The CDSL IPO has been subscribed twice over on day one of bidding itself. Of their respective quota of reserved shares, institutional investors bid 97%, non-institutional investors bid about 61.29%, retail investors bid an impressive 348.47%, while employees bid about 12.09%. The total subscription at the end of day 1 was a thumping 208.8%.

The company is in a limited competition market, as one of two depositories in India, with rapid growth and less volatile revenues than its competitor NSDL. Brokerage houses have universally recommended this IPO as a long term hold, which has driven retail investors to bid for shares. 

The IPO, worth up to Rs 524 crore, will list on NSE and the retail allocation has been fixed at 35%. Post listing, CDSL will be the first depository to be quoted on an Indian stock exchange.

On Friday, the issue had raised Rs 154.07 crore by issuing 1.03 crore equity shares to 15 anchor investors, including the SBI Magnum Tax Gain Scheme, ICICI Prudential, Abu Dhabi Investment Authority and Goldman Sachs India.