HDB Financial IPO
GMP, Subscription, Price, Dates & Financial Details
HDB Financial Services Limited, a subsidiary of HDFC Bank, is a prominent retail-focused Non-Banking Financial Company (NBFC) in India, classified as an Upper Layer NBFC by the Reserve Bank of India (RBI). As of September 30, 2024, the company reported total gross loans of ₹98,620 crore, achieving…
Open Date
Wed, 25 Jun 2025
Close Date
Fri, 27 Jun 2025
Price Band
₹ 700 – 740
Lot Size
20
Issue Size
₹ 12,500.00 Cr
Minimum Investment
₹ 14,800 (20 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
HDB Financial IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹12,500.00 Crore, comprising a fresh issue of 3.38 Crore equity shares aggregating to ₹2,500.00 Crore and an offer for sale (OFS) of 13.51 Crore equity shares aggregating to ₹10,000.00 Crore by the existing shareholders.
The HDB Financial IPO remained open for subscription from June 25, 2025, to June 27, 2025. The basis of allotment was finalized on June 30, 2025, and the company's shares were listed on the NSE and BSE on July 02, 2025.
The company had fixed the price band at ₹700 to ₹740 per share, with a lot size of 20 shares. Retail investors were required to make a minimum investment of ₹14,800 (based on the upper price band) to apply for one lot.
MUFG Intime India Private Limited served as the registrar to the issue. IIFL Capital Services Limited, Bofa Securities India Limited, Goldman Sachs (India) Securities Private Limited, Morgan Stanley India Company Private Limited, Motilal Oswal Investment Advisors Ltd, Jefferies India Private Limited, JM Financial Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, Hsbc Securities & Capital Markets Pvt Ltd, Bnp Paribas, Nuvama Wealth Management Limited, and UBS Securities India Private Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, HDB Financial Services Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
HDB Financial IPO Timeline (Tentative)
- IPO Open Date
- Wed, 25 Jun 25
- IPO Close Date
- Fri, 27 Jun 25
- Basis of Allotment
- Mon, 30 Jun 25
- Initiation of Refunds
- Tue, 01 Jul 25
- Credit of Shares to Demat
- Tue, 01 Jul 25
- Listing Date
- Wed, 02 Jul 25 — NSE & BSE
Open Date
25 June 2025
Close Date
27 June 2025
Basis Of Allotment
30 June 2025
Listing Date
02 July 2025
IPO Subscription
Check Live Subscription →The HDB Financial IPO has received bids for 2,17,67,66,380 shares against 13,04,42,855 shares offered, resulting in an overall subscription of 16.69x. the NII category is subscribed 9.99x, Retail Investors 1.41x, Employees 5.72x, and QIBs 55.47x. Within the NII category, BNII is subscribed 11.77x, while SNII is subscribed 6.42x.
QIB
55.47x
NII
9.99x
BNII
11.77x
SNII
6.42x
RII
1.41x
EMP
5.72x
Total
16.69x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 5,61,50,000 shares, representing 43.05% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 3,20,85,713 shares (24.6%), while Non-Institutional Investors (NIIs) receive 2,40,64,286 shares (18.45%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 32,085,713 | 24.6% |
| Non-Institutional | 24,064,286 | 18.45% |
| BNII | 16,042,858 | 12.3% |
| SNII | 8,021,428 | 6.15% |
| Retail Investors | 56,150,000 | 43.05% |
| Employees | 285,714 | 0.22% |
| Shareholder Category | 17,857,142 | 13.68% |
| Total | 130,442,855 | 100% |
Financials Details(₹ in Crores)
| Particular | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 101960.35 | 92556.51 | 70050.39 | 62025.94 |
| Revenue | 7890.63 | 14171.12 | 12402.88 | 11306.29 |
| Profit After Tax | 1172.7 | 2460.84 | 1959.35 | 1011.4 |
| Net Worth | 14879.33 | 13742.71 | 11436.97 | 9539.73 |
| Reserve & Surplus | 14085.37 | 12949.63 | 10645.57 | 8749.29 |
| Total Borrowings | 82681.1 | 74330.67 | 54865.31 | 48973.08 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
HDB Financial Services Limited KPI Information
| Particular | KPI as of Mon, Mar 31, 2025 |
|---|---|
| ROE % | 14.72 |
| Debt / Equity | 5.85 |
Peers Comparison
No Peer Comparision Available
About HDB Financial Services Limited
HDB Financial Services Limited, a subsidiary of HDFC Bank, is a prominent retail-focused Non-Banking Financial Company (NBFC) in India, classified as an Upper Layer NBFC by the Reserve Bank of India (RBI). As of September 30, 2024, the company reported total gross loans of ₹98,620 crore, achieving a compound annual growth rate (CAGR) of 20.93% since March 2022. Its Assets Under Management (AUM) stood at ₹90,230 crore as of March 31, 2024, with a CAGR of 21.18% over the same period.
For FY24, HDB Financial Services posted a Profit After Tax (PAT) of ₹2,460 crore, reflecting a robust CAGR of 55.98% since FY22. The company reported strong profitability metrics, with Return on Average Assets (RoAA) at 3.03% and Return on Average Equity (RoAE) at 19.55%.
With a vast physical presence through 1,772 branches across 1,162 towns, HDB has built a strong customer base of 17.5 million, growing at a CAGR of 28.22%. Its well-diversified loan portfolio comprises Enterprise Lending (39.85%), Asset Finance (37.36%), and Consumer Finance (22.79%), with secured loans accounting for 71.08% of the total loan book. The company maintains strong asset quality, with a Gross Non-Performing Assets (GNPA) ratio of 2.10% and a Net NPA (NNPA) ratio of 0.83%.
