At the higher end of the price band, the shares are estimated to fetch around Rs 524 crore.
The public offering of 24.83 million shares - excluding the anchor investors' portion - received bids for almost 28.75 million, or 1.16 times, stock-exchange data showed in the afternoon.
The category reserved for qualified institutional buyers (QIBs) was subscribed 97 per cent and non institutional investors, 61 per cent. The IPO will close two days later.
CDSL has raised Rs 154.06 crore from anchor investors by selling 1.03 crore shares.
CDSL is the leading securities depository by incremental growth of BO accounts and by the total number of registered DPs.
The Mumbai-based securities depository firm is seeking a valuation of as much as Rs 1,557 crore ($241.40 million) through the IPO. After the IPO, BSE's stake in CDSL will fall from 50.05% to 24%.
The OFS will mop up proceeds of Rs 509.92 crore at the lower price band of Rs 145 per share (face value Rs 10 per share) and Rs 523.99 crore at the upper band of Rs 149 per share.
State Bank of India (SBI), Bank of Baroda, The Calcutta Stock Exchange, are other CDSL shareholders which will offload shares through the IPO. Out of the Rs 74.1 crore, it earned past year, CDSL paid a total of Rs 31.4 crore in the form of dividends.