HDB Financial Services IPO: Price band set at ₹700-740 per share; check GMP, issue details, more

HDB Financial Services IPO price band: The HDB Financial Services IPO price band has been fixed in the range of ₹700 to ₹740 per equity share of the face value of ₹10. The HDB Financial Services IPO date of subscription is scheduled for Wednesday, June 25, and will close on Friday, June 27. The allocation to anchor investors for the HDB Financial Services IPO is scheduled to take place on Tuesday, June 24.

The floor price and the cap price are 70 times and 74 times the face value of the equity shares, respectively. HDB Financial Services IPO lot size is 20 equity shares and in multiples of 20 equity shares thereafter.

HDB Financial Services IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee reservation portion has been reserved equity shares aggregating up to ₹200 million, and HDFC Bank shareholder reservation portion consists of equity shares aggregating up to ₹12,500 million.

Tentatively, HDB Financial Services IPO basis of allotment of shares will be finalised on Monday, June 30, and the company will initiate refunds on Tuesday, July 1, while the shares will be credited to the demat account of allottees on the same day following the refund. HDB Financial Services share price is likely to list on BSE and NSE on Wednesday, July 2.

HDB Financial Services is expected to finalise the share allotment basis for its IPO on Monday, June 30. Refunds are set to be processed on Tuesday, July 1, and on the same day, shares will be credited to the demat accounts of those who were allotted shares, following the refunds. HDB Financial Services shares are anticipated to be listed on the BSE and NSE on Wednesday, July 2.

HDB Financial Services IPO details

The IPO consists of a fresh issue of ₹2,500 crore along with an offer for sale of ₹10,000 crore from HDFC Bank.

The net proceeds are intended to be used to enhance the company's Tier-I Capital base, allowing them to fulfill future capital needs for their various business segments, including Enterprise Lending, Asset Finance, and Consumer Finance. These needs are anticipated to emerge from the growth of the company's operations and assets, and to maintain adherence to the capital adequacy regulations established by the RBI as they may evolve.

JM Financial Limited, BNP Paribas, Bofa Securities India Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities & Capital Markets Pvt Ltd, IIFL Capital Services Limited, Jefferies India Private Limited, Morgan Stanley India Company Pvt Ltd, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, Nuvama Wealth Management Limited, and UBS Securities India Private Limited serve as the book running lead managers for the HDB Financial IPO, while MUFG Intime India Private Limited (Link Intime) acts as the registrar for the offering.

Company details

HDB Financial Services ranks as the seventh largest, diversified retail-focused non-banking financial company (NBFC) in India, with a total gross loan book amounting to ₹902.2 billion as of March 31, 2024, among its NBFC competitors, according to the CRISIL Report.

According to the red herring prospectus (RHP), the company's competitors include Bajaj Finance Ltd (with a P/E of 34.3), Sundaram Finance Ltd (with a P/E of 28.1), L&T Finance Ltd (with a P/E of 17.9), Mahindra & Mahindra Financial Services Ltd (with a P/E of 14.5), Cholamandalam Investment and Finance Company Ltd (with a P/E of 31.4), and Shriram Finance Ltd (with a P/E of 13.0).

The Reserve Bank of India (RBI) classifies the company as an Upper Layer Non-Banking Financial Company (NBFC-UL). The NBFC provides a diverse range of lending products designed to meet the needs of a growing customer base through an extensive omni-channel distribution network. HDFC Bank holds a 94.3% stake in HDB Financial prior to the IPO.

As of March 31, 2025, HDB Financial Services reported total gross loans of ₹1,068.8 billion, representing a compound annual growth rate (CAGR) of 23.54% from March 31, 2023, to March 31, 2025. Their assets under management reached ₹1,072.6 billion as of March 31, 2025, reflecting a CAGR of 23.71% from Fiscal 2023 to Fiscal 2025.

In fiscal 2025, the NBFC achieved a profit after tax of ₹21.8 billion, indicating a CAGR of 5.38% between Fiscal 2023 and Fiscal 2025.

HDB Financial Services IPO GMP today 

HDB Financial Services IPO GMP today is +83. This indicates HDB Financial Services share price was trading at a premium of ₹83 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of HDB Financial Services share price is indicated at ₹823 apiece, which is 11.22% higher than the IPO price of ₹740.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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