NSDL IPO Review 2025: Price Band, Key Risks, and Top Analyst Ratings
Today is the opening of subscriptions for National Securities Depository Limited’s (NSDL) ₹4,011 crore IPO.
A price corridor of ₹760 on the floor to ₹800 on the cap has been determined for this issuance. Because the whole issuance is an Offer for Sale (OFS), none of the revenues will go to NSDL. However, the current shareholders stand to gain up to 400 times their original investment. More information regarding this can be found here.
Anchor investors, which included well-known companies like LIC and the Abu Dhabi Investment Authority (ADIA), contributed ₹1,201 crore to the depository services provider prior to the IPO opening.
Prospective bidders applying at the top of the valuation range will need an initial outlay of ₹14,400 for the smallest possible lot of 18 shares. After that, you can place bids in multiples of 18.
So, is it time for investors to bid on this issue?
The following analysis is derived from the perspectives of several specialists:
Rathi Anand
Anand Rathi has rated the NSDL IPO as a “Subscribe” because they think the price is fair.
With a market valuation of ₹16,000 crore, the company is valued at the higher end of the price range, 46.6 times its earnings from the fiscal year 2025.
A change in investor preferences away from trading and investing in the securities market, an excessive dependence on a transaction-based business model, and a possible inability to broaden services and market reach are some of the major threats that the brokerage has identified.
The First Angel
In their remark, Angel One stated that long-term investors ought seriously think about funding this project.
They think that the growing capital market penetration, increased financial inclusion, and policy reforms will all contribute to the long-term expansion of the Indian securities depository industry.
Angel One’s business model faces critical vulnerabilities, including a revenue stream highly dependent on market fluctuations, the potential for regulatory intervention to compress transaction fees, and intense competitive pressure from CDSL for retail market share.
The Broking of Bajaj
Bajaj Broking, like Angel One, suggests long-term investments in the NSDL IPO.
Demat account penetration in India was 13.4% as of the 2025 fiscal year, according to Bajaj Broking, which offers a substantial opportunity for depositories to expand.
A drop in transaction-based activity, which would harm NSDL’s income, changes in investor preferences, and outside variables that are out of the company’s control and could effect business volume are some of the main risks.
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