NSDL IPO: Fund debits or mandate releases by August 5; experts weigh in ahead of listing

National Securities Depository Ltd (NSDL) is understood to have finalised the basis of allotment for its initial public offering (IPO) on Monday. Investors are now likely to receive messages, alerts or emails regarding the debit of funds or revocation of IPO mandates by Tuesday, August 5. The financial services and market infrastructure provider saw strong investor interest in the offering.

The initial share sale was open for bidding between July 30 and August 1, with a price band of Rs 760–800 per share and a lot size of 18 shares. NSDL raised a total of Rs 4,011.60 crore through a complete offer-for-sale (OFS) of 5,01,45,001 equity shares.

"Given the kind of long-term opportunity for stock broking business in India, lower penetration at present and scope for longer-term outlook along with the digital revolution which is taking place, NSDL, as a duopoly in the market infrastructure organisation, is going to benefit investors in the medium- to long-term," said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.

As of July 27, 2025, the grey market premium (GMP) for NSDL stood in the range of Rs 140–160. However, by August 4, it had moderated slightly to Rs 120–125. The GMP had peaked at Rs 156 in mid-July when investor optimism was at its highest, prior to the IPO window opening. Based on this, the estimated listing price is in the range of Rs 940–₹960 -- about 15 per cent higher than the upper end of the IPO price.

"While this still indicates a solid premium, it's slightly below initial expectations," said Krishna Patwari, Founder and Managing Director of Wealth Wisdom India. "It's important to note that GMP doesn't guarantee the actual listing price, which can vary depending on market sentiment."

The IPO was met with strong overall demand, being oversubscribed 41 times. Qualified institutional buyers (QIBs) led the charge, subscribing 104 times their allotted quota, followed by non-institutional investors (35 times) and retail investors (7.7 times).

NSDL is expected to list its shares on both BSE and NSE on Wednesday, August 6.