HDB Financial Services IPO Day 2 Live: Biggest NBFC issue ₹12,500 cr issue of the year booked 85% so far

HDB Financial Services logo is seen in this illustration taken June 19, 2025. REUTERS/Dado Ruvic/Illustration | Photo Credit: Dado Ruvic

• 14:28 | June 26, 2025

  HDB Financial Services IPO live: booked 0.78 times   

  HDB Financial Services IPO has been booked 0.78 times or 78% as at 2.21 pm on June 26. 

  • QIBs: 0.22 times
  • NIIs: 1.67 times
  • Retail: 0.54 times
  • Employee portion: 2.59 times
  • Shareholders portion: 1.31 times

  Total: 0.78 times 

  IPO ends tomorrow, June 27 

• 14:21 | June 26, 2025

  Stock market live: Sensex rallied 911.34 pts or 1.10% to 83,666.85 and Nifty 50 soared 280.45 pts or 1.11% to 25,525.20.

• 13:59 | June 26, 2025

  HDB Financial Services IPO Live: Master Capital Service Ltd recommends subscribing for long-term

  HDB Financial Services Limited being one of the leading and the fastest growing NBFC is well-positioned to capitalize on the growth opportunities within the sector and the company aims to diversify and expand addressable customer segments by widening and enhancing product offering and continue to expand pan-India omni-channel distribution network. Investors looking to invest can invest in the IPO for the long term

  Master Capital Service Ltd 

• 12:23 | June 26, 2025

  HDB Financial Services IPO live: booked 0.61 times

  HDB Financial Services IPO has been booked 0.61 times or 61% as at 12.18 pm on June 26. 

  • QIBs: 0.04 times
  • NIIs: 1.34 times
  • Retail: 0.47 times
  • Employee portion: 2.32 times
  • Shareholders portion: 1.09 times

  Total: 0.61 times 

  IPO ends tomorrow, June 27 

• 11:51 | June 26, 2025

  HDB Financial Services IPO live: booked 0.58 times 

  HDB Financial Services IPO has been booked 0.58 times or 58% as at 11.45 am on June 26. 

  • QIBs: 0.03 times
  • NIIs: 1.26 times
  • Retail: 0.45 times
  • Employee portion: 2.23 times
  • Shareholders portion: 1.05 times

  Total: 0.58 times 

  IPO ends tomorrow, June 27 

• 11:13 | June 26, 2025

  HDB Finacial Services IPO Live: Valuation

  HDB belongs to the fast-growing NBFC space, which is pegged to grow at a CAGR of 15-17 per cent (NBFC credit) between FY25 and FY28 as per a Crisil report. Its loan book grew at a CAGR of 24 per cent between FY22 and FY25.

  Know more about RoA and NIM: Read

• 10:55 | June 26, 2025

  HDB Financial Services IPO: Ties with HDFC Bank

  HDB enjoys the pedigree of HDFC Bank, and it manifests in the highest possible credit rating. 

  To know more: 

  

  Should you subscribe to HDB Financial Services’ IPO?

  HDB Financial Services IPO offers insight into a diversified NBFC with strong fundamentals and growth potential.

• 10:25 | June 26, 2025

  HDB Financial Services IPO live: booked 0.45 times

  HDB Financial Services IPO has been booked 0.45 times or 45% as at 10.21 am on June 26.

  • QIBs: 0.01 times
  • NIIs: 0.93 times
  • Retail: 0.35 times
  • Employee portion: 1.94 times
  • Shareholders portion: 0.84 times

  Total: 0.45 times

  IPO ends tomorrow, June 27

• 09:29 | June 26, 2025

  HDB Financial Services’ IPO: Should you subscribe?

  HDB Financial Services’ (HDB) ₹12,500-crore IPO consists of a fresh issue of ₹2,500 crore, with the rest being an offer-for-sale by HDFC Bank. Post issue HDFC Bank’s stake will decline to 74 per cent (94 per cent now).

  HDB is a diversified, non-deposit taking NBFC, with a loan book of ₹1.07 lakh crore. The loan book consists of a) Enterprise lending (39 per cent of loan book) – which includes loans against property, business loans and also salaried personal loans, b) Asset finance (38 per cent) – commercial vehicle, construction equipment, tractor loans and c) consumer finance (23 per cent) – consumer durable loans, auto loans, micro loans and personal loans.

  bl Research Bureau | Read full report here

  

  Should you subscribe to HDB Financial Services’ IPO?

  HDB Financial Services IPO offers insight into a diversified NBFC with strong fundamentals and growth potential.

