HDB Financial IPO at half of grey market price level

HDB Financial Services’ IPO, supported by HDFC Bank, is priced lower than its grey market value of Rs 1,550. Despite competition from Tata Capital, the NBFC IPO is expected to be India’s biggest. Bankers justify the price, citing consultations with multiple investors. Grey market prices are unreliable as they are unregulated and influenced by hype.