HDB Financial Services and HDFC Bank logos are seen in this illustration taken June 19, 2025. REUTERS/Dado Ruvic/Illustration
| Photo Credit:
Dado Ruvic
DFC Bank subsidiary HDB Financial Services launches IPO, HDB Financial Services IPO GMP Day 3 Live Updates: India’s largest NBFC public issue of HDFC Bank’s subsidiary, HDB Financial Services, received a strong response, as the mega offer was subscribed fully on Day 2 itself. The IPO has been subscribed 1.16 times, as it received bids for 15.12 crore shares against 13.04 crore shares on offer.
Day 1 & Day 2 subscription summary
After receiving tepid response with 0.37 times subscription on day 1, the IPO was fully susbscribed on day 2.
Issue date
Open: June 25, 2025
Close: June 27, 2025
Anchor portion
HDB Financial Services, a subsidiary of HDFC Bank, has garnered ₹3,369 crore from anchor investors.
Price band, issue size
The price band is fixed at ₹700-₹740 per share. At the upper end of the price band, the company is valued at ₹61,400 crore.
The IPO is a combination of a fresh issue of equity shares worth Rs 2,500 crore and an Offer For Sale (OFS) of ₹10,000 crore by promoter HDFC Bank. At present, HDFC Bank holds a 94.36% stake in HDB Financial Services, a non-banking financial company (NBFC) arm of the bank.
Book-running lead managers of the IPO
JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India) Pvt Ltd, IIFL Securities, Jefferies India, Morgan Stanley India Company, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management, and UBS Securities India are managing the company’s IPO.
Use of funds
The company proposes to utilise the proceeds from the fresh issue to strengthen its Tier-I capital base. This will support future capital needs, including additional lending, to support business growth.
After the proposed IPO, HDB Financial Services will continue to be a subsidiary of the bank.
Listing date
The shares are expected to debut on the BSE and NSE on July 2, 2025.
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- 09:49 | June 27, 2025
HDB Financial Services IPO: Brokerage recommendation | Yes Securities
Palatable IPO valuation offers attractive returns opportunity
At the upper end of the IPO Price Band of Rs700-740, HDB is being priced at 3.7x/3.4xtrailing PBV and 28x/27x trailing PE on pre/post money basis. This valuation representsa significant discount to Chola, which trades at 5.7x PBV and 32x PE on trailing basis.In the light of HDB’s sturdy franchise, strong management/promoter, positivelychanging operating environment and palatable IPO valuation, we recommendsubscribing into the issue with a potential of meaningful upside in next 12m.
- 09:31 | June 27, 2025
HDB Financial IPO closes today; issue subscribed 1.16 times so far
India’s largest NBFC public issue, HDB Financial Services, received a strong response, as the mega offer was subscribed fully on Day 2 itself. The IPO has been subscribed 1.16 times, as it received bids for 15.12 crore shares against 13.04 crore shares on offer. The IPO has been priced at ₹700-740 per share. Today is the last day to subscribe to the mega ₹12,500-crore IPO. Bids can be made for a minimum of 20 Equity Shares and in multiples of 20 Equity Shares thereafter.
The total offer size of equity shares, with a face value of ₹10 each, comprises a fresh issue worth ₹2,500 crore and an offer for sale of up to ₹10,000 crore by HDFC Bank.
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HDB Financial IPO subscribed 1.16x on Day 2; employee, anchor and shareholder response lifts ₹12,500 crore issue
HDB Financial’s ₹12,500 crore IPO fully subscribed on Day 2; strong demand from employees, HDFC shareholders, and anchors like LIC, BlackRock, Goldman Sachs.
Published on June 27, 2025
