HDB Financial Services gets Rs 900 target price. Should you buy after 13% listing pop?
Shares of HDFC Bank-backed HDB Financial Services pleased IPO investors with 13% listing gain on Wednesday when domestic brokerage firm Emkay Global also initiated coverage on the stock with a target price of Rs 900.
Following its listing at Rs 835, HDB Financial shares moved up another 1% to Rs 845.75 BSE. The IPO garnered over Rs 1.61 lakh crore in bids, but institutional interest was higher than that of retail. While the QIB (qualified institutional buyer) portion was oversubscribed over 55x, retail held back at 1.4x. Overall, the IPO was oversubscribed nearly 17 times.
This made HDB’s offering the second most subscribed IPO among Rs 10,000+ crore issues, trailing only the record-breaking Tata Technologies listing. However, it did fall…
