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Time of India
8 hours ago
- Business
- Time of India
HDB Listing: Are unlisted shares the new road to high gains? Check this before investing
Academy Empower your mind, elevate your skills Investment into unlisted companies is gaining momentum among investors in India as they intend to gain substantially by the time the listing happens. It has potential to deliver double advantage to investors one, valuation gains before the listing and second the listing premium when the company goes for an IPO.A flurry of initial public offering (IPO) listings is expected this week, with several companies set to debut on the stock exchanges. Among the most anticipated was HDB Financial Services , the non-banking arm of HDFC Bank, which attracted strong investor interest ahead of its listing. Other notable companies hitting the market include Kalpataru Projects and Ellenbarrie Industrial Gases, making it one of the most active weeks for primary markets in recent of HDB Financial Services, a non-banking financial company (NBFC) and subsidiary of HDFC Bank, listed at a premium of 12.84% (up Rs 95) today (July 02,2025), opening at Rs 835 on both the NSE and BSE, against an issue price of Rs 740. The company's IPO issue was subscribed 17.65 times overall, led by Qualified Institutional Buyers (QIBs) who bid 58.6 times their portion. Non-institutional investors subscribed 10.5 times, while retail interest was more muted at 1.5 times. However, has this listing proven to be a good bet by investors who bought the unlisted share of this company much before its listing. Not necessarily, if you were driven by euphoria you may have ended up buying this unlisted company at a steeper price than what was discovered on the day of Navlakhi, Managing Director & CEO of International Money Matters, says, 'In unlisted shares , the FOMO effect results in a very high weightage on sentiment, sometimes ignoring the rest. This has resulted in HDB Financial shares trading at 1200 in the grey market and finding the issue at 740. Retail investors must surely give up investing in unlisted shares - as they cannot stomach the risk of a large fall - there is a reason why this is called grey market -- it's not black, but it's certainly not white.''HDB Financial Services was one of the most liquid scripts in the unlisted market trading in the range of Rs 700-1400 in the last one year before the IPO price band announcement. HDB enjoys its parent company's brand trust and thus, it has been one of the most awaited IPO this year,' says Manish Goel, Founder & MD, Equentis Wealth Advisory Services sentiment has limited role to play as valuation of a company depends largely on its fundamentals. 'We have to understand how shares are valued: Based on profits of companies, how their competitors ar rated, the future of the industry, profit growth in the past and expectations, and sentiment are some of the bases,' says investors of HDB Financial Services, the Rs 740 price band for the company's IPO is 40% lower than the Rs 1,225 levels it was fetching just days ago in the unlisted market. Investors who bought last year at Rs 1,550 will have to face a 52% loss in value before the IPO even gets listed on the Goel adds, 'On the pricing, we are seeing an increasing trend of IPOs being priced at a discount of 25-40% for higher investor participation which largely gets adjusted on the listing day to some extent. It's worth noting that a similar scenario occurred with Waaree Energies late last year where the unlisted price was around Rs 2,500, and the IPO was priced at Rs 1,500 per share, only to list at Rs 2,500 and presently trading higher.'Retail investors showed significant interest in buying pre-IPO shares of HDB Financial Services. However, their response to the company's IPO was lukewarm. 'Many companies pursue pre-IPO sales because they sense that public market demand may not be as exuberant as expected, and they want to lock in valuations while investor sentiment is still warm. HDB Financial's tepid IPO oversubscription (by retail investors) compared to the frenzy in its unlisted shares underscores this dynamic,' says Mohit Bhandari, CEO of Stratzy, a financial technology access offered to investors to buy unlisted shares, has an overpowering impact on their judgement about fair valuation of the company. 'Retail investors often get lured by the illusion of exclusivity in pre-IPO stocks, forgetting that liquidity can remain a chronic problem—just look at Chennai Super Kings shares languishing without an exit or PharmEasy's steep valuation slide after early trades,' says Mohit Bhandari, CEO of Stratzy, a financial technology are now getting more and more cases where such investors of unlisted companies are getting a humbling experience about the gains at the time of IPO which did not turn out the way they had anticipated. 