India's NSDL IPO Fully Subscribed Hours After Launch

National Securities Depository Limited (NSDL), India's largest market infrastructure institution for securities dematerialization, launched its IPO priced at the upper end of the band at 800 rupees per share, equating to a price-to-earnings ratio of approximately 47 times FY25 earnings. The IPO was fully subscribed within hours, with strong demand across retail, non-institutional, and qualified institutional investor categories, raising about 40 billion rupees ($458 million). NSDL holds a dominant 66% market share in settlement value and operates a vast network of over 65,000 depository participant service centers, significantly more than its competitor CDSL. Analysts and market experts have given the IPO a 'subscribe' rating, highlighting NSDL’s robust market position, high entry barriers, and growth potential driven by India's expanding digital and capital markets. The company’s operations span Depository Services, Banking Services, and Database Management Services, with demat custody assets worth INR 464 trillion as of FY25. NSDL’s IPO represents a landmark opportunity to invest in India's financial infrastructure with promising long-term growth prospects.