HDB Fin's IPO subscribed 17x, most in 4 years
MUMBAI: The IPO segment of the market is back to its glory days again. On Friday, the Rs 12,500-crore maiden offer for HDB Financial, an arm of
HDFC Bank
, was subscribed nearly 17 times with the total demand worth almost Rs 1.6 lakh crore.
The IPO is set to become India's most sought after large (over $1 billion or about Rs 8,500 crore) listing in at least four years on heavy bidding from foreign and domestic investors.
Before the IPO opened on Wednesday, the NBFC had raised Rs 3,369 crore from a clutch of large institutional investors. The HDB Financial's offer is the largest by any NBFC in India. The day also saw another IPO close successfully. The Rs 540-crore offer for Sambhv Steel closed with a 28.5 times subscription, generating a demand worth nearly Rs 11,000 crore. The week saw five main board IPOs close successfully with the total demand for shares at over Rs 1.8 lakh crore against an offer size of about Rs 15,000 crore.
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