NSDL’s IPO Dream Run: Stock Soars 62.5% in Three Days, Early Investors Strike Gold

From an issue price of Rs 800, NSDL opened at Rs 880 and hasn’t looked back, racing to Rs 1,300.30. For those lucky enough to get IPO allotments, it’s been a dream start.

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National Securities Depository Ltd

It's not every day you see a stock debut that leaves both Dalal Street veterans and small-town investors grinning ear to ear. But National Securities Depository Ltd (NSDL) has pulled off exactly that — soaring 62.5% in just three trading sessions since its August 6 listing.

From an issue price of Rs 800, NSDL opened at Rs 880 and hasn’t looked back, racing to Rs 1,300.30. For those lucky enough to get IPO allotments, it’s been a dream start.

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SBI’s Rs 1.20 Crore Turned into Rs 7,801 Crore

The biggest cheerleader right now? State Bank of India. Back in the day, SBI quietly picked up six million NSDL shares at just Rs 2 apiece. That Rs 1.20 crore punt is now worth an eye-watering Rs 7,801.8 crore.

And SBI isn’t alone:

• IDBI Bank’s Rs 5.996 crore bet is now a Rs 3,898.8 crore fortune.
• SUUTI’s Rs 2.049 crore stake is sitting pretty at Rs 1,332.68 crore.
• NSE — even after selling part of its holding in the IPO — has turned Rs 36.84 crore into Rs 3,900.9 crore.
• HDFC Bank has seen its Rs 150.54 crore grow to Rs 1,657.54 crore.
• Union Bank’s Rs 5.20 crore holding? Now Rs 666.9 crore.

And then there are the 10.31 lakh retail investors who got IPO allotments — many of whom are holding tight, watching their demat accounts swell.

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Why Everyone’s Chasing the Stock

Four things are fanning the frenzy:

• Oversubscription mania — the IPO was 41 times oversubscribed, leaving plenty of investors scrambling to buy after listing.
• Near-monopoly power — NSDL is one of just two depositories in India, controlling the lion’s share of big-ticket holdings.
• The CDSL halo effect — its only rival has delivered staggering returns over the years.
• Earnings hype — all eyes are on NSDL’s August 12 results.

The fundamentals aren’t shabby either. In FY25, revenue rose 12.41% to Rs 1,420.1 crore, and net profit jumped 24.57% to Rs 343.1 crore — thanks to more transactions, bigger assets under custody, and leaner operations.

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Hold or Fold?

Around 85% of NSDL’s revenue comes from stable, recurring fees, and side businesses like NSDL Payments Bank and NSDL Database Management add extra muscle.

Market watchers like Gaurav Garg of Lemonn Markets say IPO allottees should hold on for now, calling NSDL a “market leader with predictable earnings at reasonable valuations.”

Whether the rally cools or keeps running, NSDL has already joined the shortlist of IPOs people will still be talking about years from now.