latest IPO in India: Positive Power-packed Guide to HDB Financial Services Ltd IPO
The latest IPO in India, HDB Financial Services Ltd, is making waves with its ₹12,500 crore offer. As a leading NBFC backed by HDFC Bank (≈94% promoter holding), this IPO brings unprecedented scale and potential opportunities for investors.
Company Overview
Founded in 2007, HDB Financial Services Ltd is classified as an upper-layer NBFC by RBI. The company spans three lending verticals—enterprise, asset, and consumer finance—operating ~1,770 branches across 31 states, serving over 17–19 million customers with robust digital and physical models.
IPO Timeline
- Anchor bidding opens: June 24, 2025
- IPO subscription: June 25–27, 2025
- Allotment finalization: June 30, 2025
- Refund/credit to demat: July 1, 2025
- Tentative listing: July 2, 2025
Price Band
₹700–₹740 per share (₹10 face value). At ₹740, it equates to ~3.7× FY24 book value—comparable with Bajaj Finance and Shriram Finance.
Lot Size
Minimum: 20 shares = ₹14,800 at upper band. Bidding in multiples of 20 applies to retail and HNI/NII.
Key Dates
Refer to the IPO Timeline above for key event dates.
Financials
- Gross Loan Book: ₹1.07 trillion (FY25)
- AUM: ₹1.072 trillion; CAGR ~23.7%
- PAT (FY25): ₹21.8 billion (~₹2,180 crore)
Strengths
- Strong backing from HDFC Bank, high regulatory credibility
- Diversified lending portfolio across multiple segments
- Granular, low-concentration assets—Top 20 borrowers <1% AUM
- Pan-India phygital network—1,772 branches, digital capabilities
- Healthy asset quality—GNPA: ~1.9%, NNPA: ~0.6%
Risks
- Lower grey market valuations may dampen listing gains
- NBFC business cycles and unsecured lending risk
- Heavy competition from fintech and other NBFCs
IPO Anchor Investors Details
- Anchor book builds on June 24
- 50% Reserved for QIBs, 15% for NIIs, 35% for Retail
- ₹1,250 crore quota for HDFC Bank shareholders, plus employee reservation of ~₹200 crore
IPO Promoter Holding Details
| Holder | Pre‑IPO Stake | Post‑IPO Stake |
|---|---|---|
| HDFC Bank | ≈94.3–94.6% | ≈75% |
| Public (incl. Retail, QIB, NII, Employee, Shareholder) | ≈6% | ≈25% |
IPO Grey Market Premium (GMP)
As of June 22:
- GMP: ₹50–₹90, or ~7–12% above ₹740 upper band
- Earlier GMP suggested ₹200+, but it has cooled recently
| GMP Range | Premium (%) |
|---|---|
| ₹50–₹51 | ~7% |
| ₹83–₹90 | 11–12% |
Final Thoughts
HDB Financial’s IPO is grounded in strong fundamentals, robust distribution, and transparent governance. Conservative pricing—significantly below unlisted highs—reflects a market-aware approach. If listing gains are muted, strong long-term growth backed by HDFC Bank still looks promising. Consider investment objectives and risk appetite before applying.