The HDB Financial Services IPO, one of the most anticipated and largest NBFC public issues of the year, closed on June 27, 2025, with an impressive subscription rate of 16.69 times. The ₹12,500 crore IPO, backed by HDFC Bank, witnessed strong demand from investors across all categories. The IPO comprised a fresh issue of ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by its parent company, HDFC Bank.
The IPO price band was fixed between ₹700 and ₹740 per equity share, with a face value of ₹10 each. Ahead of the IPO launch, HDB Financial Services had already secured ₹3,369 crore from anchor investors by allotting 4.55 crore shares at ₹740 apiece, the upper end of the price band.
The qualified institutional buyers (QIBs) showed immense interest, subscribing 55.47 times their reserved portion, while non-institutional investors (NIIs) subscribed 9.98 times. Retail individual investors (RIIs) showed comparatively muted interest, subscribing 1.40 times their allocated quota. The employee and shareholder reservation portions were subscribed 5.70 times and 4.25 times, respectively. The strong investor response makes HDB Financial's IPO the most subscribed offering over $1 billion since Zomato's in 2021.
The grey market premium (GMP) for HDB Financial Services IPO has seen some fluctuation. On June 27, 2025, the GMP was around ₹54-₹62, indicating a premium of about 8% over the upper end of the price band. Market observers indicated a GMP of ₹54 per share, estimating the listing price at ₹794 apiece, a 7.30% premium to the issue price of ₹740 per share. However, experts have cautioned investors against relying solely on GMP, as these prices are subject to change before listing.
The allotment of shares is expected to be finalized on Monday, June 30, 2025. Refunds for unsuccessful bidders will commence on Tuesday, July 1, 2025, and shares will be credited to the Demat accounts of successful applicants on the same day. HDB Financial Services is expected to make its debut on the BSE and NSE on Wednesday, July 2, 2025.
Investors can check their allotment status through the BSE and NSE websites, as well as the official portal of the IPO registrar, MUFG Intime India Private Limited (Link Intime).
