HDB Financial Services IPO Day 3 Highlights: HDB Financial Services’ IPO gets ₹1.6 lakh crore in bids as institutional buyers pile in
by Team BL · BusinessLineHDB Financial Services and HDFC Bank logos are seen in this illustration taken June 19, 2025. REUTERS/Dado Ruvic/Illustration | Photo Credit: Dado Ruvic
HDFC Bank subsidiary HDB Financial Services launches IPO, HDB Financial Services IPO GMP Day 3 Highlights: HDB Financial Services’ ₹12,500 crore IPO drew bids worth ₹1.6 lakh crore by Friday’s close as institutional buyers rushed for India’s largest offering so far this year, signaling investor confidence in a stock market recovery.
India’s IPO market is gaining momentum after a slow start, as the stock market stabilizes following earlier volatility driven by global trade concerns.
The blue-chip Nifty 50 index, which hit a one-year low in April, now sits just 2.4 per cent below record highs from last year, as easing geopolitical tensions and trade fears spurred risk-on sentiment.
HDB Financial, a unit of India’s biggest private lender HDFC Bank, saw its issue subscribed 16.7 times over, driven by qualified institutional buyers such as foreign investors and mutual funds who bid for 55 times their reserved portion.
Non-institutional investors bid for 10 times their portion, while retail investor interest was comparatively muted, with their shares being oversubscribed just 1.4 times, exchange data showed.
The strong investor response makes HDB Financial’s IPO the most subscribed offering over $1 billion since Zomato’s in 2021, data from Prime Database showed.
Issue date
- Open: June 25, 2025
- Close: June 27, 2025
Anchor portion - ₹3,369 crore
Price band, issue size
- ₹700-₹740 per share.
- At the upper end of the price band, the company is valued at ₹61,400 crore.
- Fresh issue of equity shares worth ₹2,500 crore and an Offer For Sale (OFS) of ₹10,000 crore by promoter HDFC Bank.
- At present, HDFC Bank holds a 94.36% stake in HDB Financial Services.
Listing date
The shares are likely to debut on the BSE and NSE on July 2, 2025.
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18:39 | June 27, 2025
HDB Financial Services IPO: This live blog is now closed.
18:39 | June 27, 2025
HDB Financial Services IPO Live: HDB Financial Services’ IPO gets ₹1.6 lakh crore in bids as institutional buyers pile in
HDB Financial Services’ ₹12,500 crore IPO drew bids worth ₹1.6 lakh crore by Friday’s close as institutional buyers rushed for India’s largest offering so far this year, signaling investor confidence in a stock market recovery.
HDB Financial Services’ IPO gets ₹1.6 lakh crore in bids as institutional buyers pile in
HDB Financial Services' IPO oversubscribed 16.7 times, signaling strong investor confidence in India's recovering stock market.
18:38 | June 27, 2025
HDB Financial Services IPO Live: HDB Financial Services’ IPO gets ₹1.6 lakh crore in bids as institutional buyers pile in
- IPO subscribed 16.7 times over
- Institutional buyers bid for 55 times reserved shares
- Retail interest relatively muted, subscribed 1.4 times
- Stock expected to start trading on July 2
- HDB most subscribed IPO over $1 billion since 2021
16:57 | June 27, 2025
IPO News live: Today’s poll | How is HDB Financial Services expected to list on debut?
How will the HDB Financial Services listing be?
Today's Poll News:How will the HDB Financial Services listing be?
16:52 | June 27, 2025
HDB Financial Services IPO live: booked 16.69 times in final hours of bidding
HDB Financial Services IPO has been booked 16.69 times minutes away from closure on June 27.
- QIBs: 55.47 times
- NIIs: 9.98 times
- Retail: 1.41 times
- Employee portion: 5.71 times
- Shareholders portion: 4.25 times
Total: 16.69 times
16:27 | June 27, 2025
HDB Financial Services IPO live: booked 16.66 times in final hours of bidding
HDB Financial Services IPO has been booked 16.66 times minutes away from closure on June 27.
- QIBs: 55.47 times
- NIIs: 9.97 times
- Retail: 1.38 times
- Employee portion: 5.65 times
- Shareholders portion: 4.21 times
Total: 16.66 times
16:03 | June 27, 2025
HDB Financial Services IPO Live: Subscribed 16.64 times so far
HDB Financial Services has been booked 16.64 times as at 3.57 pm on June 27, 2025. IPO ends today.
QIBs have been booked 55.47 times, NIIs 9.96 times, retail 1.35 times, employee portion 5.53 times and shareholder portion 4.16 times.
