NSDL IPO Turns Into a Goldmine for Early Backers, Delivering up to 650x Multibagger Returns

National Securities Depository Limited’s (NSDL) market debut has become one of the most talked-about events on Dalal Street this year. In just three sessions, the depository’s shares have not only shot past expectations but have handed its earliest institutional backers life-changing returns — in some cases multiplying their investment more than 650 times.

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From Debut to Dream Run

When NSDL share price opened for trade at ₹880 per share — already above its ₹800 issue price — market watchers assumed the listing pop would be the main story. They were wrong. The rally didn’t stop there; by the third trading day, the stock had touched ₹1,300.30, delivering a 62% jump over the IPO price in under 72 hours.

Big Winners at the Top

For a few heavyweight investors, the surge has been nothing short of extraordinary.

State Bank of India (SBI) picked up 60 lakh shares years ago at ₹2 apiece. That ₹1.2 crore investment is now worth nearly ₹7,802 crore — a windfall most portfolio managers can only dream about.

IDBI Bank’s 14.99% holding, bought for roughly ₹6 crore, is now valued close to ₹3,899 crore.

SUUTI’s modest ₹2 crore investment has ballooned to about ₹1,333 crore.

These are paper gains for now, but they tell a story of how patience and the right entry price can change the game.

IPO Frenzy and Market Context

The NSDL issue was an offer-for-sale of just over five crore shares, was snapped up almost instantly when the books opened. Strong demand from all investor categories signalled that this was going to be more than a routine listing. For many, the performance has revived memories of its listed rival, CDSL, which turned into a multibagger after its debut years ago. The question now: can NSDL sustain the pace, or is a cooldown on the horizon?

NSDL’s IPO Buzz is still Holding

The NSDL IPO raised over ₹4,000 crore entirely through an offer for sale. Though the IPO proceeds went to existing shareholders, the listing performance is keeping the momentum high.

On listing day last Wednesday, NSDL had seen as many as 3.7 crore shares change hands; meanwhile, Thursday's session had seen 5.1 crore shares change hands. Today's trading session saw 4.5 crore shares changing hands.

The Road Ahead

Short-term traders may be tempted to book profits, while long-term investors will weigh whether NSDL’s business fundamentals justify its current valuation. Either way, this listing has already written itself into market folklore — a case study in how the right stock, at the right time, can rewrite portfolios.