• 09:22 | June 26, 2025

  Stock market live updates: Sensex, Nifty 50 trade higher

  Sensex rose marginally by 157.35 pts or 0.19% to 82,912.86 as at 9.19 am after opening positive at 82,882.92 from the previous close of 82,755.51. Nifty 50 was up 42.60 pts or 0.17% to 25,287.35.

• 09:19 | June 26, 2025

  HDB Financial IPO enters Day 2 with 0.37x subscription

  India’s largest NBFC public issue, HDB Financial Services, enters day two with a moderate response. The IPO has been subscribed 0.37 times, as it received bids for 4.86 crore shares against 13.04 crore shares on offer. The IPO has come out with a price band ₹700-740 a share. The mega ₹12,500-crore IPO will close on June 27 (Friday). 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 ₹10 each comprises a fresh issue worth ₹2,500 crore and an offer for sale of up to ₹10,000 crore by HDFC Bank.

  Read more

  

  HDB Financial IPO enters Day 2 with 0.37x subscription

  HDB Financial Services IPO sees moderate response on day two, with price band of ₹700-740 per share.

• 17:42 | June 25, 2025

  HDB Financial Services IPO Live Updates: The company’s IPO gets 37 pc subscription on 1st day of bidding

  The initial public offer of HDB Financial Services Ltd, a subsidiary of HDFC Bank, received 37 per cent subscription on the first day of bidding on Wednesday.

  The initial share sale got bids for 4,85,98,380 shares against 13,04,42,855 shares on offer, as per NSE data.

  The category for non-institutional investors attracted 76 per cent subscription while the quota for Retail Individual Investors (RIIs) got subscribed 30 per cent. Qualified Institutional Buyers (QIBs) quota got subscribed 1 per cent.

  HDB Financial Services mopped up Rs 3,369 crore from anchor investors.

  The Rs 12,500-crore initial public offering (IPO) will conclude on June 27. The price band for the offer has been fixed at Rs 700-740 per share.

  At the upper end of the price band, the company is valued at nearly Rs 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 Rs 10,000 crore by the promoter, HDFC Bank.

  At present, HDFC Bank owns a 94.36 per cent stake in HDB Financial Services, a non-banking financial company (NBFC) arm of the bank.

  The company proposes to utilise 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.

  The HDB Financial IPO is the second biggest in the last three years after South Korean automaker Hyundai’s Rs 27,000-crore offer.

  JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India) Pvt Ltd, IIFL Capital Services, 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.

  The company’s shares are expected to be listed on the BSE and NSE on July 2. (PTI)

• 17:19 | June 25, 2025

  HDB Financial Services IPO live: booked 0.37 times 

  QIBs: 0.01 times

  NIIs: 0.76 times

  Retail: 0.30 times 

  Employee portion: 1.77 times

  Shareholders portion: 0.70 times

• 17:04 | June 25, 2025

  HDB Financial Services IPO live: booked 0.37 times 

  QIBs: 0.01 times

  NIIs: 0.76 times

  Retail: 0.30 times 

  Employee portion: 1.76 times

  Shareholders portion: 0.69 times

• 15:46 | June 25, 2025

  HDB Financial Limited IPO Live: Subscribed 0.31 times       

  HDB Financial Limited has been subscribed 0.31 times as at 3.54 pm on June 25, 2025.

  • NIIs: 0.58 times
  • Retail: 0.28 times
  • Employee reserved: 1.49 times
  • Shareholder portion: 0.59 times
  • QIBs: 0.01

  Total: 0.31 times

  (BSE data as at 3.54 pm)

• 15:44 | June 25, 2025

  HDB Financial Services IPO Live: Master Capital Services Ltd suggests investors to invest for long-term

  The credit growth of NBFCs which has trended above India’s GDP growth historically, is expected to continue to rise at a faster pace. NBFCs have shown remarkable resilience and gained importance in the financial sector ecosystem, growing from less than Rs 2 trillion AUM at the turn of the century to Rs 48 trillion at the end of FY25. 

  NBFCs AUM as of FY19 was approximately Rs 23 trillion which grew at a 6-year CAGR of 13.2% to Rs 48 trillion as of FY25. Rapid revival in the economy is expected to drive consumer demand on FY26, leading to healthy growth in NBFCs. 

  The NBFC credit is expected to grow at 15-17% between FY 25 and FY 28, driven by growth across retail, MSME and corporate segments continuing to be the primary drivers. 

