Strong Debut! HDFC Bank-backed HDB Financial Services shares list at ₹835, a premium of 12.84% from IPO price

HDB Financial Services debuted at 835, 12.84% above its IPO price of 740. The IPO, valued at 12,500 crore, was the fourth largest in India, with a subscription rate of 17.65 times, attracting strong demand across all investor segments.

Pranati Deva
Published2 Jul 2025, 10:00 AM IST
HDB Financial Services IPO listing
HDB Financial Services IPO listing(Unsplash)

HDB Financial Services IPO listing: Shares of HDFC Bank-backed HDB Financial Services made a strong debut on the bourses on Wednesday, July 2, listing at 835 on NSE and BSE, a premium of 12.84 percent from its IPO price of 740.

The IPO, valued at 12,500 crore, was open for subscription from June 25 to June 27. In terms of overall issue size, HDB Financial's IPO stands out as the fourth largest public offering in India’s history, trailing only behind the mega listings of Hyundai, LIC, and Paytm.

HDB Financial Services’ initial public offering (IPO) wrapped up with a strong response, garnering a total subscription of 17.65 times over the three-day window. The issue received bids for 217.78 crore shares, significantly exceeding the 12.33 crore shares available on offer. Retail investors portion was subscribed 1.51 times and the non-institutional investor segment attracted 10.55 times bids. Meanwhile, the qualified institutional buyer (QIB) portion witnessed the strongest demand, subscribed 58.64 times. Moreover, the employee reservation segment saw bids reaching 6.03 times and the others category was booked 4.5 times.

About the IPO

The IPO was a combination of fresh issue of 3.38 crore shares aggregating to 2,500.00 crore and offer for sale of 13.51 crore shares aggregating to 10,000.00 crore. The minimum application size was 20 shares, implying a minimum investment of 14,800 from retail investors.

HDB Financial Services plans to utilise the net proceeds from its IPO to strengthen its Tier-I capital base. The enhanced capital will support the company's future funding needs across its various business segments, including enterprise lending, asset finance, and consumer finance. The capital infusion is also intended to facilitate onward lending as part of its growth strategy.

HDB Financial IPO also raised 3,369.00 crore from anchor investors on June 24, 2025.

The HDB Financial IPO is being handled by a consortium of prominent domestic and international investment banks serving as book running lead managers (BRLMs). These include BNP Paribas, JM Financial, BofA Securities, Goldman Sachs India, HSBC Securities, IIFL Capital, Jefferies India, Morgan Stanley, Motilal Oswal, Nomura, Nuvama Wealth, and UBS Securities. MUFG Intime India Private Limited (Link Intime) has been appointed as the registrar to the issue, overseeing tasks such as application processing, refunds, and share allotments.

About the Company

Incorporated in 2007, HDB Financial Services is a retail-centric non-banking financial company (NBFC). In addition to its lending operations, the company also provides business process outsourcing (BPO) services, which include back-office support, collections, and sales assistance—primarily for its promoter. It also offers fee-based services such as the distribution of insurance products, mainly targeted at its lending customer base.

HDB Financial operates through an omni-channel "phygital" model that blends its extensive physical branch network with in-house tele-calling teams, external distribution partners, and digital channels to enhance customer reach and service delivery.

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