HDB Financial IPO off to a slow start; subscription lags at 21%, GMP at 9%

HDB Financial IPO Day 1 update: Check latest subscription status, grey market premium (GMP), price band, lot size, review, allotment date, listing date, and other key details here

HDB Financial IPO subscription status: HDB Financial Services, the non-banking financial arm of HDFC Bank, saw a tepid response on the first day of its much-anticipated ₹12,500 crore initial public offering (IPO), which is the largest-ever public issue by a non-banking financial company (NBFC) in India.

 

According to data available on the National Stock Exchange (NSE) as of 1:39 PM on Wednesday, June 25, the issue received bids for 2,70,69,680 equity shares against the 13,04,42,855 shares on offer — translating to a subscription of just 21 per cent.

 

Among investor categories, non-institutional investors (NIIs) led the participation with a 34 per cent subscription to their allotted quota. Retail investors followed with bids for 20 per cent of their portion. However, interest from qualified institutional buyers (QIBs) remained sluggish in early trade, with bids placed for just 25,360 shares against the 32 million shares reserved for them.

 

HDB Financial IPO details

HDB Financial IPO comprises a fresh issue of 33.8 million equity shares, and an offer for sale (OFS) with HDFC Bank divesting up to 135.1 million equity shares.

HDB Financial IPO price band, lot size

HDB Financial IPO is available at a price band of ₹700–740, with a lot size of 20 shares. A retail investor can bid for a minimum of 20 shares with an investment amount of ₹14,800, and a maximum of 13 lots or 260 shares with ₹1,92,400.  Check Safe Enterprises IPO Allotment Status

HDB Financial IPO grey market premium (GMP) today

The unlisted shares of HDB Financial continued to command a decent premium in the grey market on the first day of its opening. Sources tracking grey market activities reveal that HDB Financial shares are trading at around ₹809 per share, reflecting a grey market premium (GMP) of ₹69, or 9.32 per cent over the upper end of the issue price of ₹740.

HDB Financial IPO review

HDB Financial has received favourable reviews from brokerages including Mirae Asset, Sharekhan, SBI Securities, Centrum Broking, Choice Broking, Deven Choksey Research, and Bajaj Broking. They remain optimistic about the HDB Financial IPO, citing that the public issue is priced at a steep discount compared to its peers and is well positioned to register healthy growth going forward, along with an improvement in asset quality. READ MORE

HDB Financial IPO allotment date, listing date

HDB Financial IPO will remain available for subscription till Friday, June 27, 2025. The basis of allotment of HDB Financial IPO shares is likely to be finalised on Monday, June 30, 2025. The successful allottees will receive HDB Financial shares into their demat accounts tentatively on Tuesday, July 1, 2025.

 

HDB Financial shares are slated to list on the BSE and NSE tentatively on Wednesday, July 2, 2025.

HDB Financial IPO registrar, lead managers

For the HDB Financial IPO, MUFG Intime India (formerly Link Intime) serves as registrar.

 

The book running lead managers for the HDB Financial IPO include BNP Paribas, JM Financial, BofA Securities India, Goldman Sachs (India), HSBC Securities & Capital Markets, IIFL Capital Services, Jefferies India, Morgan Stanley India, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management, and UBS Securities India.

HDB Financial IPO objective

HDB Financial will not receive any proceeds from the OFS, as these will be given to the promoter selling shareholder (HDFC Bank) after deducting its portion of the offer-related expenses and applicable taxes, according to the Red Herring Prospectus (RHP) filed by the company. 

 

HDB Financial will deploy the proceeds from the fresh issue to augment its Tier-I capital base and meet future capital requirements, including onward lending arising from business growth. Additionally, a portion of the proceeds from the fresh issue will be used to cover offer expenses.

About HDB Financial Services

A subsidiary of India’s largest private sector bank, HDFC Bank, HDB Financial Services is the seventh largest, leading, diversified retail-focused non-banking financial company (NBFC) in India in terms of the size of total gross loan book at ₹902.2 billion as of March 31, 2024, among NBFC peers, according to the CRISIL report, reads the RHP. The company is categorized as an Upper Layer NBFC (NBFC-UL) by the RBI. HDB Financial Services offers a large portfolio of lending products that cater to a growing and diverse customer base through a wide omni-channel distribution network across three business verticals including Enterprise Lending, Asset Finance, and Consumer Finance.