  HDB Financial Services Limited being one of the leading and the fastest growing NBFC is well-positioned to capitalize on the growth opportunities within the sector and the company aims to diversify and expand addressable customer segments by widening and enhancing product offering and continue to expand pan-India omni-channel distribution network. Investors looking to invest can invest in the IPO for the long term.

  - Master Capital Services Ltd 

• 15:42 | June 25, 2025

  HDB Financial Services IPO Live: SMIFS Ltd says HDB is expected to outperform the sector

  With scalable operations, granular customer acquisition, diversified funding, and expanding fee-based revenues, HDB is expected to sustain its growth momentum, outperform the sector, and continue delivering healthy, sustainable returns. We recommend to subscribe to the issue as a good long term investment as the company aligns with the aggressive mindset of the parent and improvement in npa levels that have seen recent deterioration while the CAR levels post issue are adequate for the next 12-18 months.

  SMIFS 

• 15:39 | June 25, 2025

  Stock market live updates today: Sensex, Nifty 50 end higher; IT & media stocks shine

  Sensex ended 700.40 pts or 0.85% higher at 82,755.51 and Nifty 50 settled at 25,244.75, up by 200.40 pts or 0.8%.

• 15:37 | June 25, 2025

  HDB Financial Services IPO Live: Deven Choksey Research expects HDBFSL’s AUM and disbursements to grow 

  We expect that its AUM and disbursement will witness higher growth compared to FY25, led by higher urban and rural consumer demand driven by government’s intervention in reducing income tax rates, RBI’s efficient inflation management and expected cuts in GST rates for the overall consumption basket. 

  HDB’s initial issue is priced at 3.4x TTM P/B (considered equity raise for calculating TTM BV) compared to the peer average of 4.4x TTM P/B. We believe the issue is attractively priced considering its parentage, peer group ROA average and its growth potential. We assign a “SUBSCRIBE” rating to the initial issue of the HDB Financial Services.

  - Deven Choksey Research 

• 15:28 | June 25, 2025

  HDB Financial Services IPO Live: Canara Bank Securities emphasised HDB’s strong brand, despite valuation concerns. Some key concerns follow 

  Key risks, according to Canara Bank Securities, include a high cost-to-income ratio (42%) and 27% unsecured loan exposure, though mitigated by data-driven underwriting. Despite valuation concerns, HDB’s strong brand, stable financials, rural reach, and niche positioning offer long-term potential for medium-to-long-term investor 

• 15:19 | June 25, 2025

  HDB Financial Services IPO Live: BP WEALTH RECOMMENDS SUBSCRIBING TO THE ISSUE

  HDBFSL has reported a steady topline CAGR of 14.6% between FY23 and FY25. On the return front, HBDFSL has reported ROA at 2.1% in FY25 (vs 2.7% in FY24), while ROE declined from 17.9% in FY24 to 14.6% in FY25. GNPA and NNPA both increased from 1.9% and 0.6% in FY24 to 2.3% and 1.0% in FY25, respectively, as a result of slippages and write-offs during the fiscal. 

  Despite the relatively lower return ratios and profitability growth, we remain optimistic of the company’s longer -term growth trend supported by a strong brand parentage, diversified liability franchise supported by a strong credit rating of AAA and a pan-India presence. The issue is valued at a P/B ratio of 3.9x at the upper price band based on FY25 book value, which we believe to be fairly valued compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating to this issue from a long term perspective.

  - BP WEALTH 

• 15:09 | June 25, 2025

  HDB Financial Limited IPO Live: Subscribed 0.28 times      

  HDB Financial Limited has been subscribed 0.28 times as at 3.03 pm on June 25, 2025. 

  • NIIs: 0.51 times
  • Retail: 0.25 times
  • Employee reserved: 1.38 times
  • Shareholder portion: 0.52 times
  • QIBs: NIL

  Total: 0.28 times 

  (BSE data as at 3.03 pm) 

• 15:07 | June 25, 2025

  HDB Financial Services IPO Live: Valuation by Aditya Birla Money

  HDBFS, a fast-growing subsidiary of HDFC Bank, is set for a ₹12,500cr IPO with a valuation of ~₹61,253cr at 3.9x P/B basis FY25 book value. Its strong presence in semi-urban and underbanked markets, diversified and expanding loan portfolio, advanced digital capabilities, and robust financial performance underscore its compelling long-term investment potential. 

