HDFC Bank shares reach record high amid HDB Financial IPO
HDFC Bank just hit a new record with its shares touching ₹1,997.90, riding a wave of strong market vibes and excitement around the upcoming HDB Financial Services IPO.
This is the third straight day of gains for India's biggest private bank, helped along by solid financial forecasts for the next couple of years.
HDB IPO opens, HDFC Bank set to net ₹10,000 crore
The HDB Financial Services IPO opened on June 25 and quickly grabbed attention—45% subscribed by day two.
HDFC Bank is selling a ₹10,000 crore stake here, netting an impressive 1495% return on what they put in.
Market expert Avinash Goranshkar says this move should give HDFC Bank's next quarterly results a nice one-time boost. Plus, since the bank is keeping control over HDB Financial, it stands to gain even more if things keep trending up.