At the upper end of price band, HDB Financial will be valued at over ₹61,000 crore

"There were discussions with investors around it (the RBI circular). The management was able to address these," said Jiji Jacob, head-equity capital markets at Jefferies India.

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"We have a great set of anchor books that will be published on Tuesday. There are not just mutual funds and insurance companies, but top-quartile FIIs who have got comfort around how to kind of model that as the company gets listed."

Jacob said the price was determined after extensive roadshows with institutional investors. "Whatever is happening in the unlisted market is without the management explaining the business or helping investors understand its nuances. So, as management and as bankers, we have no influence over what happens in the unlisted space," he said. "The IPO price discovery is far more scientific and is based on inputs received from high-quality investors."

At the upper end of the price band, HDB Financial will be valued at over ₹61,000 crore, placing it among the top 10 listed pure-play private-sector finance companies in India.