NSDL Surges 62% Since IPO: SEBI Analyst Highlights Growth Edge Over CDSL

The analyst said NSDL’s IPO pricing offered a valuation advantage over CDSL and cited growth drivers including rising retail participation, digitisation, and capital market expansion.

Shares of National Securities Depository (NSDL) rose over 5% on Monday, extending post-listing gains to 62% from the IPO price and lifting its market capitalization above ₹28,000 crore. 

NSDL listed last week with about 10% gains on debut and has since rallied sharply. Meanwhile, peer Central Depository Services Ltd (CDSL) slipped 0.3% on Monday.

SEBI-registered analyst Saurabh Sahu said that NSDL's robust market debut underscores its status as India's largest securities depository and a pivotal component of the country's capital markets infrastructure. 

He noted that NSDL, together with CDSL, forms a monopoly-like duopoly in the depository space, with NSDL leading in institutional dominance. 

Moreover, NSDL’s IPO was priced lower than CDSL's, giving it a valuation edge at listing.

Sahu also cited multiple growth drivers for the company, including rising retail participation, rapid digitisation, and the ongoing expansion of India’s capital markets. 

He said NSDL combines market dominance, regulatory importance, and scalable growth potential, with early gains impressive but its long-term story potentially even stronger.

IPO Subscription

The ₹4,011 crore IPO was subscribed 41 times with the price band at ₹760–₹800 per share. The entire issue comprised an Offer for Sale of 5.01 crore shares by existing shareholders including National Stock Exchange of India, State Bank of India, HDFC Bank, IDBI Bank, Union Bank of India and Administrator of the Specified Undertaking of the Unit Trust of India.

On Stocktwits, retail sentiment was ‘extremely bullish’ for NSDL amid ‘extremely high’ message volume, while sentiment for CDSL was ‘neutral’ with ‘normal’ message volume.

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