  - Aditya Birla Money

• 14:45 | June 25, 2025

  HDB Financial Services IPO Live: Chola Securities assigns ‘SUBSCRIBE’ rating for the IPO for listing gains

• 14:32 | June 25, 2025

  HDB Financial Limited IPO Live: A C Choksi Share Brokers Pvt. Ltd. says to apply for long-term/ listing gain

  Backed by strong parentage, AAA-rated credit profile, and an expanding footprint, A C Choksi Share Brokers Pvt. Ltd. says HDB is positioned to leverage growth in underserved segments. However, challenges around rising NPAs, elevated credit costs, and subdued ROEs remain near-term watchpoints.

• 14:26 | June 25, 2025

  HDB Financial Limited IPO Live: Subscribed 0.24 times     

  HDB Financial Limited has been subscribed 0.24 times as at 2.21 pm on June 25, 2025. 

  • NIIs: 0.44 times
  • Retail: 0.23 times
  • Employee reserved: 1.28 times
  • Shareholder portion: 0.45 times
  • QIBs: NIL

  Total: 0.24 times 

  (BSE data as at 2.21 pm) 

• 14:24 | June 25, 2025

  HDB Financial Services IPO Live: SBI Securities’ recommends investors to subscribe 

  Valuation: The company is valued at an FY25 P/B of 3.2x/3.4x at post\u0002issue capital at the lower price band & upper price band respectively. The company is backed by strong parentage, brand, governance, risk management and a high credit rating. It is one of the largest NBFCs catering to the 2 nd largest customer franchise. The company is well placed to register healthy growth going ahead, while witnessing an improvement in the asset quality. SBI Securities recommend investors SUBSCRIBE to the issue at the cut-off price.

• 14:14 | June 25, 2025

  HDB Financial Services IPO Live: Valuation | Gaurav Garg, Lemonn Markets Desk

  At the upper end of the price band, HDB is valued at a price-to-earnings (P/E) ratio of 27.01x and a price-to-book (P/B) ratio of 3.72x. This places it above peers like L&T Finance and Mahindra Finance, and in line with Sundaram Finance and Cholamandalam, but below the premium commanded by Bajaj Finance.

  - Gaurav Garg, Lemonn Markets Desk

• 14:09 | June 25, 2025

  HDB Financial Services IPO Live: SBI Securities’ lists 5 risk factors

  • Further stake sale by parent HDFC Bank can be overhang on the stock price: The parent HDFC Bank may have to decrease its holding from 74.2% (post-issue @ UB) to less than 20% in a span of 2 years, according to the draft circular by the RBI, which was issued on 4th October 24. 

  • Asset quality risk: The company’s Gross Stage 3 Loans accounted for 2.3% of the gross loans as of Mar’25, which may adversely affect the company’s financials in case of non-payment or default. 

  • Unsecured loan risk: Unsecured loans accounted for 27.0% of the company’s gross loans as of Mar’25. 

  • Liquidity risk: Any asset-liability mismatch may cause liquidity concerns affecting the results of operations and financial condition

  • Regulatory risk: The NBFC industry is highly regulated by the Reserve Bank of India, and any adverse regulations or any failure to comply with a regulation may have an adverse impact on the business. 

  - SBI Securities

• 13:39 | June 25, 2025

  Stock market live updates: Mid-market | IT stocks led gains, defence majors in red

  All IT stocks traded in green, led by Mphasis, LTIMindtree, Infosys. Tech Mahindra and HCL Tech.

  Among the defence index, Dynamatic Technologies and Cyient DLM traded with 1-3 per cent gains, while Data Patterns, GRSE, Paras Defence, BEL and Mazagon Dock depreciated 2-4 per cent.

  Read more

  

  Top movers today June 25: Sensex zooms over 680 pts, IT stocks led gains, defence majors BEL, Mazagon, GRSE, Cochin Shipyard, BDL in red

  Top gainers losers today: Among Nifty 50, shares of Titan, Infosys, Tata Consumer Products, Tech Mahindra and Eternal led the gainers, while Bharat Electronics, Kotak Mahindra, Axis Bank, Eicher Motors and ICICI Bank dragged.

• 13:31 | June 25, 2025

  HDB Financial Limited IPO Live: Subscribed 0.20 times    

  HDB Financial Limited has been subscribed 0.20 times as at 1.27 pm on June 25, 2025. 

  • NIIs: 0.32 times
  • Retail: 0.19 times
  • Employee reserved: 1.19 times
  • Shareholder portion: 0.39 times
  • QIBs: NIL

  Total: 0.20 times 

  (BSE data as at 1.27 pm) 

• 13:30 | June 25, 2025

  HDB Financial Services IPO Live: Recommendation from Mehta Equities 

  We believe HDB Financial Services Ltd IPO brings investors an opportunity to invest in one of India’s leading and fastest-growing diversified NBFCs, with a well-balanced loan portfolio across Enterprise Lending, Asset Finance, and Consumer Finance. 