15:55 | June 27, 2025
IPO news live: IPO Pulse June 2025: Retail drives momentum as IPOs show mixed signals
IPO Market June 2025 (Mainboard & SME IPOs): Retail drives momentum as IPOs show mixed signals
IPO Pulse June 2025: Retail drives momentum, mixed signals in mainboard IPOs, robust pipeline ahead.
15:54 | June 27, 2025
HDB Financial Services IPO Live: Valuation by Mehta Equities
We believe HDB Financial Services Ltd IPO brings investors an opportunity to invest in one of India’s leading and fastest-growing diversified NBFCs, with a well-balanced loan portfolio across Enterprise Lending, Asset Finance, and Consumer Finance. We think as it is backed by the brand strength and operational discipline of its promoter, HDFC Bank, HDB has demonstrated consistent growth, strong underwriting capabilities, and resilient asset quality— evidenced by its low GNPA and NNPA ratios.
We also think with over 19 million customers, a granular loan book, and a robust phygital distribution network of 1,771 branches and 140,000+ retail touchpoints, the company is well positioned to capture underpenetrated credit demand, particularly among “new to credit” borrowers. By looking at the financials, the company has demonstrated a a revenue growth of 14.3% in FY2024 and 15% in FY2025, with net profit rising by 25.6% in FY2024, though witnessing a modest decline of 11.6% in FY2025, mainly on account of two- fold increase in provision.
On valuation parse at the upper price band of ₹740/-, the issue is asking a market cap of ₹ 61,388 cr. Based on FY 2025 earnings and fully diluted post-IPO paid up capital, the company is asking for Price to book ratio (P/B) of 3.5x which seems fairly valued looking at its industry average ~3.5-4x. Given its strong parentage, proven execution across cycles, diversified loan mix, and digital-first approach, we believe HDB Financial Services is well positioned to benefit from India’s ongoing financial inclusion and expanding retail credit demand.
Hence, looking at all attributes we recommend investors to “SUBSCRIBE” the HDB Financial Services Ltd IPO for long term perspective.
Mehta Equities
15:46 | June 27, 2025
Stock market live: Market outlook | View by Vaibhav Vidwani, Research Analyst at Bonanza
Today, the Indian stock market closed with a positive bias, reflecting investor optimism amid easing global tensions and favorable domestic cues. The BSE Sensex ended higher by approximately 303 points, closing around 84,058, while the NSE Nifty50 gained about 88 points to settle near 25,637. The market’s upside momentum was primarily driven by strong performances in sectors such as Oil & Gas, PSU Banks, with Nifty Oil & Gas index rising over 0.5%.
The positive close was supported by hopes of a potential relaxation in US tariff deadlines, improved global market sentiments, and easing geopolitical tensions in the Middle East, which boosted risk appetite among investors. Additionally, the Indian rupee strengthened against the dollar, trading at around 85.51, further aiding market sentiment. Domestic factors such as robust IPO subscription rates, including HDB Financial Services and Sambhv Steel Tubes, also indicated sustained investor interest.- Vaibhav Vidwani, Research Analyst at Bonanza
15:45 | June 27, 2025
Stock market live updates today: Sensex, Nifty settle higher
Sensex settled higher by 303.03 pts or 0.36% at 84,058.90 and Nifty 50 was up 88.80 pts or 0.35% to 25,637.80.
15:40 | June 27, 2025
HDB Financial Services IPO live: booked 14.96 times in final hours of bidding
HDB Financial Services IPO has been booked 14.96 times as at 3.33 pm on June 27.
- QIBs: 48.79 times
- NIIs: 9.85 times
- Retail: 1.31 times
- Employee portion: 5.45 times
- Shareholders portion: 4.09 times
Total: 14.96 times
15:16 | June 27, 2025
HDB Financial Services IPO live: booked 12.60 times in final hours of bidding
HDB Financial Services IPO has been booked 12.60 times as at 3.09 pm on June 27.
- QIBs: 39.68 times
- NIIs: 9.43 times
- Retail: 1.26 times
- Employee portion: 4.87 times
- Shareholders portion: 3.99 times
Total: 12.60 times
15:14 | June 27, 2025
IPO Live: Take this poll | How is HDB Financial Services expected to list on debut?
How will the HDB Financial Services listing be?
Today's Poll News:How will the HDB Financial Services listing be?
14:42 | June 27, 2025
HDB Financial Services IPO live: booked 9.21 times in final hours of bidding
HDB Financial Services IPO has been booked 9.21 times as at 2.33 pm on June 27.
