The listing has proved particularly lucrative for long-term stakeholders. State Bank of India’s 3% holding, purchased at a mere ₹2 per share, has ballooned from an investment of ₹1.20 crore to a staggering ₹7,801.80 crore. IDBI Bank’s 14.99% stake, acquired for ₹5.996 crore, is now worth ₹3,898.80 crore, while the Specified Undertaking of Unit Trust of India (SUUTI) has seen its ₹2.049 crore investment swell to ₹1,332.68 crore. The National Stock Exchange, which retains a 15% stake after offloading 9% in the IPO, has watched its remaining shares grow from a cost of ₹36.84 crore to ₹3,900.90 crore. Similarly, HDFC Bank’s ₹150.54 crore outlay has risen to ₹1,657.54 crore, and Union Bank of India’s small ₹5.20 per share stake is now valued at ₹666.90 crore.
Retail shareholders have also benefited significantly. Roughly 10.31 lakh retail investors who received IPO allotments are sitting on substantial gains unless they have already exited their positions. Analysts attribute the rally to four major drivers: the IPO’s massive 41x oversubscription, NSDL’s dominant position in India’s two-player depository industry, the precedent set by rival CDSL’s strong past returns, and heightened buying interest ahead of the August 12 board meeting for quarterly results.
For FY25, NSDL reported a 12.41% revenue growth to ₹1,420.1 crore and a 24.57% jump in net profit to ₹343.1 crore, fueled by rising transaction volumes, increased assets under custody, and operational efficiencies. The company derives about 85% of its revenue from stable, recurring sources such as custody, issuer, and transaction fees. Subsidiaries like NSDL Payments Bank and NSDL Database Management Ltd add to its diversified income streams.
Given its entrenched market position, predictable revenue model, and India’s expanding capital market, experts like Gaurav Garg of Lemonn Markets advise IPO allottees to hold their positions. However, the key question remains whether NSDL can maintain its scorching pace or whether profit booking will curb its momentum. Regardless of the short-term trajectory, its debut performance has firmly placed it among India’s most celebrated IPO successes.
