HDB Financial Services, a leading diversified retail-focused non-banking financial company (NBFC) in India, concluded its initial public offering (IPO) on June 27, 2025, with a robust subscription of 16.69 times, as per the latest reports from stock exchanges. Despite a flat grey market premium (GMP), investor interest remained strong, underlining the company’s reputation, its backing by HDFC Bank Limited, and its established track record.

As highlighted under HDB Financial Services IPO news, HDB Financial Services IPO latest news, and HDB Financial Services IPO subscription status, this offering was one of the most anticipated IPOs in the NBFC space.

Company Overview

As per the CRISIL report, HDB Financial Services ranks among the top NBFCs in India based on Total Gross Loan Book size. The Reserve Bank of India (RBI) has categorized the company as an Upper Layer NBFC (NBFC-UL), reflecting its systemic importance and scale.

The company offers a diverse range of lending products across enterprise lending, asset finance, and consumer finance, supported by a strong omni-channel distribution network and a large customer base across India.

IPO Details

The HDB Financial Services IPO, as covered in HDB Financial Services IPO review and HDB IPO performance, is a Book Built Issue amounting to ₹12,500 crores, which includes:

• Fresh Issue: ₹2,500 crores through 337.83 lakh equity shares

• Offer for Sale (OFS): ₹10,000 crores through 1,351.35 lakh shares

The price band was set at ₹700 to ₹740 per equity share, and the minimum lot size was 20 shares.

• Retail investors needed a minimum investment of ₹14,800

• HNIs had a minimum bid requirement of 14 lots (280 shares), totaling ₹2,07,200

At the upper price band of ₹740, the company’s market capitalization is projected at ₹61,387.93 crores, making this one of the largest NBFC IPOs of the year.

Subscription and Allotment

Despite no listing gains indicated by the GMP, the IPO saw an overall subscription of 16.69 times by the close of the bidding window on June 27, 2025. This reflects solid institutional and retail participation.

The IPO allotment date is June 30, 2025, and investors will be able to check their allotment status via the registrar MUFG Intime India Private Limited. The listing date is expected to be July 2, 2025, on both NSE and BSE.

How to Check IPO Allotment Status:

• Visit the registrar or stock exchange IPO allotment page

• Select "HDB Financial Services Limited IPO"

• Enter your PAN, application number, or DP Client ID

• Submit to check your allotment

Anchor Investment

The company raised ₹3,368.99 crores from Anchor Investors on June 24, 2025, by allotting 4,55,27,026 equity shares at the price of ₹740. This pre-bid confidence was seen as a positive sign by market observers, even though the HDB IPO GMP today was reported to be ₹0.

Lead Managers and Registrar

The IPO was managed by top investment banks and firms, including:

• JM Financial Limited

• IIFL Securities Limited

• Nuvama Wealth Management Limited

• BNP Paribas

• Goldman Sachs (India)

• HSBC Securities

• Morgan Stanley India

• Motilal Oswal

• Nomura

• Jefferies India

• UBS Securities India

• BofA Securities India

The registrar is MUFG Intime India Private Limited, responsible for handling all post-IPO investor-related processes.

Financial Performance Snapshot

• FY25 Revenue: ₹16,300.28 Crores

• FY24 Revenue: ₹14,171.12 Crores

• FY23 Revenue: ₹12,402.88 Crores

• FY25 EBITDA: ₹9,512.37 Crores

• FY24 EBITDA: ₹8,314.13 Crores

• FY23 EBITDA: ₹6,251.16 Crores

• FY25 PAT: ₹2,175.92 Crores

• FY24 PAT: ₹2,460.80 Crores

• FY23 PAT: ₹1,959.35 Crores

These numbers suggest stable growth in revenue and profitability, even though FY25 PAT dipped slightly, possibly due to higher provisioning or expansion costs.

Valuation Metrics

• Pre-Issue EPS (FY24): ₹27.32

• Post-Issue EPS (FY24): ₹26.23

• Pre-Issue P/E Ratio: 27.08x

• Post-Issue P/E Ratio: 28.21x

• Industry P/E: ~23x

• ROAE: 14.72%

• RoNW: 14.72%

As covered under HDB Financial Services IPO valuation, the IPO is considered fairly priced to fully priced based on these ratios.

Grey Market Premium (GMP) Trend

As of the last available update on June 20, 2025, the GMP for HDB Financial Services IPO was ₹0, implying no speculative premium. The expected listing price matches the IPO price of ₹740.

This reinforces the notion that the listing gains are expected to be negligible, and any future appreciation would likely depend on long-term business performance rather than speculative demand.

Purpose of the IPO

The company intends to use the net proceeds from the fresh issue to:

• Enhance Tier-I capital base for future growth

• Support onward lending across its three core verticals:

  • Enterprise Lending

  • Asset Finance

  • Consumer Finance

Final Review & Investor Advice

Based on HDB Financial Services IPO share price, subscription figures, anchor investor backing, and valuation, the IPO reflects strong institutional trust. However, due to fully priced valuations, zero GMP, and slight dip in recent profitability, short-term listing gains are unlikely.

Thus, while long-term investors might find value given the company’s scale, parentage, and sector potential, those seeking quick listing profits may consider avoiding.

Conclusion

The HDB Financial Services IPO, backed by HDFC Bank, was fully subscribed with an oversubscription of 16.69x, making it one of the largest NBFC offerings in recent years. Despite a zero GMP, the company’s solid business fundamentals attracted investor attention.

The IPO stands as a strong opportunity for those betting on India’s growing NBFC sector — but listing day profits may not materialize due to valuation constraints. Hence, investors are advised to assess their financial goals before investing.

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