📈 3 IPOs Closing Today: What You Need to Know Before Subscribing

🟦 NSDL (National Securities Depository Limited) — The Institutional Anchor

NSDL’s ₹4,012 crore IPO, priced between ₹760 and ₹800 per share, is a 100% offer-for-sale and has received a strong response. The issue was subscribed ~8.01× overall, led by non-institutional investors at ~20.6×, retail at ~5.65×, and QIBs at ~2.99×.

The grey market premium (GMP) of ₹136–₹137, or about 17% above the upper price band, reflects strong listing expectations. At a valuation of ~47× FY25 earnings, NSDL is notably priced below its peer CDSL, which trades closer to 64×. That discount, coupled with NSDL's dominant role in institutional securities custody, gives it long-term appeal to more risk-averse, fundamentally driven investors.

NSDL may serve just ~20% of Indian demat accounts, but it holds nearly 86% of total custody value, positioning it as the core infrastructure layer in India’s capital markets. It plays a critical role in institutional flows, new listings, and corporate actions. However, since the IPO is purely an OFS, no new capital enters the business. This is less of a momentum play and more of a defensive, steady compounder — ideal for conservative investors seeking predictable cash flows from a market-essential utility.

🟨 M&B Engineering Ltd. — A Mainboard Infrastructure Aggregator

M&B Engineering’s ₹650 crore IPO, priced between ₹366 and ₹385, is a mainboard offering — not an SME play — comprising ₹275 crore in fresh capital and ₹375 crore in OFS. This will reduce the promoter holding to around 70.5% post-listing.

On Day 3, the IPO closed at ~3.5× subscription, with retail investors subscribing ~13.1×, NIIs at ~7.9×, and negligible QIB participation (~0.03×). The GMP suggests a modest 14% upside on listing, driven largely by strong retail enthusiasm.

What gives M&B Engineering a unique edge is its AISC-certified PEB (Pre-Engineered Buildings) plant in Gujarat — the only one of its kind in India. The company services sectors like oil & gas, infrastructure, and heavy engineering, which are all poised for multi-year capital expenditure upcycles. The funds raised will support capacity expansion and debt repayment, providing room for margin improvement and topline growth.

This IPO suits mid-cap industrial investors who are looking beyond immediate listing gains and are comfortable with cyclical growth driven by infrastructure revival and project-based execution.

🟥 Sri Lotus Developers & Realty Ltd. — The Mumbai Real-Estate Pop Play

Sri Lotus’s ₹792 crore IPO, priced at ₹140–₹150 per share, is another mainboard issue drawing sharp attention. As of Day 3, the IPO had received ~15.17× overall subscription, including a massive ~29.3× from NIIs, ~12.8× from retail, and ~8.7× from QIBs.

The grey market premium of ₹44–₹45 implies a potential 29–30% gain on listing — making it one of the most hotly anticipated IPOs in this real estate cycle. The company is known for its premium residential and mixed-use developments in marquee Mumbai locales like Bandra and Prabhadevi. It has a focused land bank and an execution pipeline tailored for high-margin developments.

Brokerages are bullish on its long-term potential, but the valuation at ~32× P/E has raised some eyebrows. While sentiment is clearly positive for the listing, investors must factor in project execution risk, macro headwinds, and the cyclicality of the real estate sector. This IPO is likely to reward short-term traders, but disciplined exits post-listing are advised.

🧭 Final Take: Choose Your Play Wisely

Each IPO caters to a different risk profile. NSDL is ideal for long-term, steady-growth portfolios. M&B targets infra-capex investors looking for scalable mid-cap stories. Sri Lotus appeals to momentum traders and thematic real estate bulls.

Be clear about your investing horizon — and align your entry accordingly.