Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

<ul>
<li>This insight describes about <a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> 's complete overhaul in top management team over the last 12 months.</li>
<li>The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.</li>
<li>The IPO provides investors a front-row seat opportunity to witness this turnaround.</li>
</ul>


This insight describes about NSDL (NSDL IN) 's complete overhaul in top management team over the last 12 months.
The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
The IPO provides investors a front-row seat opportunity to witness this turnaround.


NSDL - New Management, Revised Strategy — The Battle for Market Share Continues

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>National Securities Depository Limited <a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> raised around US$460m in its India IPO.</li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the demand and trading dynamics.</li>
</ul>


National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
We have looked at the past performance in our previous note. In this note, we talk about the demand and trading dynamics.


National Securities Depository Limited (NSDL) IPO Trading - Strong Demand, Set for a Pop

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is looking to raise around US$460m in its upcoming India IPO.</li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we undertake a peer comparison and talk about valuations.</li>
</ul>



NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we undertake a peer comparison and talk about valuations.


National Securities Depository Limited (NSDL) IPO - Peer Comparison and Thoughts on Valuation

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is looking to list on the exchanges by selling up to INR 40bn (US$464m) of stock at a valuation of up to INR 160bn (US$1.85bn).</li>
<li>The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in November.</li>
<li>
<a href="https://www.smartkarma.com/entities/central-depository-services" target="_blank" data-smartkarma-citation="entities:27902:1" rel="noopener">Central Depository Services (CDSL IN)</a>'s stock price has dropped following the announcement of <a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL</a>'s IPO price band and the muted results could lead to further downside in the stock.</li>
</ul>



NSDL (NSDL IN) is looking to list on the exchanges by selling up to INR 40bn (US$464m) of stock at a valuation of up to INR 160bn (US$1.85bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in November.

Central Depository Services (CDSL IN)'s stock price has dropped following the announcement of NSDL's IPO price band and the muted results could lead to further downside in the stock.


NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline

India

National Securities Depository Ltd. (NSDL) provides depository services. The Company manages securities held and settled in dematerialized form in the Indian capital market, as well as develops marketplace settlement solutions. NSDL supports investors and brokers in the financial services industry in India.

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NSDL (NSDL IN)

National Securities Depository Limited (NSDL) IPO Trading - Strong Demand, Set for a Pop

National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

National Securities Depository Limited (NSDL) IPO - Peer Comparison and Thoughts on Valuation

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO. In this note we undertake a peer comparison and talk about valuations.

Sumeet Singh

NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline

NSDL is looking to list by selling up to INR40bn of stock at a valuation of up to INR160bn. No Fast Entry to global indices. Stock could be added...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NSDL - New Management, Revised Strategy — The Battle for Market Share Continues

NSDL has moved sharply post listing. It is up 56% from the IPO price. The stock now trades (73x P/E FY25) at premium to CDSL (62x P/E FY25). One...

Sreemant Dudhoria,CFA

National Securities Depository Limited (NSDL) IPO Trading - Strong Demand, Set for a Pop

National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

This ​Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

National Securities Depository Limited (NSDL) IPO - Peer Comparison and Thoughts on Valuation

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO. In this note we undertake a peer comparison and talk about valuations.

Sumeet Singh

NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline

NSDL is looking to list by selling up to INR40bn of stock at a valuation of up to INR160bn. No Fast Entry to global indices. Stock could be added...

Brian Freitas

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...