NSDL IPO Day 3 GMP Live: Here’s Day 3 NSDL subscription data – See GMP, listing date, investor guidance and more

“At the upper end of the price band (Rs 800), NSDL is targeting a market capitalisation of around Rs 16,000 crore. Based on FY25 projected earnings and fully diluted post-IPO equity, this translates to a price-to-earnings (PE) ratio of 46.6x, which appears fairly valued given the company’s recent performance. However, when compared to peer CDSL — currently trading at a PE of 64x — NSDL’s pricing offers a relative discount, consistent with its steadier growth trajectory and stronger institutional orientation. Considering NSDL’s market leadership, solid financial base, and its critical role in India’s capital market infrastructure, we recommend a ‘SUBSCRIBE’ rating for long-term investors looking for stable returns in a high-entry-barrier business.”