'In case of HDB as well, we saw some resentment around the IPO price band being 30-40% lower than unlisted market price. Though it opened 13.5% up today on listing. We remain of the view that HDB is currently trading near its fair value and to a discount to both its peers Bajaj Finance and CholaFin, which is justified by the difference in customer profile and return metrics,' says further adds, 'In the end, why chase the mirage of low-liquidity pre-IPO bets when there are so many established, regulated companies already listed with transparent price discovery? If you truly want to back early-stage businesses, angel investing might be a more honest path than buying pre-IPO shares from someone trying to de-risk their own exposure. Investors should ask themselves whether they're buying into a promising company or simply providing an exit for someone else. Mohit Bhandari, CEO, Stratzy, a financial technology startup.'Investing in unlisted shares has many pitfalls which investors must factor in. Investing in unlisted shares can be far riskier than it seems at first glance. Narendra Solanki, Head Fundamental Research- Investment Services, Anand Rathi Shares and Stock Brokers underlined the risks of investing in shares of unlisted companies. 'Prices in the unlisted market aren't transparent, they're often driven by sentiment, hype, or insider news, making them prone to manipulation. Liquidity is another big issue; you can't always buy or sell when you want, as these trades usually happen through market intermediaries, not an open exchange. There's also a lack of transparency, with many deals not publicly documented, and a real risk that the person selling you the shares may not deliver them even after receiving payment.'The risks don't end here. 'Valuing unlisted companies is tricky too, especially if there are no listed peers to compare with. On top of that, private firms don't have to follow the same disclosure norms as listed companies, so you may not get regular updates on their financials or business health. There's also the chance that the company may never list, leaving you stuck with shares you can't exit. Your stake could get diluted if the company issues more shares in future rounds. And without any direct regulatory or exchange oversight, there could be other hidden risks that aren't obvious at the time of investing,' says a recent post on X (formerly Twitter), Zerodha founder Nithin Kamath also highlighted the risks of investing in unlisted shares and said that many retail investors buy into these shares based on hype and expected listing gains, often without fully understanding the business or its fundamentals. He also cited the example of HDB Financial Services, whose shares were trading at a premium of nearly ₹1,100 in the unlisted market just a few years ago, far higher than the IPO price of ₹740 per share. This, he said, shows how unlisted shares can be significantly overpriced, leaving investors exposed to potential warned that the unlisted space lacks transparency, has low liquidity, and operates without much regulatory oversight, which makes it riskier than the regular stock market. He urged investors to exercise caution, avoid getting swayed by brand value or social media hype, and conduct proper due diligence before investing in unlisted Wealth Planners Private Limited's MD and Principal Officer Suresh Sadagopan chimes in with his views, 'There is no price discovery mechanism and the unlisted prices can be unrealistically high, resulting in losses on listing. Liquidity is low; one may not be able to sell them. IPO may not come up as expected and if there is lack of liquidity, one can get stuck for long.'Investors often carry unrealistic expectations when entering the unlisted space. 'Investments in unlisted companies are done with the assumption that one will get it cheap and there would be listing gains. But it is not always true like in the case of HDB & Swiggy. What is going to happen in NSE's case will be interesting to watch, with all the hype and excitement around that share, Sadagopan which went public in November 2024, listed at Rs 412 on the BSE at a 7% premium over its IPO price of Rs 390. Following shareholder approval for an IPO in April, the company's stock witnessed significant interest in the unlisted market, resulting in a substantial increase in share prices, as per an Economic Times report. From July to September, its shares surged by nearly 40%, rising from Rs 355 to Rs 490 approximately. However, the shares have had a rough time since the listing, having plummeted by about 39% since then. In 2025 alone, the stock as lost 41% of its Financial Services launched its much-anticipated Rs 12,500-crore IPO from June 25 to June 27. The offer included a fresh issue of Rs 2,500 crore and an offer for sale of Rs 10,000 crore by HDFC Bank, with the price fixed at Rs 740 per share. The IPO drew strong interest across many investor categories, receiving over 42.6 lakh high-profile listings often generate buzz, investors should be cautious when dealing with unlisted shares or grey market premiums. Prices can be volatile, and without regulatory oversight, there's a higher risk of overpaying or falling for speculative hype before the stock actually lists.
