HDB Financial IPO subscribed 37% on Day 1; HNIs, staff lead bids

HDB Financial's Rs 12,500 crore IPO opened with 37 per cent subscription on Day 1, led by HNIs and employees, while retail and institutional categories lagged

HDB Financial Services’ initial public offering (IPO) garnered 37 per cent subs­cription on Wednesday, the opening day of the issue. 

 

The institutional investors subscribed about a per cent, the high net worth individual (HNI) portion of the issue was subscribed 76 per cent, and the retail investor portion was 30 per cent.  

 

The portion reserved for employees was subscribed 1.7 times, and the one reserved for shareholders was subscribed 70 per cent.

 

A day earlier, the NBFC major had allotted shares worth ₹3,369 crore to anchor investors. Life Insurance Corporation, ICICI Prudential Mutual Fund, Nippon Life, and Goldman Sachs Funds were among those applied in the anchor category. 

 

 

HDB’s ₹12,500-crore IPO has been priced between ₹700 and ₹740 per share. At the top end, HDB is valued at ₹61,388 crore on a post-dilution basis — about 3.4 times its book value. The IPO comprises a fresh issue of ₹2,500 crore and an offer for sale of ₹10,000 crore. Following the IPO, parent HDFC Bank’s stake will drop from 94.32 per cent to 74.2 per cent.  

 

HDFC Bank may be required to reduce its stake to below 20 per cent if a draft circular issued by the Reserve Bank of India (RBI) is implemented. The proposed rule aims to prevent overlapping lending activities between banks and their affiliated entities.

 

HDB Financial’s IPO is the fifth-largest ever, following Hyundai India, Life Insurance Corporation of India (LIC), Paytm, and Coal India. It is also the first from HDFC group’s stable after the issue of HDFC Life Insurance, which hit the markets in November 2017.

 

HDB is a diversified, upper-layer non-bank financial company (NBFC) offering loans through three key verticals- enterprise lending, asset finance, and consumer finance. As of March 31, 2025, secured loans accounted for 73 per cent of the total loan book. In FY25, the company reported a net profit of ₹2,180 crore on a total loan book of ₹1.06 trillion. This week is the busiest for the IPO markets in seven months with five deals totalling ₹15,600 crore getting launched. 

 

Kalpataru IPO subscribed 35% on Day 2 of bidding

 

The initial share sale of real estate developer Kalpataru Ltd got subscribed 35 per cent on the second day of bidding on Wednesday. It has garnered ₹708 crore from anchor investors. The initial public offering (IPO) received bids for 79,59,780 shares against 2,28,26,516 shares on offer, according to the NSE. Meanwhile, Globe Civil Projects’ public issue received 15.26 times subscription, and Ellenbarrie Industrial Gases Ltd garnered a 31 per cent subscription. 

 

Ellenbarrie and Kalpataru’s IPOs will conclude on Thursday.

 

Arisinfra shares slump 22% on market debut

 

Arisinfra Solutions lost over a fifth of its value during its trading debut on Wednesday. Shares of the company ended at ₹174, down ₹48, or 22 per cent, over its issue price of ₹174. Arisinfra’s IPO garnered 2.8 times subscription. At the last close, the company was valued at ₹1,410 crore. 

 

The company is a B2B procurement and financial platform that caters to the construction materials supply chain. For the nine month ended December 2025, Arisinfra had reported net profit of ₹6.4 crore on revenue of ₹547 crore.