HDB Financial Services shares made a decent debut on the D-Street as the stock was listed at Rs 835, which was a 13% premium over the IPO price of Rs 740.
On Monday, its shares closed at Rs 842.10, declining by Rs 3.55 or 0.42% over the Friday closing price. 891.90
The Rs 12,500 crore IPO—which comprised a fresh issue of Rs 2,500 crore and an offer-for-sale (OFS) of Rs 10,000 crore—was subscribed nearly 17.65 times. The issue garnered bids worth over Rs 1.61 lakh crore, underscoring strong investor interest despite broader market volatility.
The demand was primarily driven by institutional investors, with Qualified Institutional Buyers (QIBs) subscribing 55.47 times their allocated quota. In contrast, retail participation was modest, at just 1.4 times. Analysts say this divergence highlights differing investment motivations.
Emkay Global was the first brokerage to initiate coverage on the newly listed stock, assigning a “Buy” rating with a target price of Rs 900—implying a further upside of over 6%. The brokerage valued the stock at 3x FY27 price-to-book and expects robust performance through FY28.Emkay highlighted HDB Financial Services’ scale and diversification, citing its granular and widespread lending franchise serving over 19 million customers across India. It noted the company’s bottom-up growth strategy, extensive presence in remote locations—with more than 70% of branches in Tier 4 towns and beyond—and its focus on direct sourcing and underbanked customer segments.The Street will also keep its eyes on other notable results like HDFC Life Insurance Company, Reliance Industries promoted Hathway Cable & Datacom, ICICI Lombard General Insurance Company, Bank of Maharashtra, Network18 and Angel One.
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