HDB Financial Services IPO Raises ₹12,500 Crore, Subscribed 16.7x; Shares Debut 13% Above ₹740 Issue Price with Emkay Buy Rating

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Updated Jul 2, 2025, 12:25 PM

HDB Financial Services Ltd, a subsidiary of HDFC Bank, launched its initial public offering (IPO) from June 25 to June 27, 2025, raising ₹12,500 crore ($1.5 billion). The IPO, one of India's largest non-banking financial company (NBFC) offerings, comprised a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale (OFS) primarily by HDFC Bank, which holds a 94.3% stake. The price band was set between ₹700 and ₹740 per share, with a minimum bid lot of 20 shares. The IPO received strong institutional investor interest, raising ₹3,368 crore from anchor investors before opening.

Subscription levels surged over the three-day period, reaching 16.7 times on the final day, with qualified institutional buyers (QIBs) bidding 55.5 times, non-institutional investors (NIIs) 10 times, retail investors 1.4 times, and employees 5.7 times. The grey market premium (GMP) indicated potential listing gains of around 8-10%. HDB Financial shares debuted on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on July 2, 2025, at ₹835 per share, a 13-14% premium over the issue price, valuing the company at over $8 billion (approximately ₹69,758 crore). The IPO became the second-most subscribed Indian public offering exceeding ₹10,000 crore, following SBI Cards and Coal India. Emkay Global initiated coverage on the stock with a buy rating and a target price of ₹900, projecting over 20% upside. The successful listing and strong demand are seen as positive signals for India's capital markets and the NBFC sector.

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#Business | HDB Financial Services shares close 14% higher than IPO price; valued at Rs 69,758 crore post-debut day #IPO #HDBFinancialServices #Shares More details ⤵️