Economic Times
2 days ago
- Business
- Economic Times
Kalpataru Projects shares rally 5% after bagging Rs 989 crore overseas power T&D orders
Live Events Kalpataru Projects share price target (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Kalpataru Projects International Limited (KPIL) rose as much as 4.6% on Tuesday to Rs 1,285 on the BSE after the company announced fresh orders and notifications of awards worth approximately Rs 989 crore in the overseas power transmission and distribution (T&D) orders have been secured by KPIL and its international company recently reported a strong financial performance for Q4FY25, with consolidated net profit rising 37.2% year-on-year to Rs 225.4 crore, compared to Rs 164.3 crore in the same quarter last year. This growth was supported by healthy execution across business for the quarter grew 18.3% to Rs 7,066.7 crore from Rs 5,971.2 crore in Q4FY24, while EBITDA rose 18.9% to Rs 537.8 crore from Rs 452 crore. EBITDA margin remained stable at 7.6%, compared to 7.5% a year the full year FY25, revenue increased 14% to Rs 22,316 crore, while EBITDA rose 13% to Rs 1,834 crore. Profit before tax (PBT) grew 17% to Rs 823 crore, and net profit stood at Rs 567 company recorded order inflows of Rs 25,475 crore in FY25, taking the total order book to Rs 64,495 crore as of March 31, 2025. Net debt stood at Rs 1,953 to Trendlyne, the average analyst target price for Kalpataru Projects is Rs 1,308, indicating a potential upside of around 7% from current levels. Among 16 analysts tracking the stock, the consensus rating is 'Buy'.On the technical front, the Relative Strength Index (RSI) stands at 65.5—indicating strong momentum but not yet in overbought territory. The stock is also trading above its 20-day, 50-day, 100-day, and 200-day simple moving averages, underscoring continued bullish sentiment. Kalpataru Projects shares have risen nearly 26% in the past three months and delivered a 129% return over the past two years. The company's current market capitalisation is approximately Rs 20,988 crore.: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
Economic Times
2 days ago
- Business
- Economic Times
Kalpataru Projects shares in focus after bagging Rs 989 crore overseas power T&D orders
Shares of Kalpataru Projects International Limited (KPIL) will be in focus on Tuesday after the company announced fresh orders and notifications of awards worth approximately Rs 989 crore in the overseas power transmission and distribution (T&D) segment. ADVERTISEMENT These orders have been secured by KPIL and its international subsidiaries. The company recently reported a strong financial performance for Q4FY25, with consolidated net profit rising 37.2% year-on-year to Rs 225.4 crore, compared to Rs 164.3 crore in the same quarter last year. This growth was supported by healthy execution across business segments. Revenue for the quarter grew 18.3% to Rs 7,066.7 crore from Rs 5,971.2 crore in Q4FY24, while EBITDA rose 18.9% to Rs 537.8 crore from Rs 452 crore. EBITDA margin remained stable at 7.6%, compared to 7.5% a year the full year FY25, revenue increased 14% to Rs 22,316 crore, while EBITDA rose 13% to Rs 1,834 crore. Profit before tax (PBT) grew 17% to Rs 823 crore, and net profit stood at Rs 567 company recorded order inflows of Rs 25,475 crore in FY25, taking the total order book to Rs 64,495 crore as of March 31, 2025. Net debt stood at Rs 1,953 crore. ADVERTISEMENT Also Read: Top 10 Nifty500 stocks with dividend yields higher than industry average ADVERTISEMENT According to Trendlyne, the average analyst target price for Kalpataru Projects is Rs 1,308, indicating a potential upside of around 7% from current levels. Among 16 analysts tracking the stock, the consensus rating is 'Buy'.On the technical front, the Relative Strength Index (RSI) stands at 65.5—indicating strong momentum but not yet in overbought territory. The stock is also trading above its 20-day, 50-day, 100-day, and 200-day simple moving averages, underscoring continued bullish sentiment. ADVERTISEMENT Kalpataru Projects shares have risen nearly 26% in the past three months and delivered a 129% return over the past two years. The company's current market capitalisation is approximately Rs 20,988 crore. Also Read: Street Favourite! 10 Nifty micro-cap stocks analysts expect to rally up to 60% (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
