NSDL IPO Allotment Status Live Updates: Focus shifts to IPO listing; Here’s what GMP signals before Dalal Street debut | Stock Market News

NSDL IPO Allotment Status Live: NSDL IPO allotment status has been finalised. Market participants now shift focus towards NSDL IPO listing. NSDL shares are likely to make their debut on Dalal Street on Wednesday. NSDL IPO allotment status was fixed on August 4, and NSDL IPO listing date is August 6. The equity shares of NSDL will be listed on BSE.

NSDL IPO Allotment Status Live: NSDL shares are available at a strong premium in the grey market. According to market experts, NSDL IPO GMP today is ₹124 per share. This means that in the grey market, NSDL shares are trading higher by ₹124 than their issue price.

NSDL IPO GMP today signals that the estimated listing price of NSDL shares would be ₹925 apiece, which is at 15.5% premium to the IPO price of ₹800 per share.

NSDL IPO Allotment Status Live: The public issue opened for public subscription on July 30 and closed on August 1. NSDL IPO allotment date was 4 August 2025, Monday, and the IPO listing date is August 6. NSDL shares will be listed on BSE.

The company raised ₹4,011.60 crore at a fixed IPO price band of ₹800 per share. NSDL IPO was entirely an offer-for-sale (OFS) of 5.01 crore equity shares.

NSDL IPO got subscribed 41.01 times in total, according to the subscription data on BSE. The Retail investors category was subscribed 7.73 times, while the Non Institutional Investors (NII) portion was booked 34.98 times. The Qualified Institutional Buyers (QIBs) category received 103.97 times the subscription.

ICICI Securities is the book-running lead manager, while MUFG Intime India (Link Intime) is the NSDL IPO registrar.

NSDL IPO Allotment Status Live: Here are steps to check status on MUFG Intime

Step 1]Visit IPO registrar website on this link – https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Step 2]Choose ‘National Securities Depository Limited’ in the Select Company dropdown menu

Step 3]Select among PAN, App. No., DP ID or Account No.

Step 4]Enter the details as per the option selected

Step 5]Click on Search

Your NSDL IPO allotment status will be displayed on the screen.

NSDL IPO Allotment Status Live: Here’s how to check NSDL IPO allotment status on BSE

Step 1] Visit BSE website on this link – https://www.bseindia.com/investors/appli_check.aspx

Step 2]Select ‘Equity’ in the Issue Type

Step 3]Choose ‘National Securities Depository Limited’ in the Issue Name dropdown menu

Step 4] Enter either Application No. or PAN

Step 5]Verify by ticking on ‘I am not robot’ and click on ‘Search’

Your NSDL IPO allotment status will be displayed on the screen.

NSDL IPO Allotment Status Live: NSDL IPO allotment status has been finalised. The process of NSDL share allotment status will be followed by the credit of equity shares into the demat accounts of the eligible allotment holders on August 5, and refunds to unsuccessful investors on the same day.

• As of FY25, NSDL holds securities worth ₹464 trillion, nearly 6.5 times that of CDSL’s ₹71 trillion. It also dominates institutional accounts, with over 10.47 lakh non-retail investor accounts compared to CDSL’s 2.17 lakh. Although CDSL leads in retail demat accounts, NSDL outperforms in revenue efficiency, earning almost three times more operational revenue per investor. NSDL leads in number of accounts held by investors other than resident individuals (like corporate, FPI, HNIs).
• While CDSL benefits from broader retail participation, NSDL’s strength lies in institutional flows and its commanding position in the F&O segment. This valuation gap reflects market optimism around NSDL’s growth potential and operational robustness, signalling strong demand ahead of the IPO.
• NSDL has more companies using its platform to hold shares in dematerialised form. As of FY23, about 40,897 companies are linked to NSDL, which is almost double compared to 20,323 companies on CDSL. This shows that NSDL is more widely used by companies and plays a bigger role in India’s share market system.

NSDL IPO allotment status Live Updates: The depository’s public issue solely consists of an offer for sale (OFS) component of 5.01 crore shares. The selling shares under the OFS 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).

NSDL IPO allotment status Live Updates: The company will not receive the IPO proceeds from the issue. It only plans to achieve the benefits of listing the equity shares on BSE.

The NSDL IPO comprises a complete sale of up to 5.01 crore equity shares from current shareholders. IDBI Bank intends to offload as many as 2.22 crore shares, while the National Stock Exchange (NSE) plans to offer up to 1.80 crore shares. State Bank of India (SBI) aims to sell up to 40 lakh shares, HDFC Bank will offer up to 20 lakh shares, and Union Bank of India will put forth 5 lakh shares.

