HDB Financial Services came to market through an IPO that opened on 25 June 2025 and closed on 27 June 2025, and the shares listed on 2 July 2025 on BSE, NSE. The price band was ₹700 to ₹740 per share and one lot was 20 shares, so the minimum application was ₹14,800. The issue size was ₹12500 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
MUFG Intime India Private Limited (Link Intime) was the registrar to the issue, and Jm Financial Limited, Bnp Paribas, Bofa Securities India Limited, Goldman Sachs (India) Securities Private Limited, Hsbc Securities & Capital Markets Pvt Ltd, Iifl Securities Ltd, Jefferies India Private Limited, Morgan Stanley India Company Pvt Ltd, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, Nuvama Wealth Management Limited, Ubs Securities India Private Limited were the lead managers.
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In 2007, HDB Financial Services Limited, a retail-focused NBFC, was created to give individuals and companies across India various financial solutions. The company offers credit products in three main areas: Enterprise Lending, Asset Finance, and Consumer Finance, to a broad variety of customers. As well as lending services, HDB Financial Services supplies business process outsourcing (BPO) services.
Back in 2019, the company provided back-office support, collections, and sales support mainly for its Promoter platform and earned additional income by distributing insurance to its lending customers. The company makes use of an omnichannel phygital strategy by integrating online and offline sales. As a result of the strong branch system, internal teams, and relations with outside distribution, the company can successfully serve its customers who live in both towns and villages.
By September 30, 2024, HDB Financial Services provided services in 31 states and Union Territories through a countrywide network of 1,772 branches across 1,162 towns, with most of the branches situated outside the leading 20 cities across India. The company also benefits from working with more than 80 brands and original equipment manufacturers (OEMs) as well as a worldwide network of more than 140,000 retailers and dealer areas.
The company remains a leading NBFC by promoting innovation, serving its customers well, and forming a distribution strategy that helps both rural and urban areas in India.
As described in the offer document.
| Metric | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
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HDB Financial raises Rs 3,369 crore from 141 anchor investors ahead of IPO.
The list includes the likes of ICICI Prudential Banking and Financial Services Fund, SBI Flexi Cap Fund, Baillie Gifford Pacific Fund A Sub Fund of Baillie Gifford Overseas Growth Funds ICVC, Government Pension Fund Global, Goldman Sachs Funds- Goldman Sachs India Equity Portfolio, Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Equity Savings Fund, Kotak ELSS Tax Saver Fund, Fidelity Investment Trust Fidelity Emerging Asia Fund, several among others.
HDFC Bank Limited. Promoter holding 94.32% before the issue and 74.19% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
HDB Financial Services IPO was a ₹12,500 crore book-built issue, comprising a fresh issue of ₹2,500 crore and an offer for sale of ₹10,000 crore. It was priced at ₹700–₹740 per share with a lot size of 20 shares (₹14,800). The IPO was open from June 25 to June 27, 2025. Shares listed on BSE and NSE on July 2, 2025 at ₹835, a 12.8% premium to the issue price of ₹740.
MUFG Intime India Private Limited (Link Intime) is the registrar. Jm Financial Limited and 11 other book running lead managers manage the issue.
The price band of HDB Financial Services IPO is ₹700 to ₹740 per share.
The lot size of HDB Financial Services IPO is 20 shares.
The minimum investment for HDB Financial Services IPO is approximately ₹14,800 based on the upper price band.
The allotment date of HDB Financial Services IPO is Jun 30, 2025.
No GMP quote could be verified as recorded before HDB Financial Services IPO listed. A grey-market observation of ₹70 per share was recorded on 2 Jul 2025, 5:45 AM IST, but without a verified listing timestamp it is not treated as the final pre-listing GMP. The shares listed at ₹835. GMP is unofficial and does not forecast or guarantee the actual listing price.
HDB Financial Services IPO listed on Jul 2, 2025. It was issued at ₹835.0(NSE) and is currently around ₹498.95 as on 30-Oct-2026 3:30 PM, which is approximately -32.6% versus issue price. The 52-week high is ₹796.70.
You can check HDB Financial Services IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the HDB Financial Services IPO allotment status on Rupix for quick and easy access.
₹700 to ₹740 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 20 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,800.
₹14,800, for one lot of 20 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 25 June 2025 and closed on 27 June 2025.
The basis of allotment was published on 30 June 2025 by MUFG Intime India Private Limited (Link Intime), and allotted shares were credited to demat accounts before listing.
The shares listed on 2 July 2025 on BSE, NSE.
The issue size was ₹12500 crore. The fresh issue was 3,37,83,784 shares (aggregating up to ₹2500 crore). The offer for sale was 13,51,35,135 shares (aggregating up to ₹10000 crore).