HDB Financial Services Limited, a non-banking financial company and a subsidiary of HDFC Bank, launched its Initial Public Offering (IPO) on June 25, 2025, in India. Headquartered in Mumbai, Maharashtra, HDB Financial Services offers a range of loan products and services including gold loans, personal loans, and business financing solutions across the country. The company aims to raise ₹12,500 crore through this IPO, which includes a fresh issue of ₹2,500 crore and an Offer for Sale (OFS) worth ₹10,000 crore.
The Initial Public Offering (IPO) of HDB Financial Services Ltd, a leading non-banking financial company and wholly-owned subsidiary of HDFC Bank, opened for public subscription today and will remain available until June 27, 2025. The IPO is one of the most anticipated issues of the year, aimed at raising ₹12,500 crore, including ₹2,500 crore through fresh shares and ₹10,000 crore via Offer for Sale (OFS).
The company, which offers secured and unsecured loan products, is looking to expand its footprint and consolidate its position in India’s growing financial services market. The price band for the IPO is set at ₹700–₹740 per equity share, and the stock is proposed for listing on both the BSE and NSE.
As per market analysts, HDB Financial Services shares are currently commanding a premium of ₹75 in the grey market, indicating positive investor sentiment on day one. By 11:33 AM, the issue was subscribed 0.11 times, with the retail investor portion booked 0.12 times and the NII (non-institutional investor) segment subscribed 0.16 times.
The IPO is being managed by a consortium of reputed global and domestic investment banks including BNP Paribas, JM Financial, BofA Securities India, Goldman Sachs India, HSBC Securities, IIFL Capital Services, Jefferies India, Morgan Stanley India, Motilal Oswal, Nomura India, Nuvama Wealth and UBS Securities India. The registrar to the issue is MUFG Intime India Private Limited.
Key IPO Details:
- IPO Size: ₹12,500 crore
- Fresh Issue: ₹2,500 crore
- Offer for Sale: ₹10,000 crore
- Price Band: ₹700 – ₹740 per share
- Lot Size: 20 shares
- Allotment Date: Likely on June 30, 2025
- Listing Date: Likely on July 2, 2025
Analyst Ratings
The IPO has received a “Subscribe” rating from several major brokerages including KR Choksey, Sharekhan, Kunvarji Finstock, Aditya Birla Money, Bajaj Broking, Canara Bank Securities, Centrum Wealth, Nirmal Bang, and SBI Capital Securities.
KR Choksey noted the issue’s pricing at 3.4x TTM P/B is attractive compared to peer average of 4.4x, citing strong growth prospects and parentage. Similarly, Sharekhan highlighted the company’s reasonable valuations and potential for healthy listing gains.