  We think as it is backed by the brand strength and operational discipline of its promoter, HDFC Bank, HDB has demonstrated consistent growth, strong underwriting capabilities, and resilient asset quality— evidenced by its low GNPA and NNPA ratios. We also think with over 19 million customers, a granular loan book, and a robust phygital distribution network of 1,771 branches and 140,000+ retail touchpoints, the company is well positioned to capture underpenetrated credit demand, particularly among “new to credit” borrowers. By looking at the financials, the company has demonstrated a a revenue growth of 14.3% in FY2024 and 15% in FY2025, with net profit rising by 25.6% in FY2024, though witnessing a modest decline of 11.6% in FY2025, mainly on account of two- fold increase in provision. 

  On valuation parse at the upper price band of ₹740/-, the issue is asking a market cap of ₹ 61,388 cr. Based on FY 2025 earnings and fully diluted post-IPO paid up capital, the company is asking for Price to book ratio (P/B) of 3.5x which seems fairly valued looking at its industry average ~3.5-4x. 

  Given its strong parentage, proven execution across cycles, diversified loan mix, and digital-first approach, we believe HDB Financial Services is well positioned to benefit from India’s ongoing financial inclusion and expanding retail credit demand.

  Hence, looking at all attributes we recommend investors to “SUBSCRIBE” the HDB Financial Services Ltd IPO for long term perspective.

  Mehta Equities 

• 12:46 | June 25, 2025

  HDB Financial Limited IPO Live: Subscribed 0.17 times   

  HDB Financial Limited has been subscribed 0.17 times as at 12.42 pm on June 25, 2025. 

  • NIIs: 0.27 times
  • Retail: 0.17 times
  • Employee reserved: 1.07 times
  • Shareholder portion: 0.33 times
  • QIBs: NIL

  Total: 0.17 times 

  (BSE data as at 12.42 pm) 

• 12:42 | June 25, 2025

  HDB Financial Services IPO Live: IPO recommendation | Nirmal Bang compares HDB with peers 

  We compare HDB with Bajaj Finance and also with other vehicle, MSME, Consumer financiers like Chola, M&M Finance, Shriram Finance and L&T Finance. HDB’s asset quality is superior to peers on the back of its strong ownership and management pedigree. Its loan growth has been in line with peers over last 3 years. However we note that owing to HDB’s prudent focus on quality of customers, it earns a lower spread vis-à-vis peers. Also HDB’s operational cost is elevated. Thus HDB has managed to deliver ROA in the range of between 2 to 3% over last 3 years with FY25 post IPO ROA of 2.0%. This is below the peer average of 3.2% and Bajaj Finance’s 5.0% witnessed in FY25. Although we believe that HDB should be valued at a substantial discount to Bajaj Finance, its superior parentage and asset quality performance lead us to believe that it is attractively valued from a long term perspective upon comparing with Chola which has ROA of 2.4% and is being valued at 5.5x FY25 compared to HDB’s 3.4x (post IPO). Also HDB’s valuation is in line with the peer average which provides us comfort. Therefore, we recommend SUBSCRIBE to the issue, with a Long-term POSITIVE outlook

  Nirmal Bang

• 12:37 | June 25, 2025

  HDB Financial Services IPO Live: Tarun Singh, MD and Founder, Highbrow Securities, says the launch timing coincides with a Goldilocks period for NBFCs

  Timing the Tide: Cyclical Sweet Spot or Regulatory Compulsion?

  The IPO’s June launch coincides with a Goldilocks period for NBFCs – credit growth remains robust at 15%+, asset quality metrics have normalized post-pandemic, and risk appetite is returning to rural markets. However, beneath these favorable conditions lurk structural challenges: rising cost of funds (HDB’s NIMs compressed 30 bps in FY24), increasing competition from new-age fintechs, and the perennial volatility of unsecured lending (27% of HDB’s portfolio). 

  HDFC Bank’s decision to monetize part of its 94% stake through a ₹10,000 crore OFS while retaining 74% ownership suggests cautious optimism – they’re taking money off the table but maintaining skin in the game. The fresh ₹2,500 crore capital infusion will strengthen HDB’s tier-1 capital adequacy (currently at 16.8%), providing ammunition to chase growth while maintaining healthy buffers. For investors, the key consideration isn’t whether HDB is a good company (its 2.26% GNPA and 23% CAGR loan book growth confirm it is), but whether it can translate its HDFC lineage and pan-India presence into superior returns in a maturing market. 

