HDB Financial Services, a part of HDFC Bank, started trading on the stock market today with a strong opening. The stock was listed at ₹835 per share, which is 13% higher than its IPO price of ₹740. This makes it the biggest IPO in India so far this year and has gained a lot of interest from investors.

At this price, HDB has a one-year forward price-to-book (P/B) ratio of 3.4x. This number is used to compare the stock's price with the company’s actual value. It means:

• Lower than well-known companies like Bajaj Finance and Cholamandalam Investment, which are more expensive compared to their book value.
• Higher than Shriram Finance, which trades at a P/B ratio of 2x.

This places HDB in a mid-range valuation among non-banking financial companies (NBFCs).