Furthermore, the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will provide up to 34.15 lakh shares. All of the shares carry a face value of ₹2 each.

As per SEBI regulations, no individual entity can possess more than a 15% stake in a Market Infrastructure Institution (MII). The NSDL IPO, given that both IDBI and NSE hold over 15% of NSDL’s shares, enables these organizations to adhere to the 15% ownership cap.

The company initially filed its draft red herring prospectus in July 2023, followed by an addendum in May 2025, which decreased the issue size from 5.72 crore shares to 5.01 crore. SEBI has granted NSDL approval to finalize its listing process by August 14, 2025.

According to Mohit Gulati, the CIO and managing partner of ITI Growth Opportunities Fund, Both NSDL and CDSL have cemented themselves as core infrastructure in India’s capital markets, yet their current valuations and risk-reward profiles differ meaningfully. NSDL is eyeing a valuation of around ₹16,000 crore for its IPO—significantly below the recent unlisted market peak, reflecting a P/E of about 47x based on FY25 projected earnings. In contrast, CDSL trades at a higher valuation of ~ ₹32,000 crore, trading at a notable premium, supported by its dominant retail share and accelerating financial performance.

From a risk-reward perspective, CDSL’s continued growth momentum and the expanding Indian demat universe offer robust rewards, but the rich valuation increases downside risk if execution falters. NSDL, with its established institutional base, offers relatively lower short-term momentum but a more attractive entry point at IPO—potentially a better risk-adjusted bet for investors looking to participate in India’s long-term capital market growth story. The right choice hinges on investor risk appetite: CDSL for near-term outperformance at higher risk, NSDL for value-conscious investors seeking steady compounding as the ecosystem deepens.

1. Continue to focus on their growth potential and increase market penetration by leveraging their strengths.
2. Continue to invest in and upgrade their IT infrastructure systems for the enhancement of operational efficiency, service quality and operational resilience.
3. Diversify offerings and enhance their database management business.
4. Increase the market share of their payments bank business.

NSDL derive their revenue from a number of sources, including transaction fees charged to depository participants and issuers of securities, custody fees charged to issuers, and annual fees charged to depository participants and issuers. They also earn fees from various ancillary services provided to market participants through the Company and its subsidiaries, NDML and NPBL.

NSDL IPO GMP is +122. This indicates NSDL share price was trading at a premium of ₹122 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of NSDL share price was indicated at ₹922 apiece, which is 15.25% higher than the IPO price of ₹800.

Considering the grey market activities over the past 31 sessions, the GMP for today’s IPO is on the rise, indicating a robust listing is anticipated. According to experts at investorgain.com, the minimum GMP recorded is ₹0.00, while the maximum stands at ₹167.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Step 1

Go to the official NSE website to check the NSDL IPO allotment status online – https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp.

Step 2

Register by clicking on the ‘Click here to sign up’ option on the NSE website using your PAN.

Step 3

Input your username, password, and captcha code.

Step 4

View the IPO allotment status on the new page that appears.

Step 1

Go to the allotment section on the official BSE website – Online status check for NSDL IPO allotment – https://www.bseindia.com/investors/appli_check.aspx

Step 2

Choose ‘Equity’ from the available choices under ‘Issue Type’.

Step 3

Select the IPO from the list displayed under ‘Issue Name’.

Step 4

Enter your PAN or application number.

Step 5

Click on ‘I am not a Robot’ to confirm your identity, then press the ‘Submit’ button.

Sustained capital inflows – portfolio and direct – are a prerequisite for any economy. In particular, the challenge is to create favorable conditions for continuous inflow of foreign capital, to retain and utilise it for productive purposes like infrastructure and other investment needs. The foreign portfolio investor (FPI) regime commenced with effect from June 1, 2014, wherein the existing FIIs, subaccounts, and qualified foreign investors (QFIs) were merged to form a new investor class termed as FPI.

Securities such as common equity shares, preferential shares, mutual fund units, debt instruments, government securities, certificates of deposit, commercial papers and others are available to be held in electronic or dematerialized (demat) form by the investors. The number of companies having their securities in demat form have seen an increase from 17,835 in Financial Year 2017 to 79,773 in Financial Year 2025 seeing a growth at 20.6% CAGR for NSDL and 9,887 to 35,922 from Financial Year 2017 to Financial Year 2025 growing at a ~17.5% CAGR for CDSL.

