HDB Financial Services IPO Day 3 Subscription Status, GMP Today: The HDB Financial Services IPO is going to be closed on today, Friday, June 27. The price band of the IPO has been fixed at Rs 700-740 per share. Till 10:14 am on the final day of bidding on Friday, the Rs 12,500-crore IPO received a 1.47 times subscription, garnering bids for 18,15,65,020 shares as against the 12,33,91,893 shares on offer.
The retail and NII participation stood at 0.78 times and 3.29 times, respectively. Its qualified institutional buyer (QIB) category got a 0.94 times subscription.
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The public issue is the biggest IPO of 2025 so far, surpassing the Rs 8,750-crore issue by Hexaware Technologies earlier this year.
The IPO is a fresh issue of Rs 2,500 crore and an offer for sale (OFS) of Rs 10,000 crore by parent HDFC Bank, which holds 94.3 per cent stake.
It received a 0.40x subscription on Day 1 and a 1.23x subscription on Day 2.
Investors are keenly watching the grey market price of HDB Financial Services IPO, which reflects the demand for the issue before the launch.
HDB Financial IPO GMP Today
According to market observers, the GMP of the HDB Financial Services IPO is 8.11% today.
The GMP is based on market sentiments and keeps changing. 鈥楪rey market premium鈥 indicates investors鈥 readiness to pay more than the issue price.
HDB Financial IPO Allotment Date And Listing Date
The company鈥檚 IPO will remain open for public subscription next week 鈥 between June 25 and June 27. Anchor investors will be able to participate on June 24. Its allotment will take place on June 30, while shares will be listed on both BSE and NSE on July 2.
HDB Financial IPO Shareholder Quota, Other Reservations
According to the red herring prospectus, 10% of the Rs 12,500-crore IPO is reserved for shareholders.
As the HDB Financial Services IPO has a shareholders quota, investors must have at least one HDFC Bank share to be eligible for the shareholders category. It will raise their chances of IPO allotment. So, those who have shares of HDFC Bank can participate in the shareholders category in the IPO.
The cut-off date for eligibility in shareholder鈥檚 quota was June 19, 2025. It means the last day to buy HDFC Bank鈥檚 shares to be eligible for the HDB financial IPO鈥檚 shareholders quota was June 18.
Apart from this, nearly 31.44% of the IPO is reserved for retail investors, 44.92% for QIBs, 13.48% for NIIs, and 0.16% for employees.
The IPO Objective
The IPO is primarily in response to the Reserve Bank of India鈥檚 2022 regulation mandating all large NBFCs categorised as 鈥渦pper layer鈥 to be listed on the stock exchange by September 2025.
Should You Subscribe For HDB Financial IPO?
Bajaj Broking has recommended subscribe for long term for HDB Financial Services IPO.
Bajaj Broking said despite grey market indications of a higher value, the pricing appears aligned with peers like Bajaj Finance and Shriram Finance on a price-to-book basis.
鈥淰aluation is supported by long-term structural tailwinds in NBFC lending, especially to underserved segments. However, near-term asset quality and margin pressures pose risks. Investors with a medium- to long-term outlook may find the issue attractive, provided the company sustains growth while improving operating efficiency and asset quality post-listing,鈥 It added.
SBI Securities IPO report mentions, 鈥淗DB Financial Services Ltd (HDBFS) is categorized as an upper-layer NBFC by the Reserve Bank of India. It is the 4th largest diversified retail-focused NBFC (by Gross Loan Book size) as of Mar鈥25. It is a subsidiary of HDFC Bank, which is the largest private sector bank in India in terms of total assets as of Mar鈥25. The company鈥檚 Assets Under Management (AUM) stood at Rs 1,073 bn as of Mar鈥25.
HDBFS offers a diversified portfolio of products through its 3 business verticals. As of FY25, the share of Enterprise Lending stood at 39.3%, the share of Asset Finance stood at 38.0% and the share of Consumer Finance stood at 22.7% of the gross loan book. The company operates through an Omni-channel 鈥減hygital鈥 distribution model that combines a large network of branches, in-house tele-calling teams and various external distribution and channel partners. As of Mar鈥25, it has a strong pan-India presence with a wide network of 1,771 branches across 31 States & UTs.鈥
Sharekhan IPO report mentions, 鈥淭he company 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鈥.
About HDB Financial Services
Founded in 2007, HDB Financial Services provides a broad range of retail loans under three business verticals 鈥 enterprise lending, asset finance, and consumer finance. It focuses on both secured and unsecured loans, including personal loans and loans against property, particularly catering to underbanked segments.
As of September 30, 2024, the company had a gross loan book of Rs 98,620 crore, with a CAGR of 20.93% from March 2022. Its FY24 profit stood at Rs 2,460 crore, with a CAGR of 55.9% over FY22-FY24.
In its DRHP, the company noted that its loan book is highly diversified, with the top 20 customers contributing less than 0.36% of total gross loans. The average loan ticket size was around Rs 1.45 lakh as of September 30, 2024.
The company had initially filed its DRHP on October 30, 2023, and received SEBI鈥檚 approval at the end of May 2025.