The initial public offering of HDB Financial Services Ltd. was subscribed 0.37 times or 37% on its first day.
Valued at Rs 12,500 crore, the proposed IPO is set to be one of the largest by a non-banking financial company in India. The mainboard IPO includes a fresh issue of 3.38 crore shares worth Rs 2,500 crore and an offer for sale of 13.51 crore shares worth Rs 10,000 crore.
The company filed its red herring prospectus with the markets regulator. BNP Paribas, JM Financial Ltd., Bofa Securities India Ltd., Goldman Sachs (India) Securities Pvt., HSBC Securities & Capital Markets Pvt., IIFL Capital Services Ltd., Jefferies India Pvt., Morgan Stanley India Company Pvt., Motilal Oswal Investment Advisors Ltd., Nomura Financial Advisory And Securities (India) Pvt., Nuvama Wealth Management Ltd., UBS Securities India Pvt. are the book running lead managers of the HDB Financial IPO.
MUFG Intime India Pvt. is the registrar of the issue.
IPO Details
Issue opens: June 25.
Issue closes: June 27.
Anchor investor bidding: June 24.
Issue price band: Rs 700 to Rs 740.
Lot size: Minimum 20 shares and in multiples thereafter.
Total issue size: Rs 12,500 crore.
Type: fresh issue and offer for sale.
Tentative listing date: July 1.
Business
A subsidiary of HDFC Bank, HDB Financial Services is a prominent non-banking financial company offering a range of services, including lending and business process outsourcing.
The company boasts AAA ratings from CARE and CRISIL for its long-term debt and bank facilities, and an A1+ rating for its short-term debt and commercial papers. Following its initial public offering, HDFC Bank's stake in HDB Financial Services will reduce to 74%.
In terms of financial performance, HDB Financial Services saw an 11.6% year-on-year decline in profit after tax, falling to Rs 2,175.92 crore in FY25 from Rs 2,460.84 crore in FY24. Despite this decline in profit, the company's total income saw a significant increase, rising 15% YoY to Rs 16,300.28 crore in FY25 from Rs 14,171.12 crore in FY24.
HDB Financial IPO Day 1 Subscription Status
The HDB Financial Services IPO has been subscribed 0.37 times on Wednesday.
Qualified Institutions: 0.01 times or 1%.
Non-Institutional Buyers: 0.76 times or 76%.
Retail Investors: 0.30 times or 30%.
Portion reserved for employees: 1.77 times.
Reservation portion for shareholders: 0.70 times or 70%.
HDB Financial Services GMP Today
According to InvestorGain, the grey market premium for the HDB Financial Service IPO was Rs 50.5 as of 5:30 p.m. on June 25. It was Rs 74 a day ago. This implies shares of the company will likely list at Rs 790.5 apiece, indicating a 6.82% premium to the upper end of the price band (Rs 740).
Note: GMP or grey market price is not an official indicator and is based on market speculation.
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