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HDB Financial's IPO impact on unlisted shares
HDB Financial's recent IPO didn't go as planned—it listed at ₹835 per share, way below its unlisted price of ₹1,250.
This letdown has spooked investors and sparked a sharp drop (about 18-20% from their highs) in the unlisted shares of other big names like NSDL, NSE, and Tata Capital.
Tata Capital, NSDL, and NSE's unlisted shares' movement
Since late June, Tata Capital's unlisted shares slid from ₹1,105 on June 23 to ₹875; NSDL dropped from ₹1,250 to around ₹1,025; and NSE fell from ₹2,375 to ₹2,195.
The underwhelming HDB listing has made investors more careful with similar companies—so the mood in the gray market is pretty cautious right now.