India's HDB Financial rises 15% on first trading day after year's largest IPO
Lender's $1.46bn offer was oversubscribed nearly 17 times over last week
HDB Financial Services, a unit of India's largest private lender, HDFC Bank, provides a mix of personal and enterprise loans. © Reuters
SOUMYAJIT SAHA
MUMBAI -- Shares in Indian nonbank lender HDB Financial Services rose 15%, at one point, from their initial public offering price in their market debut on Wednesday, as investors flocked the country's largest IPO this year.
The company's shares began trading at 835 rupees on the National Stock Exchange (NSE), up 95 rupees (13%) from their IPO price of 740 rupees, and then rose to the day's high of 851.40 rupees in the afternoon.
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