- QIBs: 26.57times
- NIIs: 8.88 times
- Retail: 1.19 times
- Employee portion: 4.74 times
- Shareholders portion: 3.75 times
Total: 9.21 times
14:40 | June 27, 2025
HDB Financial Services IPO Live: SBI Securities’ flag key highlights
- Healthy growth in the retail loan book and rapidly growing customer
- Strong systems & processes leading to robust credit underwriting & collections
- Access to low-cost & diversified borrowing sources
- Strong parentage of HDFC Bank
SBI Securities
14:06 | June 27, 2025
HDB Financial Services IPO live: booked 7.38 times so far on last day of bidding
HDB Financial Services IPO has been booked 7.38 times as at 2 pm on June 27.
- QIBs: 20.27 times
- NIIs: 7.80 times
- Retail: 1.10 times
- Employee portion: 4.52 times
- Shareholders portion: 3.42 times
Total: 7.38 times
13:30 | June 27, 2025
HDB Financial Services IPO live: Motilal Oswal says HDB has track record of robust financial performance with sustainable and profitable growth
HBD have an established track record of delivering robust financial performance. Total Gross Loan book has grown from ₹700.3 billion as of Fiscal 2023 to ₹1,068.8 billion as of Fiscal 2025, reflecting a CAGR of 23.54%. Our interest income has grown at a CAGR of 24.49% from ₹89,277.8 million during Fiscal 2023 to ₹138,357.9 million during Fiscal 2025, driven by a growing yield on Total Gross Loan book, from 13.59% in Fiscal 2023 to 14.04% in Fiscal 2025. HBD have also been focusing on growing its fee-income services such as distribution of life and non-life insurance products.
This has resulted in the increase in Fee Income at a CAGR of 25.56% in the last two Fiscals, from ₹7,564.1 million during Fiscal 2023 to ₹11,924.5 million during Fiscal 2025. Further, net cash used in operating activities for Fiscal 2025 was ₹136,263.3 million, net cash flow from investing activities for Fiscal 2025 was ₹11,590.2 million, while net cash generated from financing activities for Fiscal 2025 was ₹127,699.2 million. Furthermore, the company has also balanced thier growth with increasing profitability. HBD’s profit after tax increased from ₹19,593.5 million in Fiscal 2023 to ₹21,759.2 million in Fiscal 2025, reflecting a CAGR of 5.38%. Net Total Income for the lending business increased from ₹62,570.3 million in Fiscal 2023 to ₹86,934.7 million in Fiscal 2025, reflecting a CAGR of 17.87%. Operating expenses for the lending business represented 3.71% of Average Gross Loans in Fiscal 2023 and 3.78% of Average Gross Loans in Fiscal 2025. In addition, HBD have continued to maintain a healthy asset quality across economic cycles with Credit Costs to Total Gross Loans of 2.14% and Gross Stage 3 Loans of 2.26% in Fiscal 2025. Net Interest Income for the lending business increased from ₹54,158.6 million in Fiscal 2023 to ₹74,456.4 million in Fiscal 2025,reflecting a CAGR of 17.25%.
- Motilal Oswal
13:08 | June 27, 2025
HDB Financial Services IPO live: booked 3.91 times so far on last day of bidding
HDB Financial Services IPO has been booked 3.91 times as at 1 pm on June 27.
- QIBs: 7.69 times
- NIIs: 6.29 times
- Retail: 1.00 times
- Employee portion: 4.28 times
- Shareholders portion: 3.02 times
Total: 3.91 times
13:05 | June 27, 2025
Stock market live today: Sensex crosses 84,000 mark; Jio, IndusInd lead gainers, paint stocks Asian Paints & Akzo Nobel soar
Market mood: Sensex crosses 84,000 mark, Jio, IndusInd lead gainers, paint stocks Asian Paints & Akzo Nobel soar
Top gainers, losers today: Shares of Jio Financial, IndusInd, Adani Enterprises, Power Grid and Asian Paints led the gainers of Nifty 50, while Bajja Finance, Dr Reddy’s Laboratories, Grasim Industries, Bajaj Finserv and Eternal were the major laggards.
12:46 | June 27, 2025
HDB Financial Services IPO live: booked 3.76 times so far on last day of bidding
HDB Financial Services IPO has been booked 3.76 times as at 12.42 pm on June 27.
