Prime Highlights:
- NSDL IPO subscribed fully within hours on Day 1 on the back of robust retail and institution demand.
- Grey Market Premium fluctuates in the range of 16%, suggesting probable listing gains of ₹125–₹140 per unit.
Key Facts:
- NSDL IPO price band of ₹760–₹800 with issue size of ₹4,012 crore on Offer for Sale basis.
- Anchor investors subscribed ₹1,201 crore prior to launch, including prominent domestic and international institutions.
Key Background
India’s oldest and largest depository, National Securities Depository Limited (NSDL), opened on July 30 its Initial Public Offering (IPO) that closes on August 1. The IPO price band is fixed at ₹760 to ₹800 per share. With the entire amount of ₹4,012 crore being an Offer for Sale (OFS) in nature, existing shareholders like IDBI Bank, NSE, SBI, and HDFC Bank are selling a portion of their holding. NSDL is not issuing any new capital through this IPO.
There was investor confidence from day one. IPO got subscribed in full on the first day in the first few hours, as net over-subscription had crossed 1.6 times. Retail Individual Investors (RIIs) oversubscribed their portion by nearly 1.7 times, and Non-Institutional Investors (NIIs) had crossed 2.2 times. Employee portion got subscribed to the tune of nearly 2.7 times, and Qualified Institutional Buyers (QIBs) matched nearly 0.8 times at mid-day.
NSDL raised ₹1,201 crore from anchor investors a day prior to the IPO opening. Pre-IPO funding attracted market heavies such as Life Insurance Corporation of India, Abu Dhabi Investment Authority, Capital International, and other large domestic mutual funds. The pre-subscription set the stage for good Day 1 demand in the various segments.
Simultaneously, the Grey Market Premium (GMP) for the NSDL IPO varied between ₹125–₹140 per share, or a 16–17% premium to the upper price band. It reflects a likely strong listing on the stock markets. Market analysts have suggested an overall “subscribe” for long-term investors on the basis of NSDL’s market leadership position, consistency in revenue model, and growth opportunities. They also recommend vigilance with respect to regulatory dependence and competition from the CDSL, the NSDL’s largest depository segment competitor.
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