  In many ways, HDB’s IPO represents the NBFC sector’s transition from its “wild west” days to a more regulated, institutional phase. Its performance post-listing will reveal much about public market appetite for steady, diversified lenders in an environment where specialists often steal the spotlight. The company’s fate won’t just belong to its shareholders, but will serve as a barometer for the entire NBFC sector’s next chapter.

  - Tarun Singh, MD and Founder, Highbrow Securities, says 

• 12:18 | June 25, 2025

  HDB Financial IPO Live Today: Not dependent on HDFC Bank for operational purposes, says HDB Financial CEO

  IPO-bound non-banking finance company (NBFC) HDB Financial Services does not get or give any business leads to HDFC Bank or share any office space with the latter, and is not reliant on its parent for operational purposes, MD & CEO G Ramesh, told businessline in an interaction. 

  “We originate our business ourselves, we don’t get any leads from any of our promoter companies. We underwrite our own business, and operate 1,771 branches of HDB Financial Services. They are our own branches and there is no shared space with HDFC Bank. And our technology stack is different than the bank, which makes our business independent,” he said.

  His comments come in the backdrop of the Reserve Bank of India’s (RBI) 2024 draft norms which state that only a single entity within a bank group can undertake a particular form of permissible business. 

  Report by Piyush Shukla of businessline | Read more

  

  Not dependent on HDFC Bank for operational purposes: HDB Financial CEO

  HDB Financial Services, an IPO-bound NBFC, operates independently from HDFC Bank, with an upcoming IPO on June 25.

• 12:07 | June 25, 2025

  HDB Financial Limited IPO Live: Subscribed 0.14 times  

  HDB Financial Limited has been subscribed 0.14 times as at 12.03 pm on June 25, 2025. 

  • NIIs: 0.20 times
  • Retail: 0.14 times
  • Employee reserved: 0.96 times
  • Shareholder portion: 0.27 times
  • QIBs: NIL

  Total: 0.14 times 

  (BSE data as at 12.03 pm) 

• 11:58 | June 25, 2025

  HDB Financial Services IPO Live: Tarun Singh, MD and Founder, Highbrow Securities, shares on sector significance

  Beyond the HDFC Halo

  HDB’s IPO crystallises three critical trends in Indian finance. 

  First, it underscores the RBI’s push to bring systemically important NBFCs (like HDB, classified in the “upper layer”) under greater market discipline through public listings. 

  Second, it highlights how banks are reluctantly reducing stakes in lucrative NBFC subsidiaries ahead of anticipated ownership caps.

  Third, and most importantly, the offering serves as a referendum on whether generalist NBFCs can command premium valuations in a market that increasingly rewards niche lenders. 

  - Tarun Singh, MD and Founder, Highbrow Securities, says 

  Stay tuned. More to come

• 11:53 | June 25, 2025

  HDB Financial Services IPO Live: IDBI Capital highlights regulatory overhand on overlap of business activities with parent

  At upper price band, IPO is priced at 3.2x FY25 P/BV post capital raise (V/s its close peer Chola Fin-5.5x) with 2.2% ROA. We recommend SUBSCRIBE for long term. Key risk: Regulatory overhang on overlap of business activities with the parent. 

  - IDBI Capital 

• 11:45 | June 25, 2025

  HDB Financial Services IPO Live: Tarun Singh, MD and Founder, Highbrow Securities, calls it a bellwether for India’s NBFC Sector

  The ₹12,500 crore HDB Financial Services IPO marks a pivotal moment for India’s NBFC sector – not just as the largest NBFC debut to date, but as a test case for how public markets value diversified lenders in an era of tightening regulations and evolving credit demand. Coming at a time when RBI is pushing large NBFCs toward listing (with a September 2025 deadline), this IPO represents both a regulatory compliance exercise and a strategic coming-of-age for HDFC Bank’s 17-year-old shadow lending arm. The timing is telling: with credit growth outpacing GDP expansion and NBFCs capturing 40% of new retail loans, HDB’s public listing offers a calibrated entry point into India’s formalisation of credit. 

  - Tarun Singh, MD and Founder, Highbrow Securities, says

  Stay tuned. More to come

• 11:38 | June 25, 2025

  HDB Financial Limited IPO Live: Subscribed 0.12 times 

  HDB Financial Limited has been subscribed 0.12 times as at 11.36 am on June 25, 2025. 

