Sambhv Steel Tubes Ltd.SAMBHV₹99.55 +21.40%

Sambhv Steel Tubes Ltd. listed at a solid premium after its ₹540 crore IPO was subscribed 28.43 times, with Qualified Institutional Buyers bidding 62x their quota. Retail and HNI categories also saw strong participation, reflecting confidence in the company’s integrated manufacturing model and sector tailwinds.

The company manufactures ERW steel pipes and structural tubes and benefits from strategic raw material access through PSU tie-ups. Its FY24 revenue rose 37% YoY to ₹1,285.76 crore, with net profit climbing to ₹82.44 crore. Cash flow from operations more than doubled, and the debt-to-equity ratio improved to 0.79, down 41% YoY.

While its future growth depends on capacity utilization and raw material availability, Sambhv’s established distribution network and government-driven demand in water, irrigation, and infrastructure sectors give it a strategic edge.

HDB Financial Services Ltd.HDBFS₹838.15 +13.26%

HDB Financial Services Ltd., a subsidiary of HDFC Bank, listed with a 12.84% gain after its ₹12,500 crore IPO drew 16.69x subscription. The fresh issue proceeds will be used to augment Tier I capital and support lending across its three verticals — enterprise, asset finance, and consumer finance.

Despite a 15% rise in revenue in FY25 to ₹16,300 crore, net profit declined 11.58% YoY to ₹2,175.92 crore, mainly due to higher interest and operating costs. Total assets stood at over ₹1.08 lakh crore, with a high debt-to-equity ratio of 5.52.

HDB’s wide product portfolio, pan-India presence, and strong underwriting framework remain key strengths. However, its performance is closely linked to macroeconomic conditions and interest rate cycles. The company also relies on a trademark license from HDFC Bank, a factor it notes as a brand-related risk.

Note: The stock prices mentioned are as of 11:30 AM.

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