HDB Financial Services IPO Raises ₹12,500 Crore, Oversubscribed 16.7x; Shares Debut 13% Higher on July 2 with Buy Rating

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Updated Jul 2, 2025, 07:27 AM

HDB Financial Services, a subsidiary of HDFC Bank, launched its initial public offering (IPO) from June 25 to June 27, 2025, aiming to raise ₹12,500 crore ($1.5 billion). The IPO comprised a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale (OFS) by HDFC Bank, which holds a 94.3% stake in the company. The price band was set between ₹700 and ₹740 per share, with a minimum bid lot of 20 shares. The IPO was India's largest non-banking financial company (NBFC) offering in recent years and targeted a valuation of approximately $7.1 billion.

Anchor investors subscribed to shares worth ₹3,368 crore ahead of the public issue. The grey market premium (GMP) rose to around ₹60-66, suggesting potential listing gains of about 8-10%. By the end of the subscription period, the IPO was oversubscribed 16.7 times overall, with the qualified institutional buyers (QIB) segment subscribed 55.5 times, non-institutional investors (NII) 10 times, retail investors 1.4 times, and employees 5.7 times. The strong institutional demand contrasted with relatively modest retail participation. HDB Financial shares debuted on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on July 2, 2025, at ₹835 per share, representing a 12.8% premium over the issue price of ₹740. The stock surged nearly 14-15% on listing, marking one of the best-performing IPO debuts in India for 2025. Emkay Global initiated coverage on the stock with a buy rating, projecting over 20% upside potential. Following the listing, HDB Financial Services became the eighth most valuable NBFC in India with a market capitalization nearing ₹70,000 crore. The IPO's success reflects strong investor appetite for the shadow-lending unit of HDFC Bank despite some ongoing regulatory concerns.

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Business Standard

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Business Standard

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#MarketsWithBS | HDB Financial shares get first 'Buy' call; Emkay Global predicts 22% upside #Stocks #markets #stockmarketindia #stockmarketnews #sharemarket #HDBFinancialServices | @nikita_vashisht

Moneycontrol

@moneycontrolcom

#Watch 🎥| HDB Financial Services made a strong debut on the exchanges and has already received its first BUY call. Emkay Global has initiated coverage with a BUY rating, projecting over 20% upside. Watch for all the key details. @iNandita13 #Finance #HDBFinance #Markets