  • NIIs: 0.17 times
  • Retail: 0.12 times
  • Employee reserved: 0.84 times
  • Shareholder portion: 0.22 times
  • QIBs: NIL

  Total: 0.12 times 

  (BSE data as at 11.36 am) 

• 11:32 | June 25, 2025

  HDB Financial Services IPO Live: Kunvarji Wealth Solutions says subscribe with long-term view

  We recommend to subscribe this IPO with long term view, as With its robust brand, varied loan portfolio, and wide distribution network, the company which is supported by HDFC Bank offers a great chance. With a focus on digital infrastructure and underbanked segments, it is well-positioned for long-term growth. Considering the company’s constant growth in its headline numbers and the recent rate cut by the RBI will improve liquidity and reduces borrowing costs, which will benefits the company.

  - Kunvarji Wealth Solutions 

• 11:02 | June 25, 2025

  HDB Financial IPO Live: Meet the 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.

• 11:00 | June 25, 2025

  HDB Financial IPO Live: Anchor portion

  HDB Financial Services, a subsidiary of HDFC Bank, has garnered Rs 3,369 crore from anchor investors, according to an update on the exchange.

  The anchor round saw participation from a host of investors such as domestic mutual funds, insurance companies, and foreign entities, according to a circular uploaded on the BSE website on Tuesday.

  Life Insurance Corporation of India, ICICI Prudential Mutual Fund (MF), SBI MF, Nippon India MF, ICICI Prudential Life Insurance, BlackRock, Royal Bank of Canada, Allianz Global Investors, Morgan Stanley, Prudential plc, Copthall Mauritius Investment, APG Asset Management, Baillie Gifford, Norway’s Government Pension Fund Global, and Goldman Sachs have participated in the anchor round.

  Abu Dhabi Investment Authority, British multinational Schroder, Fidelity Investments, Societe Generale, and Tata Investment Corporation, among others, have also been allotted shares in the anchor round.

  According to the circular, HDB Financial Services has allotted over 4.55 crore equity shares to 141 entities at Rs 740 per equity share, which is the upper end of the IPO price band, aggregating the transaction size to Rs 3,368.99 crore.

  Of the total equity share allocation to the anchor investors, the company has allocated nearly 1.94 crore shares to 22 domestic mutual funds that have applied for the public issue through 65 schemes, the circular said.

  PTI

• 10:56 | June 25, 2025

  HDB Financial Limited IPO Live: Anand Rathi assigns “SUBSCRIBE” rating

  “HDB Financial Services Ltd. is India’s second largest and third-fastestgrowing NBFC franchise, serving 19.2 million customers as of March 31, 2025, with a CAGR of 25.45% over two years. Its growth is supported by financial inclusion initiatives, and it offers 13 lending products across Enterprise Lending, Asset Finance, and Consumer Finance, tailored by loan type, customer profile, tenure, and interest rate. They have built a pan-India hybrid presence, comprising over 1,771 physical branches across more than 1,170 towns and cities in 31 States and Union Territories as of March 31, 2025, supported by a digitally enabled distribution network through both in-house and third-party channels. They intend to further diversify their funding sources by expanding and strengthening their lender base, with the goal of optimising leverage and reducing the average cost of borrowings. At the upper price band, the company’s FY25 price-to-book (P/B) ratio stands at 3.7x, with a post-issue market capitalization of ₹6,13,879.4 million. 

  Backed by the strong parentage of HDFC Bank, India’s second largest private bank by total assets, the company offers a well-diversified product portfolio with robust granularity, scale, and sound lending quality. We consider the IPO fairly valued and recommend a “SUBSCRIBE” rating.”

  Anand Rathi

• 10:52 | June 25, 2025

  HDB Financial Limited IPO Live: Subscribed 0.08 times 

  HDB Financial Limited has been subscribed 0.08 times as at 10.48 am on June 25, 2025.

  • NIIs: 0.12 times
  • Retail: 0.09 times
  • Employee reserved: 0.59 times
  • Shareholder portion: 0.15 times
  • QIBs: NIL

  Total: 0.08 times 

  (BSE data as at 10.48 am) 

• 10:48 | June 25, 2025

  HDB Financial Limited IPO Live: Centrum Broking recommends subscribing due to these reasons

  HDB Financial Limited IPO:

  We recommend a SUBSCRIBE rating to the issue, supported by: 

  1) A robust brand franchise and granular retail lending model, 

  2) A wide-reaching Omni-channel (phygital) distribution platform, and 

  3) Access to low-cost funding anchored by a AAA-rated credit profile.