2 days ago
- Business
- Time of India
Kalpataru Projects shares in focus after bagging Rs 989 crore overseas power T&D orders
Shares of Kalpataru Projects International Limited (KPIL) will be in focus on Tuesday after the company announced fresh orders and notifications of awards worth approximately Rs 989 crore in the overseas power transmission and distribution (T&D) segment. These orders have been secured by KPIL and its international subsidiaries. The company recently reported a strong financial performance for Q4FY25, with consolidated net profit rising 37.2% year-on-year to Rs 225.4 crore, compared to Rs 164.3 crore in the same quarter last year. This growth was supported by healthy execution across business segments. Revenue for the quarter grew 18.3% to Rs 7,066.7 crore from Rs 5,971.2 crore in Q4FY24, while EBITDA rose 18.9% to Rs 537.8 crore from Rs 452 crore. EBITDA margin remained stable at 7.6%, compared to 7.5% a year ago. For the full year FY25, revenue increased 14% to Rs 22,316 crore, while EBITDA rose 13% to Rs 1,834 crore. Profit before tax (PBT) grew 17% to Rs 823 crore, and net profit stood at Rs 567 crore. The company recorded order inflows of Rs 25,475 crore in FY25, taking the total order book to Rs 64,495 crore as of March 31, 2025. Net debt stood at Rs 1,953 crore. Also Read: Top 10 Nifty500 stocks with dividend yields higher than industry average Kalpataru Projects share price target According to Trendlyne, the average analyst target price for Kalpataru Projects is Rs 1,308, indicating a potential upside of around 7% from current levels. Among 16 analysts tracking the stock, the consensus rating is 'Buy'. On the technical front, the Relative Strength Index (RSI) stands at 65.5—indicating strong momentum but not yet in overbought territory. The stock is also trading above its 20-day, 50-day, 100-day, and 200-day simple moving averages, underscoring continued bullish sentiment. Kalpataru Projects shares have risen nearly 26% in the past three months and delivered a 129% return over the past two years. The company's current market capitalisation is approximately Rs 20,988 crore. Also Read: Street Favourite! 10 Nifty micro-cap stocks analysts expect to rally up to 60% ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
News18
21-06-2025
- Business
- News18
IPOs Next Week: 12 Companies To Raise Rs 15,800 Crore Via Public Offers, Check Details
Last Updated: The primary market will be busy starting June 23, with 12 IPOs worth Rs 15,800 crore, including HDB Financial Services, Kalpataru Projects, and Ellenbarrie Industrial Gases. After a five-six month hiatus, the primary market is gearing up for an exceptionally active week starting June 23, with 12 IPOs worth Rs 15,800 crore lined up, including five from the mainboard segment. The upbeat mood in equity markets — despite short-term global concerns — continues to fuel investor confidence. 'Market sentiment remains broadly constructive, driven by improving macroeconomic indicators, favourable liquidity conditions, and increasing participation from both institutional and retail investors," Bajaj Broking Research said in its note. IPOs to Launch Next Week HDB Financial Services IPO (Mainboard) A subsidiary of HDFC Bank, HDB Financial is launching the largest IPO of 2025 at Rs 12,500 crore. The issue will be open from June 25 to June 27, with a price band of Rs 700-740 per share. Its GMP currently stands at 12.30%. Kalpataru Projects International IPO (Mainboard) Mumbai-based real estate player Kalpataru Projects is