The demat accounts in India have grown at 21.94% CAGR from Financial Year 2014 till Financial Year 2025. The above data points suggest the increasing awareness and willingness of the people to participate in capital markets for either trading or with long-term outlook. As of March 31, 2025, the total demat accounts stood at 192.4 million accounts.

The Company is managed by professionals and does not have a recognizable promoter as defined by SEBI ICDR Regulations and the Companies Act, 2013.

As of the date indicated in the Red Herring Prospectus, the Board is made up of seven Directors, which includes one Managing Director, four Directors representing public interest, and three Non-Independent Directors (including the Managing Director). Additionally, the Board features one female Director.

As per the red herring prospectus (RHP), the sole peer is Central Depository Services (India) Limited.

NSDL faces key risks including regulatory pressure on transaction pricing, intense competition from CDSL in the retail segment, dependence on market activity for revenue stability, and limited growth capital from the IPO asit is a pure Offer for Sale.

Active demat accounts: 39.45 million

Registered depository participants: 294

Registered issuers: 33,758

Account holders located in over 99% of Indian PIN codes and in 186 countries

1. India’s first and leading depository, operating a wide range of technology-driven businesses.
2. Strong focus on technology-led product innovation.
3. Robust IT infrastructure, risk management frameworks and cyber-security measures focused on ensuring the safety and integrity of the depository system.
4. Stable revenue base with a significant proportion of recurring revenue.
5. Large Variety of Asset Classes held in Demat Accounts and Well-diversified Business Verticals.
6. Experienced senior management team.

Step 1

Go to https://linkintime.co.in/initial_offer/public-issues.html to reach the website of the IPO registrar, MUFG Intime India Private Limited.

Step 2

Pick the IPO from the dropdown menu; the name will be displayed once the allocation process is finished.

Step 3

Select the Application Number, Demat Account, or PAN link to verify the current status.

Step 4

Identify whether the application type is ASBA or non-ASBA.

Step 5

Input the information for the mode selected in Step 2.

“The National Securities Depository Ltd (NSDL) IPO has garnered significant attention, with the issue fully subscribed within hours of opening. This strong demand across all investor categories reflects confidence in NSDL’s position as a key player in India’s capital market infrastructure. Despite the robust subscription, the Grey Market Premium (GMP) has seen some fluctuations, currently standing at approximately ₹135, suggesting a potential listing gain of around 17% over the upper price band of ₹800. This indicates that the market is valuing NSDL more favorably than the IPO price, reflecting optimism about its long-term prospects,” said Bhavik Joshi Business Head, INVasset PMS.

“NSDL has demonstrated consistent growth, with FY25 financials showing a 22.3% increase in net profit to ₹343 crore and a healthy EBITDA margin of 32.1%. These robust figures further strengthen the case for its ongoing public offering. NSDL’s dominant position in the market, managing over ₹510 lakh crore in assets and serving nearly 3.94 crore demat account holders, underscores its critical role in India’s capital markets. Given the strong subscription numbers and positive GMP, investors who have been allotted shares can anticipate a favorable listing,” said Bhavik Joshi Business Head, INVasset PMS.

“ For those who were not allotted shares, monitoring the stock’s performance on the listing day can provide insights into future investment opportunities. It’s important to stay informed about market conditions and NSDL’s performance post-listing to assess the long-term potential of this opportunity,” said Bhavik Joshi Business Head, INVasset PMS.

NSDL IPO reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee portion was reserved up to 85,000 equity shares. A discount of ₹76 per equity share was being offered to eligible employee in the employee reservation portion.

1. NSDL Database Management Limited (NDML): Offers services across e-governance, regulatory platforms, KYC, insurance repository, and collaborative industry platforms. Handles SEZ automation and the National Skills Registry.
2. NSDL Payments Bank Limited (NPBL): Operates a business-to-business payments bank. Provides digital banking, domestic remittances, savings accounts, AePS, micro-ATMs, prepaid cards, UPI, POS, and third-party product distribution (insurance and mutual funds).

The National Securities Depository Ltd. (NSDL) raised over ₹1,201 crore from institutional investors just one day prior to the opening of its initial share sale for public subscription. This anchor segment saw contributions from both domestic and foreign institutional investors, such as the Life Insurance Corporation of India (LIC), Smallcap World Fund Inc, SBI Mutual Fund (MF), Fidelity Funds, and Nippon India MF, as indicated in a circular posted on the BSE’s website.

Investors also included SBI Life Insurance Company, HDFC Life Insurance Company, Abu Dhabi Investment Authority, Ashoka WhiteOak India Opportunities Fund, ICICI Prudential MF, and HDFC MF.