  - Centrum Broking

• 10:39 | June 25, 2025

  HDB Financial Services IPO Live: Sharekhan expects a healthy listing gain 

  Sharekhan IPO report mentions, HDB Financial Services is valued at an FY25 price-to-book ratio of ~3.2x/~3.4x at post-issue capital at the lower price band & upper price band respectively, which is reasonable as compared to its peers considering the growth and return ratio profile. 

  “Strong parentage and much smaller in size as compared its core peer (Bajaj Finance) provides a long runway for growth. Additionally, favourable macro environment will act as tailwind for the sector in the near to medium term. We expect healthy listing gains and remain assertive from a medium to long-term perspective.”

• 10:30 | June 25, 2025

  HDB Financial Services IPO Live: 6 key risks of business according to Bajaj Broking analysts is as follows:

  ❑ Asset Quality: High exposure to unsecured loans and MSMEs increases the risk of defaults, especially during economic stress. ❑ Geographic Concentration: Over 80% of branches are in semi-urban/rural areas, which may be more vulnerable to economic or monsoon-related disruptions. 

  ❑ Liquidity & Interest Rate Risk: As an NBFC, HDB relies on borrowed funds. Tightening liquidity or rising interest rates could impact margins and loan growth. 

  ❑ Regulatory Risk: RBI’s evolving norms for NBFCs could affect operations, compliance costs, and capital requirements. 

  ❑ Competition: Intense competition from banks, fintechs, and other NBFCs may pressure yields and affect credit quality. 

  ❑ Limited Transparency: Being unlisted, HDB provides less public disclosure than listed peers, limiting investor visibility

• 10:25 | June 25, 2025

  HDB Financial Services IPO Live: Booked 4% so far

  HDB Financial Services IPO has been subscribed 0.04 times as at 10.18 am on June 25, its opening day.

  The NII portion has been booked 0.07 times, retail 0.05 times, employee portion 0.29 times and reserved for shareholders 0.07 times. QIBs were NIL.

• 10:13 | June 25, 2025

  IPO listing live news today: Influx Healthtech debuts at 38% premium

  Influx Healthtech stock traded flat on NSE Emerge at ₹132.20 as at 10.11 am after listing at ₹132.50, a premium of 38% against the issue price of ₹96.

• 10:11 | June 25, 2025

  IPO listing news today live: Arisinfra Solutions stock lists at discount

  Arisinfra Solutions stock rose 1.55% on the NSE to ₹208.18 as at 10.09 am after listing at ₹205, a 7.65% discount from the IPO price of ₹222.

• 09:27 | June 25, 2025

  HDB Financial Services IPO Live: Choice Broking recommends subscribing for long-term

  Valuation:

  HFSL is the seventh largest leading, diversified retail-focused NBFC in India in terms of the size of total gross loan. The company is categorized as an Upper layer NBFC (NBFC-UL) by RBI. Its lending products are offered through three business verticals which is Enterprise lending (39.3%), Asset lending (38%) and consumer finance (22.7%). The company’s loan book comprises 73% secured loans and 27% unsecured loans, with its customer base primarily consisting of salaried individuals, self-employed professionals, and business owners. GNPA stood at 2.3% and NNPA at 1% for FY25. 

  At the higher price band, the issue is valued at a P/BV of 3.4x (based on post-issue BVPS), which is in line with the peer average, making the issue appear fully priced. While the company has delivered steady growth in interest income driven by the expansion of its gross loan book, profitability has been impacted by interest rate volatility, leading to a decline in PAT for FY25. 

  Additionally, the NIM has been under pressure and remains lower compared to peers. The declining ROE and PCR further underscore operational concerns. Although the company is well-positioned for long-term growth, supported by its strong brand and expanding customer base, considering the near-term operational challenges, we recommend a “Subscribe For Long Term” rating for this issue

  -Choice Broking

• 09:15 | June 25, 2025

  HDB Financial’s ₹12,500 crore mega IPO opens today at ₹700–740 per share

  India’s largest NBFC public issue, HDB Financial Services, will hit the primary market today at a price band ₹700-740 a share. The mega ₹12,500-crore IPO will close on June 27 (Friday). 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 ₹10 each comprises a fresh issue worth ₹2,500 crore and an offer for sale of up to ₹10,000 crore by HDFC Bank.

  Read more

  

  HDB Financial Services ₹12,500 cr IPO opens at ₹700–740 price band

  India’s largest NBFC public issue, HDB Financial Services, will hit the primary market today at a price band ₹700-740 a share.

Published on June 25, 2025