HDB Financial Services IPO Raises ₹12,500 Crore at ₹700-740 Price Band, Oversubscribed 16.7x, Lists July 2

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Updated Jul 2, 2025, 04:26 AM

HDB Financial Services, a subsidiary of HDFC Bank, launched its initial public offering (IPO) between June 25 and 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) by HDFC Bank, which holds a 94.3% stake. The price band was set at ₹700-740 per share, with a minimum bid lot of 20 shares. Institutional investors showed strong interest, with the IPO raising ₹3,368 crore from anchor investors ahead of the subscription.

The issue was oversubscribed 16.7 times by the final day, with qualified institutional buyers (QIBs) subscribing 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%, with the IPO priced at the top of the marketed range at ₹740 per share. HDB Financial Services is the seventh-largest retail-focused NBFC in India by gross loan book size. The IPO is expected to be among the most subscribed billion-dollar Indian IPOs in the past four years and the second-most subscribed ₹10,000 crore-plus offering in India after SBI Cards and Coal India. The shares began trading on the Mumbai stock exchanges on July 2, 2025.

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