HDB Financial Services Lists with Strong Gains
HDB Financial Services, the non-banking financial arm of HDFC Bank, made its debut on the Indian stock exchanges on Wednesday, July 2, 2025, with a strong listing. The IPO listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The shares of HDB Financial Services listed at ₹835 on the NSE and BSE, a premium of 12.84% over the IPO price of ₹740. The stock is likely to list at a premium of nearly 13% on the NSE and BSE, as per the pre-listing trends. According to data, the grey market premium (GMP) for the HDB Financial Services IPO stood at ₹71, indicating a likely listing price of ₹811 per share. This translated to an estimated listing gain of 9.6% over the issue price. The market capitalization of HDB Financial Services Ltd stood at ₹69,517.69 crore as shares are up 0.24% to ₹837.
The ₹12,500 crore IPO was the second biggest in the last three years. The IPO witnessed significant investor interest, being oversubscribed 16.69 times. The qualified institutional buyers (QIB) segment was subscribed as high as 55.47 times. Retail investors, however, showed more restraint, with their segment being subscribed 1.4 times.
Analysts have pointed out several factors that could influence HDB Financial's performance post-listing. Potential stake dilution from HDFC Bank, as per RBI guidelines, could act as an overhang on the stock price in the medium term. As of March 2025, HDB's Gross Stage 3 loans stood at 2.3% of total loans. A rise in defaults or delayed repayments could impact its asset quality and weigh on profitability.
Despite these risks, several experts have a positive outlook on HDB Financial Services. Emkay Global initiated coverage with a 'Buy' rating and a target price of ₹900, citing the company's strong fundamentals and growth potential. Anand Rathi also recommended a "SUBSCRIBE" rating, considering the IPO fairly valued due to the strong parentage of HDFC Bank and the company's diversified product portfolio. Geojit Investments also gave a "Subscribe" rating, citing its diversified lending portfolio, strong parentage support, and better growth prospects.
Sambhv Steel Tubes Makes Market Debut
Sambhv Steel Tubes IPO is all set to make its debut on the Indian stock market on July 2, 2025. The shares of Sambhv Steel Tubes IPO will get listed on both exchanges BSE and NSE on Wednesday.
The IPO price was Rs 82 per share. It is expected to list around Rs 96, a 17% gain. The grey market premium (GMP) for Sambhv Steel Tubes IPO is currently +14, suggesting that its shares are trading at a premium of ₹14 in the unofficial market, as per investorgain.com. Based on the IPO's upper price band and the current GMP, the expected listing price is estimated at ₹96 per share — a 17.07% gain over the issue price of ₹82.
The ₹540 crore IPO saw strong demand and was subscribed across all investor categories. On the third day of bidding, the Sambhv Steel Tubes IPO was subscribed 28.46 times overall, according to BSE data. The retail investors' segment was subscribed 7.99 times, while the Non-Institutional Investors (NII) category saw a subscription of 31.82 times. The Qualified Institutional Buyers (QIB) portion received bids 62.32 times the available quota, and the employee quota was also subscribed 7.99 times.
Analysts tracking the issue say Sambhv's integrated operations, rising infrastructure demand, and post-issue debt reduction strategy make the stock attractive in the medium to long term. The company produces sponge iron, hot rolled coils, and galvanized pipes under one roof, giving it operational and cost advantages in a competitive sector. The company also benefits from proximity to major raw material sources, including coal and iron ore mines run by public sector undertakings, and services clients across 15 Indian states.
