NSDL IPO Delivers a Mind-Blowing 39,900% Return: A Multibagger Marvel for NSE, SBI, and HDFC Bank

India’s financial markets have just witnessed an extraordinary moment. The National Securities Depository Limited (NSDL) is launching its ₹4,000 crore IPO on July 30, and long-term institutional investors are unlocking jaw-dropping returns—up to 39,900 percent.

Who’s Booking Massive Gains?

This IPO is a pure Offer for Sale (OFS), meaning NSDL isn’t raising fresh capital. Instead, early shareholders are liquidating parts of their long-held stakes.

InstitutionBuy Price per ShareSell Price per ShareEstimated Returns
SBI₹2₹80039,900%
IDBI Bank₹2₹80039,900%
SUUTI₹2₹80039,900%
NSE₹12.28₹8006,415%
Union Bank₹5.20₹80015,000%+
HDFC Bank₹108.29₹800638%

These figures aren’t just impressive—they reflect some of the highest returns ever seen in Indian equity history from IPO exits.

Why This Exit Matters

While the gains are staggering, this sale is partly regulatory. SEBI norms mandate that institutions like NSE and IDBI Bank reduce their stake below 15 percent, leading to this strategic divestment.

Key IPO Details

  • IPO Open: July 30 to August 1
  • Price Band: ₹760 to ₹800
  • Grey Market Premium (GMP): ₹145–₹155, suggesting potential 18% listing gains
  • Allotment Date: August 4
  • Listing Date: August 6
  • Anchor Book: Opens July 29

Financial Snapshot

NSDL’s Q3 FY25 results show strength, with net profit rising 29.8% year-on-year to ₹85.8 crore and revenue growing 16.2% to ₹391.2 crore. At the upper price band of ₹800, the IPO values NSDL at a price-to-earnings ratio (P/E) of 46.6, compared to its peer CDSL trading at a P/E of 66.6, indicating relatively attractive valuations.

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