- QIBs: 7.43 times
- NIIs: 5.98 times
- Retail: 0.98 times
- Employee portion: 4.20 times
- Shareholders portion: 2.94 times
Total: 3.76 times
12:21 | June 27, 2025
How will the HDB Financial Services listing be?
How will the HDB Financial Services listing be?
Today's Poll News:How will the HDB Financial Services listing be?
12:11 | June 27, 2025
HDB Financial Services IPO Live: HDB $1.5 Billion India IPO Sold Out as Wealthy Investors Pile In - Bloomberg
HDB Financial Services Ltd.’s $1.5 billion initial public offering, one of India’s biggest this year, sold out amid demand from wealthy investors seeking to buy a piece of the shadow-lending unit of the country’s top private bank.
The offering received bids for 242.8 million shares as of Friday afternoon in Mumbai, versus the 130.4 million shares offered, according to data available on the BSE bourse’s website. Individual investors that bid for more than 1 million rupees of shares were the biggest group bidding for the stock.
The portion reserved for qualified institutions was also fully subscribed, while the quota for retail investors was slightly short.
The share sale comes amid a rebound in the benchmark NSE Nifty 50 Index, and may serve as a barometer of demand for large Indian issuances ahead. The index has come off its correction and is trading less than 5% shy of its peak in September.
There are some potentially bigger deals that are expected to take place this year, including those of Tata Capital Ltd. and LG Electronics Inc.’s Indian unit.
India emerged among world’s busiest markets for capital raising in 2024. After a recent lull, block trades, institutional share placements and IPOs are picking up.
HDB Financial raised 33.7 billion rupees by allocating shares to anchor investors including Life Insurance Corp. of India, the country’s biggest insurer, and domestic mutual funds. Funds managed by Morgan Stanley and Allianz SE were among the global investors.
More stories like this are available on bloomberg.com
12:08 | June 27, 2025
HDB Financial Services IPO live: booked 2.21 times so far on last day of bidding
HDB Financial Services IPO has been booked 2.21 times as at 12.03 pm on June 27.
- QIBs: 2.05 times
- NIIs: 5.12 times
- Retail: 0.91 times
- Employee portion: 3.69 times
- Shareholders portion: 2.66 times
Total: 2.21 times
11:53 | June 27, 2025
HDB Financial Services IPO Live: Gaurav Garg, Lemonn Markets Desk, shares insights on subscription on Day 2
“The initial public offering of HDFC Bank’s non-banking financial subsidiary attracted solid investor interest, garnering bids for 15,11,23,780 shares against the 13,04,42,855 shares on offer, resulting in an overall subscription of 1.16 times by the end of Day 2, according to NSE data.
Among investor categories, non-institutional investors (NIIs) led the momentum, oversubscribing their allotted quota by 2.29 times. Qualified institutional buyers (QIBs) followed, bidding for 90% of their segment, while retail participation remained modest at 0.64 times. In the reserved categories, the employee portion witnessed robust interest with a 2.97x subscription, and the shareholder category was booked 1.68 times.”
- Gaurav Garg, Lemonn Markets Desk
11:25 | June 27, 2025
HDB Financial Services IPO live: booked 1.93 times so far on last day of bidding
HDB Financial Services IPO has been booked 1.93 times as at 11.21 am on June 27.
- QIBs: 1.61 times
- NIIs: 4.49 times
- Retail: 0.85 times
- Employee portion: 3.54 times
- Shareholders portion: 2.45 times
Total: 1.93 times
11:24 | June 27, 2025
IPO news live: Sambhv Steel Tubes IPO ends today. Booked 3.31x so far.
11:23 | June 27, 2025
Mayasheel Ventures IPO lisitng live:
Mayasheel Ventures stock rose 1.55% on NSE Emerge to ₹58.90 as at 11.17 am after listing at ₹58 against the isuse price of ₹47
11:19 | June 27, 2025
IPO listing live: Mayasheel Ventures shares gain after premium debut
Mayasheel Ventures stock rose 1.55% on NSE Emerge to ₹58.90 as at 11.17 am after listing at ₹58 against the isuse price of ₹47.
https://twitter.com/NSEIndia/status/1938473602858541513
11:04 | June 27, 2025
HDB Financial Services IPO: A Bellwether for India’s NBFC Sector, says Tarun Singh, MD and Founder, Highbrow Securities
Significance: Beyond the HDFC Halo
HDB’s IPO crystallizes three critical trends in Indian finance. First, it underscores the RBI’s push to bring systemically important NBFCs (like HDB, classified in the “upper layer”) under greater market discipline through public listings. Second, it highlights how banks are reluctantly reducing stakes in lucrative NBFC subsidiaries ahead of anticipated ownership caps. Third, and most importantly, the offering serves as a referendum on whether generalist NBFCs can command premium valuations in a market that increasingly rewards niche lenders.