NSDL IPO basis of allotment of shares will be finalised on Monday, August 4 and the company will initiate refunds on Tuesday, August 5, while the shares will be credited to the demat account of allottees on the same day following refund. NSDL share price is likely to be listed on BSE and NSE on Wednesday, August 6.

According to Gaurav Garg, Lemonn Markets Desk, he NSDL IPO witnessed overwhelming demand across all investor categories, with an overall subscription of 33.14x, led by strong institutional (QIB: 77.33x) and HNI (NII: 34.57x) interest, indicating robust confidence in the company’s fundamentals and long-term prospects. NSDL, India’s first and largest depository, holds a dominant market share in demat value and settlement volume, supported by a scalable and tech-driven platform. Its diversified revenue mix, consistent growth in profits (PAT CAGR of ~20% over FY23–25), high return ratios (ROE ~17%), and strong cash generation lend financial resilience.

Moreover, strategic investments in digital infrastructure, expansion into payments banking, and value-added services through subsidiaries position it well for future scalability. Despite being an offer for sale, the asking valuation appears reasonable when compared with peer CDSL on profitability metrics. Given its monopoly-like status, strong financials, recurring revenue, and essential role in capital markets infrastructure, it is a good subscription for long-term investors.

1. Functions as a securities depository in India.
2. Keeps electronic records of securities allotment and ownership transfers.
3. Provides depository services such as dematerialization, trade settlement, off-market transfers, pledging of securities, and handling corporate actions.
4. Offers asset servicing for securities maintained in dematerialized format.
5. Supplies additional services including e-voting, consolidated account statements (CAS), and non-disposal undertakings (NDU).

The public offering from the depository comprises exclusively of an offer-for-sale (OFS) component, which includes 5.01 crore shares, with the sellers being the National Stock Exchange of India (NSE), State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India, and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI).

Due to the fact that the public issue is entirely an OFS, NSDL will not obtain any revenue from the IPO.

The forthcoming listing will position NSDL as the second publicly listed depository in the nation, following the Central Depository Services (CDSL), which debuted on the NSE in 2017.

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.

The forthcoming listing will make NSDL the second depository in the nation to be publicly traded, following the Central Depository Services Ltd (CDSL), which went public on the NSE in 2017.

The Upcoming ipo of NSDL is essential to meet Sebi’s ownership regulations. These rules stipulate that no single entity can possess more than 15 percent of the equity in a depository firm.

The main shareholders of NSDL, IDBI Bank and the NSE, must decrease their ownership in the organization to align with Sebi’s guidelines.

At present, IDBI holds 26.1 percent, while NSE has a 24 percent stake in NSDL, both of which exceed the allowed limit.

NSDL is a market infrastructure institution registered with Sebi, providing a diverse array of products and services to India’s financial and securities markets. Since the enactment of the Depositories Act in 1996, it has led the way in the dematerialization of securities in India, starting in November 1996.

Step 1

Visit NSE’s official website- NSDL IPO allotment status check online NSE- https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp

Step 2

By selecting the ‘Click here to sign up’ option on the NSE website, one must register with PAN.

Step 3

Enter user name, password, and captcha code.

Step 4

Check IPO allotment status on the new page that will open.

Step 1

Visit the allotment page on the official BSE website – Online status check for NSDL IPO allotment – https://www.bseindia.com/investors/appli_check.aspx

Step 2

Select ‘Equity’ from the options available under ‘Issue Type’.

Step 3

Pick the IPO from the list shown under ‘Issue Name’.

Step 4

Input your PAN or application number.

Step 5

Click on ‘I am not a Robot’ to verify your identity, then hit the ‘Submit’ button.

Step 1

Visit https://linkintime.co.in/initial_offer/public-issues.html to access the website of the IPO registrar, MUFG Intime India Private Limited.

Step 2

Choose the IPO from the dropdown list; the name will be available after the allocation process concludes.

Step 3

Select the Application No., Demat Account, or PAN link to check the current status.

Step 4

Determine if the application type is ASBA or non-ASBA.

Step 5

Enter the details for the mode chosen in Step 2.

NSDL IPO GMP is +120. This indicates NSDL share price was trading at a premium of ₹120 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of NSDL share price was indicated at ₹920 apiece, which is 15% higher than the IPO price of ₹800.

Considering the grey market activities over the past 31 sessions, the GMP for today’s IPO is on the rise, indicating a robust listing is anticipated. According to experts at investorgain.com, the minimum GMP recorded is ₹0.00, while the maximum stands at ₹167.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.