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Investing.com -- HDB Financial Services’ shares rose 12% on Wednesday during their first day of trading on India’s Bombay Stock Exchange, marking a strong debut for the country’s largest initial public offering of the year.
The non-banking financial firm raised nearly $1.5 billion from its IPO. The offering was priced at the top end of its guidance range, reflecting strong investor demand for the company.
HDB Financial’s successful market entry comes amid significant growth in India’s equity market in recent years. This growth has been fueled by the country’s rapidly expanding economy and rising middle-class incomes across its population of over 1.4 billion people.
The positive market performance has also been supported by easing global geopolitical and economic tensions, which have created a favorable environment for Indian equities.
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