NSDL IPO Review se pata chalta hai ki company ke shares ₹880 per open hue (₹800 issue price par) — jo 10% premium hai. Market ne initial session me ₹915 tak trade karte dekha, showing a 3–4.5% gain from open price. IPO ka subscription 41x hua — strong investor demand ko reflect karta hai.
IPO Highlights m
- NSPDL launched a ₹4,012 crore Offer-for-Sale (OFS) via 5.01 crore shares.
- Price band fixed at ₹760–₹800; retail segment subscribed 7.8x, NIIs 35x, QIBs 104x.
- Anchor round investors included LIC, NSE & other marquee firms.
Listing Day Performance
Shares ne ₹880 pe open liya aur day high ₹915–₹920 tak bhi gaya. Yeh listing pop grey market premium se thoda kam raha (GMP ₹120–₹135), lekin overall healthy debut maana gaya.
Business Overview: Why NSDL Strong Hai?
- NSDL is India’s largest securities depository with ~86% demat market share.
- FY25 tak se 192 million demat accounts created — growth terus since 1996.
- Recurring fee-based model, minimal direct competition.
Revenue streams: custody fees, transaction charges, corporate actions. NSDL Payments Bank contributes ~50% revenue but low margins (~0.5%).
Valuation & Analyst Take
- IPO valuation: P/E ~47x, P/B ~8x — lower than competitor CDSL (P/E ~64x).
- Analysts (Angel One, Mehta Equities) recommend subscribe-and-hold for long-term returns due to durable business model.
Strengths & Risks
| Strengths | Risks |
|---|---|
| Market dominance (huge demat share) | Dependent on market volumes |
| Recurring income & transaction-based fees | Payments Bank underperforming |
| Strong institutional backing, low competition | IPO is OFS, no fresh capital raised for NSDL |
Investor Strategy: Hold vs Profit Booking
Hold Option: Long-term investors may hold stock due to room for re-rating versus CDSL and stable cash flows.
Partial Profit Booking: Day traders or retail investors can lock 10–15% capital gain—and hold rest for value. Market experts suggest 50:50 split strategy.
Summary – NSDL IPO Review Recape
- Listing Premium: ₹880 issue price +10%
- Subscription: 41× overall, QIB huge demand
- Valuation: Discount to peer CDSL
- Growth: Strong recurring profile
- Best for: Long-term value investors
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