-term beneficiary of India's growing institutional participation in the capital markets.

Despite all the excitement, analysts have also flagged that NSDL isn't cheap. At the upper end of the price band (Rs 760–Rs 800), the company is valued at around Rs 16,400 crore, which implies a price-to-earnings (P/E) ratio of ~47x FY25 earnings.

“Valuations are on the higher side compared to its listed peer CDSL,” Harshal Dasani, Business Head, INVasset PMS said.

He noted that while there's no fresh capital raised through this IPO (it was purely an offer-for-sale), NSDL's scale, governance, and duopoly position still make it a strong long-term play - provided it continues to deliver on financials and monetises new services effectively.

The IPO was a pure offer-for-sale of 5.01 crore equity shares, raising Rs 4,011.60 crore at the top end of the price band.

Here's how the IPO was subscribed:

Qualified Institutional Buyers (QIBs): 103.97 times

Non-Institutional Investors (NII): 34.98 times

Retail Investors: 7.73 times

The overall subscription stood at a staggering 41.01 times, reflecting strong investor confidence in NSDL's business model and market position.

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