NSDL IPO worth ₹4,011 crore opens today — Here are analyst recommendations for the issue

The ₹4,011 crore Initial Public Offering (IPO) of Securities Depository Ltd. (NSDL) opens for subscription today.

The issue has been priced between ₹760 - ₹800 per share.

All of the issue is an Offer For Sale (OFS), which means NSDL will not receive any proceeds. Existing shareholders will make gains to the tune of 400x on their investment. You can read more on that here.

Ahead of the IPO opening, the depository services provider raised ₹1,201 crore from anchor investors, including LIC and the Abu Dhabi Investment Authority (ADIA).

Bids for the IPO can be placed for one lot of 18 shares, which will entail a minimum investment of ₹14,400 at the upper-end of the price band, and then in multiples of 18 shares.

So, should investors place their bids for this issue? Here's what some analysts had to say:

Anand Rathi

Anand Rathi has a "Subscribe" rating on the NSDL IPO, as it believes that the issue is fairly priced.

At the upper end of the price band, the company values itself at 46.6 times its financial year 2025 earnings and a market capitalisation of ₹16,000 crore.

Failure to expand service offerings and market reach, shift in investor preferences away from trading and investing in the securities market and high dependence on transaction-based business model are some of the key risks highlighted by the brokerage.

Angel One

Angel One wrote in its note that investors with a long-term horizon should subscribe to the issue.

It believes that the Indian securities depository segment is poised for long-term expansion, supported by deepening of the capital markets, financial inclusion and policy reforms.

Regulatory pressure on transaction pricing, intense competition from CDSL in the retail segment, dependence on market activity for revenue stability are some of the key risks highlighted by Angel One.

Bajaj Broking

Bajaj Broking, similar to Angel One, recommends subscribing to the NSDL IPO for the long-term.

As of financial year 2025, the demat account penetration in India was 13.4%, which presents a huge opportunity for depositories to grow, according to Bajaj Broking.

Shift in investor preferences, external factors beyond the company's control that will impact volumes, decline in transaction-based activity, which will impact NSDL's revenue, are some key risks.