launching a Rs 1,590-crore IPO from June 24 to June 26. The price band has been fixed at Rs 387-414 per share. Its GMP currently stands at 2.66%. Sambhv Steel Tubes, a maker of ERW steel pipes and tubes, will open its IPO on June 25. The price band is set at Rs 77-82 per share. Its GMP currently stands at 13.41%. Ellenbarrie, which provides industrial and medical gases, is set to raise Rs 852.53 crore. The IPO opens on June 24 and closes on June 26, with a price band of Rs 380-400 per share. The GMP currently stands at zero. Globe Civil Projects IPO (Mainboard) This New Delhi-based EPC company will launch a Rs 119-crore IPO between June 24 and June 26. The price band is Rs 67-71 per share. Its GMP currently stands at 18.31%. AJC Jewel Manufacturers IPO (SME) The IPO of this jewelry manufacturer is worth Rs 14.59 crore and will run from June 23 to June 26, with a price band of Rs 90-95 per share. Its GMP currently stands at 9.47%. Shri Hare-Krishna Sponge Iron IPO (SME) Scheduled to open on June 24 and close on June 26, this IPO is one of three SME listings on the same day. Its IPO currently stands at zero. Icon Facilitators IPO (SME) Also launching on June 24 with the same closing date, June 26, Icon Facilitators is part of the three-SME batch aiming to raise Rs 61.35 crore collectively. Its GMP currently stands at 4.40%. Abram Food IPO (SME) The third SME IPO opening on June 24 alongside Shri Hare-Krishna and Icon Facilitators, part of the collective Rs 61.35-crore raise. Its GMP currently stands at zero. Suntech Infra Solutions IPO (SME) This Rs 42.16-crore IPO will open on June 25 for three days. The price band has been fixed in the range of Rs 81 to Rs 86 per share. Its GMP currently stands at 24.42%. Ace Alpha Tech IPO (SME) The tech company's Rs 47.15-crore IPO is scheduled to open on June 26. Its price band has been fixed in the range of Rs 101 to Rs 107 per share. The GMP currently stands at zero. PRO FX Tech IPO (SME) PRO FX Tech, which plans to raise Rs 38.21 crore via public issue, is opening its three-day IPO on June 26. Its price band has been fixed at Rs 82 to Rs 87 per share. According to market observers, its GMP currently stands at zero. Ongoing SME IPOs (Till June 24) The following SME IPOs will remain open until June 24, having started on June 20: Arisinfra Solutions IPO (Mainboard) After being subscribed 2.65 times, Arisinfra will make its stock market debut on the mainboard on June 23. Its GMP currently stands at zero, indicating flat or negative listing gains. Samay Project Services IPO (SME) It is scheduled to list on the NSE Emerge on June 23. Its GMP currently also stands at zero, indicating flat or negative listing gains. Patil Automation IPO (SME) It will make its stock market debut on June 23 on the NSE Emerge. Its GMP currently stands at 16.67%, indicating decent listing gains. Eppeltone Engineers IPO (SME) The electronic meters maker will be listed on June 24. Its current GMP stands at 54.69%, signalling strong listing gains. Influx Healthtech IPO (SME) It is set to list on June 25. Its latest GMP stands at 22.92%, indicating decent listing gains. Mayasheel Ventures IPO (SME) Its shares will begin trading on the exchanges on June 27. It GMP stands at 10.64%. Safe Enterprises Retail Fixtures IPO (SME) Safe Enterprises Retail Fixtures Ltd will also make its debut on June 27. Its GMP stands at 17.39%. Aakaar Medical Technologies IPO (SME) top videos View all Completing the week's SME listings, Aakaar will list on June 27. Its GMP currently stands at zero. It is important to note that the GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. About the Author Mohammad Haris Haris is Deputy News Editor (Business) at He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : initial public offering (IPO) IPO Location : New Delhi, India, India First Published: June 21, 2025, 10:39 IST News business » ipo IPOs Next Week: 12 Companies To Raise Rs 15,800 Crore Via Public Offers, Check Details
