HDB Financial Services IPO: The initial public offering (IPO) of HDB Financial Services, a subsidiary of HDFC Bank—India’s largest lender—subscribed 1.16 times across all investor categories on the second day of bidding on Thursday, June 26.
According to data from the Bombay Stock Exchange (BSE), investors bid for 15,12,25,040 shares out of the 13,04,42,855 shares on offer.
The non-institutional investor (NII) segment was fully subscribed, receiving bids for 5,52,18,160 shares (2.29 times) the 2,40,64,286 shares reserved for this category. Retail investors applied for 3,61,63,060 shares, amounting to 64 per cent of the 5,61,50,000 shares allocated to them.
The portion reserved for qualified institutional buyers (QIBs) saw a response of 90 per cent subscription—2,89,04,940 shares against the 3,20,85,713 shares available.
Meanwhile, the employee quota was oversubscribed, receiving bids for 8,49,640 shares—nearly 3 times the 2,85,714 shares set aside for this segment.
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Anchor investors
HDB Financial Services raised Rs 3,369 crore from anchor investors ahead of the IPO on Tuesday, June 24, 2025.
HDB Financial Services IPO Details
The total issue size of the public issue Rs 12,500 crore which make it largest IPO of the year so far and second largest in the last three years after Hyundai Motor India i.e. Rs 27,000-crore issue.
HDB Financial Services IPO: Price band
The company has fixed the price band between Rs 700 and Rs 740 per share. At the upper price band (Rs 740) limit of the IPO, the company is valued at around Rs 61,400 crore.
The IPO includes a fresh issue of shares worth Rs 2,500 crore and an offer for sale (OFS) of Rs 10,000 crore by the parent company, HDFC Bank, which currently holds a 94.36 per cent stake in HDB Financial Services. The employee category has recieved a bid for 3,98,680 shares or 1.40 times against 2,85,714 shares were offered.
Where the proceeds from the issue will be utilised?
Funds raised from the fresh issue will be used to enhance the company’s Tier-I capital base, supporting future lending and business expansion.
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HDB Financial Services IPO: BRLMs, registrar details
The IPO is being managed by JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs India, HSBC, IIFL, Jefferies India, Morgan Stanley, Motilal Oswal, Nomura, Nuvama, and UBS.
HDB Financial Services IPO Listing Date
HDB Financial Services’ shares are expected to be listed on both the BSE and NSE on July 2.
