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  1. HDB Financial Services IPO fully subscribed on day 2: Issue booked 1.16x; check price band and lot size

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HDB Financial Services IPO fully subscribed on day 2: Issue booked 1.16x; check price band and lot size

Upstox

3 min read | Updated on June 26, 2025, 19:05 IST

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SUMMARY

The initial share sale got bids for 15,11,23,780 shares against 130,442,855 shares on offer, as per NSE data till 5 pm.

HDB Financial Services

The HDB Financial IPO is the second biggest in the last three years after South Korean automaker Hyundai's ₹27,000-crore offer.

The initial public offer of HDB Financial Services Ltd, a subsidiary of HDFC Bank, was fully subscribed on the second day of its bidding. The issue was booked 1.16 times on Thursday, June 26.

The initial share sale got bids for 15,11,23,780 shares against 130,442,855 shares on offer, as per NSE data till 5 pm.

The category for non-institutional investors attracted 2.29 times of subscription, while the quota for retail individual investors (RIIs) was booked 0.64 times. The portion booked for qualified institutional investors (QIBs) saw a subscription of 0.90 times so far on Thursday

HDB Financial Services mopped up ₹3,369 crore from anchor investors.

The ₹12,500-crore initial public offering (IPO) will conclude on June 27. The price band for the offer has been fixed at ₹700-₹740 per share.

At the upper end of the price band, the company is valued at nearly ₹61,400 crore.

The IPO is a combination of a fresh issue of equity shares worth ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by the promoter, HDFC Bank.

At present, HDFC Bank owns a 94.36% stake in HDB Financial Services, a non-banking financial company (NBFC) arm of the bank.

The company proposes to utilise 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.

The HDB Financial IPO is the second biggest in the last three years after South Korean automaker Hyundai's ₹27,000-crore offer.

JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India) Pvt Ltd, IIFL Capital Services, 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.

The company's shares are expected to be listed on the BSE and NSE on July 2.

HDB Financial Services IPO GMP
According to The Economic Times report, HDB shares were trading at a premium of ₹53–₹55 in the grey market, down from ₹74–₹75 on day 1. It indicates a decline in the grey market premium (GMP) to around 7% from 10%.
Grey market premium (GMP) is a rough indicator of how IPO stock could debut on the listing day. Although grey market trading is not approved by the stock exchanges and SEBI, many investors track GMP before IPO shares are listed on the exchanges. It is important to note that market sentiments and volatility on the listing day can impact the stock’s listing.
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