HDB Financial Listing On July 2: Will This Post-IPO Debut Trump Big-Listing-No-Premium Jinx?

HDB Financial Services Ltd. is set to debut on the stock exchanges at an issue price of Rs 740 on Wednesday following a robust response to its Rs 12,500 crore initial public offering, which was subscribed nearly 17 times. The issue ranks among the biggest IPOs by a non-banking financial company in recent years and is the largest public offer so far in 2025.

Ahead of its listing, investor focus has shifted to the grey market premium, a key indicator of potential listing gains. As of 8:33 p.m. on July 1, the latest grey market premium for HDB Financial Services stood at Rs 75 per share, suggesting a listing price of Rs 815, about 10.14% higher than the upper end of the IPO price band.

The IPO, which opened on June 25, saw its lowest GMP on day one at Rs 50.5 per share. Interest picked up steadily, with the highest GMP of Rs 68 recorded on June 30, the day share allotment was finalised.

With its Rs 12,500 crore issue, the company now ranks fifth among India’s largest IPOs — behind Hyundai Motor India, LIC, One97 Communications (Paytm), and Coal India.

Note: GMP data is unofficial and speculative in nature.

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 2,175.9 crore in FY25 from Rs 2,460.8 crore in FY24. Despite this decline in profit, the company's total income saw a significant increase, rising 15% YoY to Rs 16,300.3 crore in FY25 from Rs 14,171.1 crore in FY24.