Unlisted stocks retreat 20% from their recent peaks; IPO expected this month.

Dealers state that NSDL shares have decreased by almost 20 percent from their peak of approximately Rs 1,250 in the unlisted market, now trading within the Rs 975-1,000 range. They think that the stock was overvalued during its rise to the IPO, and HDB Financial Services’ insights have resulted in more realistic valuations for the stock.

The excitement surrounding its IPO and robust financial results has fueled investor interest prior to the IPO for possible returns, stated Krishna Patwari, the Founder and Managing Director of Wealth Wisdom India. NSDL’s unlisted shares were rising sharply, but the IPO from HBD Financials affected the share price of NSDL’s unlisted stocks.

Nevertheless, the stock could increase once the IPO date is confirmed. Reflecting a similar sentiment, Narottam Dharawat from Mumbai’s Dharawat Securities noted that the existing unlisted valuation of NSDL includes all favorable elements for the firm, and those seeking a guaranteed allotment for the long run might contemplate holding the shares.

The IPO is expected to be priced between Rs 750-800, influenced by market conditions. NSDL has reduced its IPO size to 50.15 million equity shares from the previous 57.26 million equity shares. The IPO will solely consist of an offer-for-sale (OFS) by IDBI Bank (selling 11.11 percent stake) and NSE (selling 9 percent stake) alongside SBI, HDFC Bank, Union Bank of India, and additional investors (selling 5 percent stake) with no new share issuance. NSDL posted a net profit of Rs 83.3 crore and revenue of Rs 364 crore for the quarter ending March 31, 2025.