HDB enjoys AAA/stable credit ratings from CRISIL and CARE and operates with a competitive average borrowing cost of 7.53%. As of September 30, 2024, its Capital to Risk (Weighted) Assets Ratio (CRAR) stood at 19.30%, reflecting sound capital adequacy.
Founded in 2007, HDB Financial Services offers lending products through three key verticals: Enterprise Lending, Asset Finance, and Consumer Finance. Additionally, the company provides business process outsourcing (BPO) services—including back-office support, collections, and sales support—primarily to its promoter, HDFC Bank. It also distributes fee-based products like insurance to its lending customers.
HDB follows a robust “phygital” distribution model, combining its expansive branch network, in-house tele-calling teams, and external channel partners. As of September 30, 2024, over 80% of its branches are located outside India's top 20 cities, ensuring deep regional penetration. Its distribution capabilities are further enhanced by partnerships with over 80 brands and OEMs, and a wide network of more than 1,40,000 retailers and dealer touchpoints across the country.
HDB Financial IPO Promoters
- HDFC Bank Limited
Promoters Holding
Holding Pre Issue
94.04%
Holding Post Issue
74.35%
HDB Financial IPO Objective
The details of the proceeds from the Fresh Issue are summarized in the following:
- Augmentation of the Company’s Tier – I Capital base to meet the Company’s future capital requirements including onward lending.
HDB Financial Services Limited Address / Contact Details
HDB Financial Services Limited
Radhika, 2nd Floor, Law Garden Road
Navrangpura
Ahmedabad, Gujarat, 380009
Phone: +91 22 4911 6350
Email: investorcommunications@hdbfs.com
Website: http://hdbfs.com/
IPO Snapshot
HDB Financial IPO Lot Size
The HDB Financial IPO has a lot size of 20 shares. Retail investors require a minimum investment of ₹ by applying for 0 lot (0 shares). The maximum application allowed for the retail category is 13 lots (260 shares), requiring an investment of ₹1,92,400.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| 1 | 20 | 14,800.00 | |
| Retail (Max) | 13 | 260 | 192,400.00 |
| S-HNI (Min) | 14 | 280 | 207,200.00 |
| S-HNI (Max) | 67 | 1,340 | 991,600.00 |
| B-HNI (Min) | 68 | 1,360 | 1,006,400.00 |
Issue Reservation
- QIB — 24.6%
- NII — 18.45%
- RII — 43.05%
- EMP — 0.22%
- SHR — 13.68%
Book Running Lead Managers
- IIFL Capital Services Limited
- Bofa Securities India Limited
- Goldman Sachs (India) Securities Private Limited
- Morgan Stanley India Company Private Limited
- Motilal Oswal Investment Advisors Ltd
- Jefferies India Private Limited
- JM Financial Limited
- Nomura Financial Advisory And Securities (India) Pvt Ltd
- Hsbc Securities & Capital Markets Pvt Ltd
- Bnp Paribas
- Nuvama Wealth Management Limited
- UBS Securities India Private Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the HDB Financial IPO?
HDB Financial IPO is a Book-building IPO with a total issue size of ₹12500 crore. The HDB Financial IPO price band is ₹700 to 740 per share. The HDB Financial IPO subscription opens on Wed, Jun 25, 2025, and closes on Fri, Jun 27, 2025. The HDB Financial IPO will be listed on the BSE,NSE. MUFG Intime India Private Limited is the registrar for the HDB Financial IPO.
When will the HDB Financial IPO open for subscription?
The HDB Financial IPO opens on Wed, Jun 25, 2025 and closes on Fri, Jun 27, 2025
What is HDB Financial IPO Price Band?
HDB Financial IPO Price Band is ₹700 to 740 per share.
What is HDB Financial IPO Lot Size?
HDB Financial IPO lot size is 20 shares, Retail investors need a minimum investment of ₹14800 based on the upper price band
What is the minimum investment for HDB Financial IPO?
The minimum investment for HDB Financial IPO is ₹14800, based on one lot of 20 shares at the upper price band of ₹740 per share.
How to apply for HDB Financial IPO?
Investors can apply for the HDB Financial IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Jun 27, 2025. The application amount remains blocked until the HDB Financial IPO allotment is finalized.
What is HDB Financial IPO Issue Size?
HDB Financial IPO issue size is ₹12500 crores.
What is the HDB Financial IPO Allotment Date?
HDB Financial IPO allotment date is Mon, Jun 30, 2025.
Who is the HDB Financial IPO Registrar?
The registrar for HDB Financial IPO is MUFG Intime India Private Limited. Investors can go to MUFG Intime India Private Limited website to check HDB Financial IPO allotment status, refund processing, and other IPO-related information.
What is the HDB Financial IPO GMP?
The HDB Financial IPO GMP (Grey Market Premium) is ₹75 as of Wed, Jul 2, 2025. Based on the upper price band of ₹740 per share, the estimated HDB Financial IPO listing price is ₹815, indicating a potential listing gain of approximately 10.14% over the issue price.
Who is the HDB Financial IPO Lead Manager?
The book-running lead managers (BRLMs) for the HDB Financial IPO are IIFL Capital Services Limited, Bofa Securities India Limited, Goldman Sachs (India) Securities Private Limited, Morgan Stanley India Company Private Limited, Motilal Oswal Investment Advisors Ltd, Jefferies India Private Limited, JM Financial Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, Hsbc Securities & Capital Markets Pvt Ltd, Bnp Paribas, Nuvama Wealth Management Limited, and UBS Securities India Private Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the HDB Financial IPO Red Herring Prospectus (RHP).