HDB Financial Services Limited IPO subscribed 37% on Day 1. Check GMP and other details

With the highly anticipated HDB Financial Services IPO opening for public subscription today, the company's shares are trading at at a grey market premium (GMP) of 8.65%, or Rs 64–65. So far, the issue has seen an overall subscription of 37%.

Non-institutional investors (NIIs) led the charge, subscribing to the issue by 76%, bidding for 1.21 crore shares out of 2,40,64,286 reserved for them. Following this were the retail investors, who subscribed to the issue by 30%.

The qualified institutional buyers (QIBs) had bid for 48,560 shares out of the total 3,20,85,713 reserved for them.


Before the issue opened for public subscription, HDB Financial Services raised Rs 3,369 crore from anchor investors. The company allocated 4.55 crore shares at Rs 740 apiece, the upper end of the price band, to anchor investors.

Life Insurance Corporation of India (LIC), the country’s largest insurer, secured the biggest share in the anchor allotment, acquiring 6.53% of the portion valued at approximately Rs 220 crore.

HDB Financial IPO Details

The upcoming IPO of HDB Financial Services consists of a fresh issue worth Rs 2,500 crore and an offer for sale (OFS) of Rs 10,000 crore by parent company HDFC Bank, which currently owns a 95.5% stake in the NBFC. The price band has been fixed at Rs 700–Rs 740 per share.

Ahead of the issue, the grey market premium (GMP) stood at around Rs 74, suggesting a listing premium of approximately 10%.

At the upper end of the price band, the IPO values the company at 3.7 times its projected FY25 post-issue book value. Analysts believe the valuation is fair, citing HDB Financial’s operational strength and the strong parentage of HDFC Bank as key positives.

Also read: HDB Financial Services IPO GMP Live: HDB Financial's Rs 12,500 cr IPO kicks off for bidding; GMP signals 10% premium. Check other details here

Should you subscribe to HDB Financial Services IPO?

At the upper end of the price band, HDB Financial’s IPO values the company at 3.7 times its FY25 post-issue book value, a level analysts consider reasonable given its solid financial performance and the brand support from parent HDFC Bank.

Several brokerage firms have issued ‘Subscribe’ ratings for the IPO. SBI Securities, Ventura Securities, and Anand Rathi highlighted the company’s strong fundamentals, stable asset quality, and long-term growth potential as key strengths.

In its note, Ventura Securities stated, “We believe the IPO is fairly priced given the company’s improving profitability, robust risk management, and capital adequacy.”

Anand Rathi echoed this view, commenting, “The IPO offers an opportunity to invest in a high-quality, retail-focused NBFC that benefits from HDFC Bank’s reach, reputation, and systems. The improving return ratios and earnings visibility make it a compelling long-term bet.”

HDB Financial Services key dates

The IPO of HDB Financial Services opened for subscription today, on June 25, and will close on June 27. The basis of allotment will likely be finalized on June 30, with the company scheduled to make its stock market debut on the NSE and BSE on July 2, 2025.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)