HDB Financial Services has set its IPO price band between ₹700 and ₹740 per share—approximately 40–42% below the ₹1,200–1,250 levels at which its unlisted shares have been trading, resulting in significant losses for current investors . Despite grey-market premiums hovering around 70%, the company and its bankers emphasized that the IPO valuation is firmly grounded in business fundamentals and peer comparisons rather than speculative unlisted prices . The IPO, slated to open for institutional bids shortly followed by retail investors on June 25, marks the largest NBFC offering in India this year—yet the steep discount has left many unlisted-share holders facing notable markdowns ahead of listing.

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