- Tarun Singh, MD and Founder, Highbrow Securities
10:42 | June 27, 2025
HDB Financial Services IPO live: booked 1.61 times so far on last day of bidding
HDB Financial Services IPO has been booked 1.61 times as at 10.39 am on June 27.
- QIBs: 0.91 times
- NIIs: 3.98 times
- Retail: 0.78 times
- Employee portion: 3.32 times
- Shareholders portion: 2.22 times
Total: 1.61 times
10:13 | June 27, 2025
HDB Financial Services IPO Live: Subscribed 1.32 times so far
HDB Financial Services has been booked 1.32 times as at 10.09 am on June 27, 2025. IPO ends today.
QIBs have been booked 0.90 times, NIIs 2.87 times, retail 0.70 times, employee portion 3.07 times and shareholder portion 1.89 times.
To know more about Day 1 & Day 2 highlights, head here
HDB Financial Services IPO Day 2 Highlights: ₹12,500 cr issue of the year, fully subscribed on day 2
HDB Financial Services IPO GMP Day 2 Updates: The ₹12,500 crore IPO of HDFC Bank’s subsidiary, HDB Financial Services, opened for public subscription today June 25, 2025. Concludes on June 27, 2025. Subscription data The IPO has been subscribed 0.37 times, as it received bids for 4.86 crore shares against 13.04 crore shares on offer. NII portion was booked 0.76 times, retail 0.30 times, employee portion 1.77 times, shareholders’ portion 0.70 times and QIBs 0.01 times. Anchor portion HDB Financial Services, a subsidiary of HDFC Bank, has garnered ₹3,369 crore from anchor investors. Price band, issue size The price band is fixed at ₹700-₹740 per share. At the upper end of the price band, the company is valued at ₹61,400 crore. The IPO is a combination of a fresh issue of equity shares worth Rs 2,500 crore and an Offer For Sale (OFS) of ₹10,000 crore by promoter HDFC Bank. At present, HDFC Bank holds a 94.36% stake in HDB Financial Services, a non-banking financial company (NBFC) arm of the bank. Book-running lead managers of the IPO JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India) Pvt Ltd, IIFL Securities, Jefferies India, Morgan Stanley India Company, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management, and UBS Securities India are managing the company’s IPO. Use of funds The company proposes to utilise the proceeds from the fresh issue to strengthen its Tier-I capital base. This will support future capital needs, including additional lending, to support business growth. After the proposed IPO, HDB Financial Services will continue to be a subsidiary of the bank. Listing date The shares are expected to debut on the BSE and NSE on July 2, 2025.
09:49 | June 27, 2025
HDB Financial Services IPO: Brokerage recommendation | Yes Securities
Palatable IPO valuation offers attractive returns opportunity
At the upper end of the IPO Price Band of Rs700-740, HDB is being priced at 3.7x/3.4xtrailing PBV and 28x/27x trailing PE on pre/post money basis. This valuation representsa significant discount to Chola, which trades at 5.7x PBV and 32x PE on trailing basis.In the light of HDB’s sturdy franchise, strong management/promoter, positivelychanging operating environment and palatable IPO valuation, we recommendsubscribing into the issue with a potential of meaningful upside in next 12m.
09:31 | June 27, 2025
HDB Financial IPO closes today; issue subscribed 1.16 times so far
India’s largest NBFC public issue, HDB Financial Services, received a strong response, as the mega offer was subscribed fully on Day 2 itself. The IPO has been subscribed 1.16 times, as it received bids for 15.12 crore shares against 13.04 crore shares on offer. The IPO has been priced at ₹700-740 per share. Today is the last day to subscribe to the mega ₹12,500-crore IPO. Bids can be made for a minimum of 20 Equity Shares and in multiples of 20 Equity Shares thereafter.
The total offer size of equity shares, with a face value of ₹10 each, comprises a fresh issue worth ₹2,500 crore and an offer for sale of up to ₹10,000 crore by HDFC Bank.
HDB Financial IPO subscribed 1.16x on Day 2; employee, anchor and shareholder response lifts ₹12,500 crore issue
HDB Financial’s ₹12,500 crore IPO fully subscribed on Day 2; strong demand from employees, HDFC shareholders, and anchors like LIC, BlackRock, Goldman Sachs.
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Published on June 27, 2025
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