HDB Financial Services and HDFC Bank logos are seen in this illustration taken June 19, 2025. REUTERS/Dado Ruvic/Illustration | Photo Credit: Dado Ruvic
HDFC 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 subscribed on day 2.
Issue date
- Open: June 25, 2025
- Close: June 27, 2025
Anchor portion - ₹3,369 crore
Price band, issue size
- ₹700-₹740 per share.
- At the upper end of the price band, the company is valued at ₹61,400 crore.
- Fresh issue of equity shares worth ₹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.
Listing date
The shares are likely to debut on the BSE and NSE on July 2, 2025.
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- 13:08 | June 27, 2025
HDB Financial Services IPO live: booked 3.91 times so far on last day of bidding
HDB Financial Services IPO has been booked 3.91 times as at 1 pm on June 27.
- QIBs: 7.69 times
- NIIs: 6.29 times
- Retail: 1.00 times
- Employee portion: 4.28 times
- Shareholders portion: 3.02 times
Total: 3.91 times
- 13:05 | June 27, 2025
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- 12:46 | June 27, 2025
HDB Financial Services IPO live: booked 3.76 times so far on last day of bidding
HDB Financial Services IPO has been booked 3.76 times as at 12.42 pm on June 27.
- QIBs: 7.43 times
- NIIs: 5.98 times
- Retail: 0.98 times
- Employee portion: 4.20 times
- Shareholders portion: 2.94 times
Total: 3.76 times
- 12:21 | June 27, 2025
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- 12:11 | June 27, 2025
HDB Financial Services IPO Live: HDB $1.5 Billion India IPO Sold Out as Wealthy Investors Pile In - Bloomberg
HDB Financial Services Ltd.’s $1.5 billion initial public offering, one of India’s biggest this year, sold out amid demand from wealthy investors seeking to buy a piece of the shadow-lending unit of the country’s top private bank.
The offering received bids for 242.8 million shares as of Friday afternoon in Mumbai, versus the 130.4 million shares offered, according to data available on the BSE bourse’s website. Individual investors that bid for more than 1 million rupees of shares were the biggest group bidding for the stock.
The portion reserved for qualified institutions was also fully subscribed, while the quota for retail investors was slightly short.
The share sale comes amid a rebound in the benchmark NSE Nifty 50 Index, and may serve as a barometer of demand for large Indian issuances ahead. The index has come off its correction and is trading less than 5% shy of its peak in September.
There are some potentially bigger deals that are expected to take place this year, including those of Tata Capital Ltd. and LG Electronics Inc.’s Indian unit.
India emerged among world’s busiest markets for capital raising in 2024. After a recent lull, block trades, institutional share placements and IPOs are picking up.
HDB Financial raised 33.7 billion rupees by allocating shares to anchor investors including Life Insurance Corp. of India, the country’s biggest insurer, and domestic mutual funds. Funds managed by Morgan Stanley and Allianz SE were among the global investors.
More stories like this are available on bloomberg.com
- 12:08 | June 27, 2025
HDB Financial Services IPO live: booked 2.21 times so far on last day of bidding
HDB Financial Services IPO has been booked 2.21 times as at 12.03 pm on June 27.
- QIBs: 2.05 times
- NIIs: 5.12 times
- Retail: 0.91 times
- Employee portion: 3.69 times
- Shareholders portion: 2.66 times
Total: 2.21 times
- 11:53 | June 27, 2025
HDB Financial Services IPO Live: Gaurav Garg, Lemonn Markets Desk, shares insights on subscription on Day 2
“The initial public offering of HDFC Bank’s non-banking financial subsidiary attracted solid investor interest, garnering bids for 15,11,23,780 shares against the 13,04,42,855 shares on offer, resulting in an overall subscription of 1.16 times by the end of Day 2, according to NSE data.
Among investor categories, non-institutional investors (NIIs) led the momentum, oversubscribing their allotted quota by 2.29 times. Qualified institutional buyers (QIBs) followed, bidding for 90% of their segment, while retail participation remained modest at 0.64 times. In the reserved categories, the employee portion witnessed robust interest with a 2.97x subscription, and the shareholder category was booked 1.68 times.”
- Gaurav Garg, Lemonn Markets Desk
- 11:25 | June 27, 2025
HDB Financial Services IPO live: booked 1.93 times so far on last day of bidding
HDB Financial Services IPO has been booked 1.93 times as at 11.21 am on June 27.
- QIBs: 1.61 times
- NIIs: 4.49 times
- Retail: 0.85 times
- Employee portion: 3.54 times
- Shareholders portion: 2.45 times
Total: 1.93 times
- 11:24 | June 27, 2025
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- 11:04 | June 27, 2025
HDB Financial Services IPO: A Bellwether for India’s NBFC Sector, says Tarun Singh, MD and Founder, Highbrow Securities
Significance: Beyond the HDFC Halo
HDB’s IPO crystallizes 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
- 10:42 | June 27, 2025
HDB Financial Services IPO live: booked 1.61 times so far on last day of bidding
HDB Financial Services IPO has been booked 1.61 times as at 10.39 am on June 27.
- QIBs: 0.91 times
- NIIs: 3.98 times
- Retail: 0.78 times
- Employee portion: 3.32 times
- Shareholders portion: 2.22 times
Total: 1.61 times
- 10:13 | June 27, 2025
HDB Financial Services IPO Live: Subscribed 1.32 times so far
HDB Financial Services has been booked 1.32 times as at 10.09 am on June 27, 2025. IPO ends today.
QIBs have been booked 0.90 times, NIIs 2.87 times, retail 0.70 times, employee portion 3.07 times and shareholder portion 1.89 times.
To know more about Day 1 & Day 2 highlights, head here
HDB Financial Services IPO Day 2 Highlights: ₹12,500 cr issue of the year, fully subscribed on day 2
HDB Financial Services IPO GMP Day 2 Updates: The ₹12,500 crore IPO of HDFC Bank’s subsidiary, HDB Financial Services, opened for public subscription today June 25, 2025. Concludes on June 27, 2025. Subscription data The IPO has been subscribed 0.37 times, as it received bids for 4.86 crore shares against 13.04 crore shares on offer. NII portion was booked 0.76 times, retail 0.30 times, employee portion 1.77 times, shareholders’ portion 0.70 times and QIBs 0.01 times. 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.
- 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.
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
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