NSDL IPO GMP Live Updates: Subscribed 8x on Day 3 so far, GMP up 17% – Should You Buy?

NSDL IPO Day 3 Live Updates: The bidding window for the initial public offering (IPO) of National Securities Depository Ltd (NSDL) closes today, 1 August 2025, at 5:00 PM. The IPO opened on 30 July 2025, giving investors only one more opportunity to apply for the public issue.

Investor Response & Grey Market Premium (GMP)
NSDL’s IPO has witnessed robust investor interest since its launch. This is reflected in its grey market premium (GMP), which currently stands at ₹135. At this level, the premium suggests a potential 17 per cent listing gain for successful bidders.

According to market analysts, the GMP has remained stable despite escalating trade tensions, including the 25 per cent tariff imposed by former US President Donald Trump on Indian exports beginning 1 August. If Indian markets remain resilient today, the GMP could increase further.

Since its debut in the grey market on 19 July 2025, NSDL shares have consistently traded above ₹130.

IPO Subscription Status
By 4:00 PM on the third day of bidding, the NSDL IPO was subscribed 40.90 times overall. Breakdown of the subscription is as follows:

Retail investors: 7.55 times

Non-Institutional Investors (NIIs): 34.92 times

Qualified Institutional Buyers (QIBs): 103.97 times

Brokerage Reviews & Investment Outlook
Brokerage firms have widely endorsed the IPO, highlighting its relative value and strategic importance in India’s financial infrastructure.

BP Equities noted: “The IPO is priced at a P/E of 46.6x on FY25 earnings at the upper end of the price band, which is reasonable compared to CDSL’s 64.8x. We recommend a ‘SUBSCRIBE’ rating.”

Marwadi Financial Services echoed the sentiment: “Considering the FY25 EPS of ₹17.16, NSDL is listing at ~47x P/E with a ₹16,000 crore market cap. Given its leadership, stable revenue, and peer comparison, we assign a ‘SUBSCRIBE’ rating.”

Deven Choksey Research commented: “We see long-term value in NSDL, given its pricing at 46.6x TTM P/E compared to CDSL’s 64.1x. The firm’s retail focus and technology partnerships make it attractive over a 3–5 year horizon.”

Mehta Equities’ analyst Rajan Shinde added: “While the issue is fully priced based on FY25 numbers, the valuation discount to CDSL makes it compelling. We recommend a ‘SUBSCRIBE’ for long-term investors.”

Other brokerages such as Anand Rathi, Ventura, Cholamandalam Securities, Canara Bank Securities, SMIFS, and Lakshmishree Investment have also advised subscribing to the issue.

Key IPO Details
Price Band: ₹760 – ₹800 per equity share

Offer Dates: 30 July – 1 August 2025

Allotment Date: Likely on 2 August 2025 (or 4 August if delayed)

Listing Date: Expected on 6 August 2025