HDB Financial Services Unlisted Shares
HDB Financial Services unlisted shares gain 30% in one month ahead of SEBI nod for IPO
Money Control
2 min read
HDB Financial Services Unlisted Shares Rally 30% Ahead of SEBI IPO Approval.
Expert Analysis :
Unlisted Shares Jump: HDB Financial Services’ unlisted shares rose 30% in one month before SEBI approved its draft papers on June 3, 2025. On June 4, they traded at Rs 1,275, while HDFC Bank shares stayed steady at Rs 1,924.8.
Share Performance Overview: Over the past year, HDB Financial Services’ shares have risen 17.5%, surged 30.8% in the past month, and gained about 2% over the last six months.
IPO Fundraising Plans: HDB Financial Services, with HDFC Bank holding a 94% stake, plans to raise Rs 12,500 crore through an IPO—Rs 2,500 crore from fresh equity issuance and Rs 10,000 crore via offer-for-sale by the promoter.
Regulatory Compliance: Listing HDB Financial Services follows RBI’s October 2022 mandate for upper-layer NBFCs to list within three years; post-IPO, it will remain an HDFC Bank subsidiary.
Price-to-Book Valuation: at Rs 1,240 (January 2025), it implies a FY26F P/B of 4.6x, higher than peers with better ROEs and growth, per Macquarie.
Peer Comparison: Bajaj Finance, with a potential to deliver 4% ROA and 34% growth in FY24E, trades at 3.8x FY26E P/BV, while Shriram Finance, with a potential to deliver 3% ROA, trades at a discount compared to HDB Financial.
HDB Financial Services' strong unlisted share rally, high valuation, and Rs 12,500 crore IPO plan reflect investor interest ahead of mandatory RBI-driven listing and continued HDFC Bank control.
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