Mumbai, July 2, 2025 – HDB Financial Services Ltd made a robust debut on Indian stock exchanges on Wednesday, opening at ₹840 per share—13% above its IPO issue price of ₹740. The strong listing has propelled the company into the ranks of India’s top non-banking financial companies (NBFCs), with a market capitalisation of ₹69,625.50 crore. This makes HDB the eighth most valuable NBFC in the country, overtaking several established players. The IPO, which was open from June 25 to June 27, received an overwhelming response, getting subscribed 16.7 times, underscoring institutional and retail investor confidence in the HDFC Bank-promoted entity.
Highlights
HDB shares listed at ₹840, a 13% premium over IPO price.
Market capitalisation reaches ₹69,625.50 crore on debut.
Eighth most valuable NBFC in India, after names like Shriram Finance, Muthoot, and SBI Cards.
IPO witnessed 16.7x oversubscription amid strong investor demand.
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Analyst Endorsements Fuel Post-Listing Optimism
Market participants remain bullish on HDB Financial’s long-term growth trajectory, with domestic brokerage Emkay Global initiating coverage with a ‘Buy’ rating and a target price of ₹900. Analysts highlight the firm’s diversified lending book and resilience across credit cycles, including the pandemic. With over 1.9 crore customers and minimal concentration risk—its top 20 accounts make up only 0.34% of assets under management—HDB is seen as a scalable and stable NBFC with a granular approach to lending. Emkay’s bullish stance implies a potential 22% upside from the IPO’s upper band, reinforcing investor confidence in HDB’s valuation and strategic fundamentals.
Highlights
Emkay Global sets ₹900 target price, indicating 22% upside.
Lending book praised for diversification and low concentration risk.
Over 1.9 crore customer base signals broad retail penetration.
Positioned as a structurally resilient NBFC post-COVID recovery.
