HDB Financial’s ₹12,500 crore IPO opened with a price band of ₹700–740 and a grey market premium (GMP) of around ₹75. Analyst Mayank Chandel recommends subscribing for the long term, citing strong fundamentals, RBI classification, and HDFC Bank backing. However, high valuations and potential regulatory risks may limit short-term gains, making it less ideal for listing-focused investors.