NSDL IPO: Price band of Rs 760–800 takes investors by surprise; over 20% below unlisted market peak – Times of India
NSDL IPO: For its upcoming Initial Public Offering (IPO), the National Securities Depository Limited (NSDL) has set a price band of Rs 760–800 per share. The precise band has taken investors by surprise since its at around a 22% discount from its last traded value in the unlisted market. Earlier this month, the stock was around Rs 1,025 in the unlisted market.An ET report quoted UnlistedZone data stating that the NSDL stock had peaked at Rs 1,275 in June 2025.The Rs 4,011.6 crore issue, which opens for subscription on July 30 and closes on August 1, will be entirely an offer for sale (OFS) of up to 5.01 crore shares. Anchor bidding is scheduled for July 29. Existing shareholders including IDBI Bank, NSE, Union Bank of India, SBI, HDFC Bank, and SUUTI will offload their stakes through the IPO. IDBI Bank is selling 2.22 crore shares and NSE is offering 1.8 crore shares.NSDL is targeting a valuation of approximately Rs 16,000 crore through the IPO. Retail investors will need to invest Rs 14,400 for one lot comprising 18 shares. The company had earlier filed its draft red herring prospectus (DRHP) in July 2023 and revised the issue size to 5.01 crore shares from 5.72 crore shares in May 2025.According to the ET report, the steep discount to its unlisted market price has drawn parallels with the recent HDB Financial Services’ IPO. That was priced at Rs 700–740 per share—about 40% lower than its unlisted market price of Rs 1,225! HDB Financial listed at Rs 835 per share on July 2, delivering a 12.8% listing gain over the issue price. But those who had bought HDB shares in the unlisted market saw losses.NSDL shares are currently trading at a grey market premium (GMP) of Rs 145–155, indicating a possible listing gain of around 18% over the upper price band, the report said.. The IPO values NSDL at a price-to-earnings (P/E) ratio of 46.6, compared to listed peer CDSL, which trades at a P/E of 66.6.For Q3 FY25, NSDL reported a consolidated net profit of Rs 85.8 crore, up 29.8% year-on-year, while total income rose 16.2% to Rs 391.2 crore. The allotment of shares is expected on August 4, with a likely listing on August 6.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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