At a Glance
HDB Financial’s ₹12,500 Cr IPO just went full Mirzapur on 50,000 retail investors — most of whom bought unlisted shares at ₹1,200–₹1,350 via grey market dealers. Now the IPO is priced at ₹700–₹740. NSE unlisted share brokers? Quietly deleting Telegram chats. 📱🧹
🔥 1. TL;DR – A 48% Premium for Trauma
- Pre-IPO price paid by 49,553 investors: ₹1,200–₹1,350
- IPO price band: ₹700–₹740
- Notional loss: ₹500+ per share = up to 48% wiped
- Reason? FOMO + Telegram tips + “HDFC ka baby hai bro” logic
- NSE Unlisted shares were trading at mammoth valuations till 2024
- Now? Even unlisted dealers are saying “ghanta mujhe kya pata tha!”
💸 2. Pre-IPO Logic: Buy High, Pray Higher 🙏
Everyone and their CA uncle thought:
“Bro, HDFC ka subsidiary hai. When this IPOs, it will list at ₹2,000+ easy.”
So between 2020–2024, retailers were scooping up HDB shares off NSE Unlisted at ₹1,100… ₹1,200… ₹1,350 like Diwali discount tupperware.
Now with a ₹700–₹740 IPO price, it’s officially:
🪓 Buy high. Cry low.
🤡 3. Who’s Laughing Now?
| Party | Role | Status |
|---|---|---|
| Early Retail Buyers | Bought at ₹1,350/share | -48% Notional Loss |
| NSE Unlisted Dealers | Charged 2% brokerage & chai | Vanished 🫥 |
| HDFC Bank | Parent Co., looks solid | Chill Mode 🧘♂️ |
| SEBI | Warning? Regulation? | Maybe later 🐌 |
| IPO Investors | Enter at ₹740 max | “Main toh safe hoon bro” 😎 |
📉 4. What Went Wrong?
- ⚠️ Sky-high grey market pricing led by “HDFC naam hi kaafi hai” thesis
- ❌ No liquidity exit in unlisted market for years
- 🔐 Shares were locked-in with nil transparency
- 🧾 No public info on HDB Financial’s financials until DRHP
- 🤥 Brokers said, “Don’t worry, IPO will be at ₹2,000 minimum”
- Reality? It listed cheaper than a Xiaomi phone.
🧠 5. Investor Psychology = Popcorn + Peer Pressure
Unlisted share FOMO formula:
vbnetCopyEditTelegram Forward + HDFC Brand + Broker Assurance = “Bas yahi to next Bajaj Finance hai”
Only it wasn’t.
Because this wasn’t Bajaj Finance. It was HDFC’s NBFC cousin with mid returns, no growth trigger, and zero hype on listing day.
🎯 6. The Real Cost of “Getting in Early”
| Year | Pre-IPO Valuation | HDB Share Price (Unlisted) | Retail Sentiment |
|---|---|---|---|
| 2020 | ₹60,000 Cr | ₹950 | “Long-term bro” 🧠 |
| 2021 | ₹75,000 Cr | ₹1,200 | “IPO soon!” 🔥 |
| 2023 | ₹90,000 Cr | ₹1,350 | “Guaranteed multibagger” 💵 |
| 2025 | ₹60,000 Cr | ₹700–740 (IPO) | “Mere ₹5 lakh gayab” 😭 |
😵 7. Learnings for the Retail Junta
- 💡 Unlisted ≠ Undervalued — especially if 50,000 people already bought it
- 💣 Pre-IPO access ≠ guaranteed gains
- 📉 Price in grey market = just vibes
- 🧻 Telegram tips = toilet paper in a downturn
🔚 Final Words: NSE Unlisted = NSE Unliquid?
If you’re holding unlisted shares of big names like Pharmeasy, NSDL, Hero FinCorp, and think “mujhe toh mil gaya discount” — remember HDB.
This IPO didn’t list cheap.
It listed realistically.
It’s the pre-IPO buyers who were priced into fantasy by grey market hype.
EduInvesting Verdict: HDB IPO is not a disaster. It’s a much-needed reality check for India’s hot money unlisted ecosystem.
✍️ Written by Prashant | 📅 June 21, 2025
Tags: HDB Financial IPO, NSE Unlisted Scam, Pre-IPO Losses, Grey Market Shares, HDFC Group IPO, EduInvesting, Retail Investor Trap, Unlisted Share Brokers, NBFC IPO India
