“The offer is in line with expectations, because there was a strong question during the IPO and many investors who have not received a allocation can try to add the shares in the portfolio,” said Sunny Agrawal, head of fundamental stock research, Sbicaps Securities.
The widely viewed £ 4,012-crore IPO of the Depository, which was priced at £ 800 per share, was subscribed 41 times with strong appetite of institutions and rich investors. Before NSDL, HDB Financial and Hexaware Tech were two Big-ticket IPOs that made a listing profit of around 13% and 5% respectively.
The market infrastructure institution had a market capitalization of £ 18,720 Crore on Wednesday, while the larger Peer, Central Depository Services (India) LTD’s market value is almost double – at £ 32,280.1 crore.
Analysts said that NSDL is the largest player in terms of demat value (86.8% in total demat value) in a duopoly market is a proxy game about the growth server story of the India capital market. “NSDL acts with a relatively cheaper valuation compared to CDSL; against IPO issue price, NSDL dealt with FY25 price to win several of 47 times compared to 67 times for CDSL,” said Agrawal. “We believe that the profit can sustain in the short term.” Despite cheaper ratings, investors do not have to be in a hurry to buy NSDL shares again. “For investors who have not received a allocation in the IPO, a wait-and-see approach is advised because post-listing Dips could offer a more attractive access point,” said Prashanth Tapse, Senior VP (research), Mehta Equites.
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