HDB Financial Services logo is seen in this illustration taken June 19, 2025. REUTERS/Dado Ruvic/Illustration | Photo Credit: Dado Ruvic
HDB Financial Services IPO GMP Live 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.
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.
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- 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.
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 HaloHDB’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.
HDB Financial Services ₹12,500 cr IPO opens at ₹700–740 price band
HDB Financial Services ₹12,500 crore IPO opens today at ₹700–740. Anchor investors include LIC, BlackRock. Offer closes June 27 with quotas for all investor types.
Published on June 25, 2025
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