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India's HDB Financial rises 13% after year's largest IPO

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 of Indian nonbank lender HDB Financial Services rose 13% in early trade on Wednesday from their initial public offering price in their public market debut, after the country's biggest initial public offering so far this year, worth 125 billion rupees ($1.46 billion). The stock opened at 835 rupees on the National Stock Exchange, up 95 rupees from its IPO price of 740 rupees. That IPO price gave the company a market capitalization of 614 billion rupees.