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National Securities Depository Limited (NSDL) has made an impressive market debut, rallying 62.5% in just three trading days since its listing on August 6, 2025. The stock, which was issued at Rs. 800 per share, soared to Rs 1,300.30 by August 8, surpassing expectations and rewarding early investors with extraordinary gains.
Among the biggest beneficiaries are India’s largest lender, State Bank of India (SBI), IDBI Bank, and the Specified Undertaking of Unit Trust of India (SUUTI). According to an Economic Times report, SBI acquired 6 million NSDL shares at an average price of Rs. 2 each. The bank’s investment skyrocketed from Rs. 1.20 crore to an astonishing Rs. 7,801.80 crore, reflecting an unbelievable return of over 650 times its initial cost.
Similarly, IDBI Bank's NSDL stock holdings of nearly 30 million shares, also purchased at Rs. 2 apiece, are now worth approximately Rs. 3,898.80 crore. Thus, turning an initial investment of Rs. 5.996 crore into a 650-bagger profit. SUUTI completes this triumphant trio, with its 10.25 million shares rising from an acquisition cost of Rs. 2.049 crore to a market value exceeding Rs. 1,332 crore.
The National Stock Exchange (NSE), despite a higher average cost of Rs. 12.28 per share, has witnessed remarkable growth. It has retained 15% of its stake after selling 9% during the IPO. NSE's remaining shares are now valued at Rs. 3,900.90 crore, marking a 105-bagger return.
Other notable winners include HDFC Bank, which turned a Rs. 150.54 crore investment into Rs. 1,657.54 crore (an 11-fold gain), and Union Bank of India, which achieved a staggering 249-bagger return on its shares.
Analysts advise a ‘hold’ stance for long-term investors. Prashanth Tapse, Senior Vice President (Research Analyst) at Mehta Equities Ltd, told Moneycontrol, "NSDL continues to lead in value-based transactions and institutional account holdings, backed by strong industry trust and technological infrastructure. Alongside CDSL, it operates in a near-duopoly, with high entry barriers for new players."
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NSDL stock gains also extended to retail investors, many of whom are currently enjoying significant mark-to-market profits following the IPO. The depository provides essential custodial services to mutual funds, banks, insurers, and foreign portfolio investors.
This is one of the biggest reasons for the stock’s huge price rise. It remains to be seen if it will continue this bull momentum or not.
