NSDL shares: NSDL shares list at 10% premium, close higher

NSDL shares: NSDL shares record at 10% premium, shut greater

Mumbai: National Securities Depository Ltd made its market debut at ₹880 Wednesday, a ten% premium to its IPO value. The inventory ended 17% greater than issue value at ₹936.

“The listing is in line with expectations, as there was strong demand during the IPO and many investors who did not get allotment may try to add the stock in the portfolio,” said Sunny Agrawal, head of elementary fairness research, SBICAPS Securities.

The widely-watched ₹4,012-crore IPO of the depository, which was priced at ₹800 per share, was subscribed 41 instances with strong urge for food from establishments and wealthy buyers. Before NSDL, HDB Financial and Hexaware Tech have been two big-ticket IPOs that made itemizing positive factors of round 13% and 5%, respectively.

The market infrastructure establishment had a market capitalisation of ₹18,720 crore on Wednesday while its bigger peer, Central Depository Services (India) Ltd’s market worth is almost double – at ₹32,280.1 crore.

Analysts said in a duopoly market, NSDL being the biggest participant by way of demat worth (86.8% in whole demat worth) is a proxy play on the expansion story of capital market of India. “NSDL is trading at relatively cheaper valuation compared with CDSL; At IPO issue price, NSDL was trading at FY25 Price to Earnings multiple of 47 times compared with 67 times for CDSL,” said Agrawal. “We believe from a short-term perspective gains can sustain.” Despite cheaper valuations, buyers needn’t be in a rush to purchase NSDL shares afresh. “For investors who did not receive allotment in the IPO, a wait and watch approach is advised because post-listing dips could offer a more attractive entry point,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
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