Bookbuilding IPO | ₹12,500 Cr | Listed at BSE, NSE | Wed, Jun 25, 2025 - Fri, Jun 27, 2025
HDB Financial IPO is a book build issue of ₹12,500.00 crores. The issue is a combination of fresh issue of 3.38 crore shares aggregating to ₹2,500.00 crores and offer for sale of 13.51 crore shares aggregating to ₹10,000.00 crores.
HDB Financial IPO bidding started from Jun 25, 2025 and ended on Jun 27, 2025. The allotment for HDB Financial IPO was finalized on Jun 30, 2025. The shares got listed on BSE, NSE on Jul 2, 2025.
HDB Financial IPO price band is set at ₹740 per share. The lot size for an application is 20. The minimum amount of investment required by an retail is ₹14,800 (20 shares) (based on upper price). The lot size investment for sNII is 14 lots (280 shares), amounting to ₹2,07,200, and for bNII, it is 68 lots (1,360 shares), amounting to ₹10,06,400.
BNP Paribas is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to HDB Financial IPO RHP for detailed Information.
IPO Open
Wed, Jun 25, 2025
IPO Close
Fri, Jun 27, 2025
Issue Price
₹740 per share
Market Cap (Pre-IPO)
₹61,253.30 Cr
| IPO Date | 25 to 27 Jun, 2025 |
| Listed on | Wed, Jul 2, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹700 to ₹740 |
| Issue Price | ₹740 per share |
| Lot Size | 20 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 16,89,18,917 shares (agg. up to ₹12,500 Cr) |
| Fresh Issue | 3,37,83,782 shares (agg. up to ₹2,500 Cr) |
| Offer for Sale | 13,51,35,135 shares of ₹10 (agg. up to ₹10,000 Cr) |
| Share Holding Pre Issue | 79,39,63,540 shares |
| Share Holding Post Issue | 82,77,47,322 shares |
| BSE Script Code / NSE Symbol | 544429 / HDBFS |
| ISIN | INE756I01012 |
HDB Financial IPO offers total 16,89,18,917 shares. Out of which 7,58,78,377 (44.92%) allocated to QIB, 3,03,51,351 (17.97%) allocated to QIB (Ex- Anchor), 2,27,63,514 (13.48%) allocated to NII 5,31,14,865 (31.44%) allocated to RII and 4,55,27,026 (26.95%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 7,58,78,377 (44.92%) | NA |
| − Anchor Investor Shares Offered | 4,55,27,026 (26.95%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 3,03,51,351 (17.97%) | NA |
| NII (HNI) Shares Offered | 2,27,63,514 (13.48%) | NA |
| − bNII > ₹10L | 1,51,75,676 (8.98%) | 54,198 |
| − sNII < ₹10L | 75,87,838 (4.49%) | 27,099 |
| Retail Shares Offered | 5,31,14,865 (31.44%) | 26,55,743 |
| Employee Shares Offered | 2,70,270 (0.16%) | NA |
| Shareholders Shares Offered | 1,68,91,891 (10.00%) | NA |
| Total Shares Offered | 16,89,18,917 (100.00%) |
Investors can bid for a minimum of 20 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 20 | ₹14,800 |
| Retail (Max) | 13 | 260 | ₹1,92,400 |
| S-HNI (Min) | 14 | 280 | ₹2,07,200 |
| S-HNI (Max) | 67 | 1,340 | ₹9,91,600 |
| B-HNI (Min) | 68 | 1,360 | ₹10,06,400 |
HDB Financial IPO raises ₹3,369.00 crore from anchor investors. HDB Financial IPO Anchor bid date is June 24, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Jun 24, 2025 |
| Shares Offered | 4,55,27,026 |
| Anchor Portion (₹ Cr.) | 3,369.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Tue, Jul 29, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Sep 27, 2025 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only shareholder | Up to Rs 2 Lakhs | Allowed only if bidding amount is upto Rs 2 lakhs |
| Only employee | Up to Rs 5 Lakhs | Yes |
| Employee + Shareholder |
|
Yes |
| Employee + Shareholder + RII/NII |
|
Yes for shareholder/employee/RII |
| Shareholder + RII/NII |
|
Yes for shareholder/RII |
| Employee + RII/NII |
|
Yes for shareholder/RII |
Note: To be eligible for the Shareholder Quota, you must hold shares in one of the following companies:
Incorporated in 2007, HDB Financial Services Limited is a retail-focused, non-banking financial company.
The company also offer business process outsourcing (“BPO”) services such as back-office support services, collection and sales support services to our Promoter as well as fee-based products such as distribution of insurance products primarily to the lending customers.
HDB Financial Services Limited's omni-channel “phygital” distribution model combines a large branch network, in-house tele-calling teams and various external distribution networks and channel partners.
Business Verticals:
As of March 31, 2025, with over 80% of the branches located outside the 20 largest cities in India.As at March 31, 2025, The company had a pan-India network of 1,771 branches in 1,170 towns and cities across 31 States and Union Territories, with over 80% of the branches located outside the 20 largest cities in India by population.
As at Fiscals 2025, 2024 and 2023, the company had a total of 60,432, 56,560 and 45,883 employees.
Competitive Strengths:
HDB Financial Services Ltd.'s revenue increased by 15% and profit after tax (PAT) dropped by 12% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,08,663.29 | 92,556.51 | 70,050.39 |
| Total Income | 16,300.28 | 14,171.12 | 12,402.88 |
| Profit After Tax | 2,175.92 | 2,460.84 | 1,959.35 |
| EBITDA | 9,512.37 | 8,314.13 | 6,251.16 |
| NET Worth | 14,936.50 | 12,802.76 | 10,436.09 |
| Reserves and Surplus | 15,023.97 | 12,949.63 | 10,645.57 |
| Total Borrowing | 87,397.77 | 74,330.67 | 54,865.31 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Augmentation of the Company’s Tier – I Capital base to meet their Company’s future capital requirements including onward lending under any of the Company’s business verticals i.e. Enterprise Lending, Asset Finance and Consumer Finance. | 2,458.62 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 14.72% |
| Debt/Equity | 5.85 |
| Price to Book Value | 3.72 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 27.41 | 26.29 |
| P/E (x) | 27 | 28.15 |
| Promoter Holding | 94.32% | 74.19% |
| Market Cap | ₹61,253.30 Cr. |
The HDB Financial IPO is subscribed 17.65 times on June 27, 2025 5:02:44 PM (Day 3). The public issue subscribed 1.51 times in the retail category, 58.64 times in the QIB category, and 10.55 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 58.64 | 3,03,51,352 | 1,77,96,82,480 |
| NII | 10.55 | 2,27,63,514 | 24,02,61,660 |
| bNII (bids above ₹10L) | 12.44 | 1,51,75,676 | 18,87,73,540 |
| sNII (bids below ₹10L) | 6.79 | 75,87,838 | 5,14,88,120 |
| Retail | 1.51 | 5,31,14,865 | 8,02,72,980 |
| Employee | 6.03 | 2,70,270 | 16,31,060 |
| Others | 4.50 | 1,68,91,892 | 7,59,55,180 |
| Total | 17.65 | 12,33,91,893 | 2,17,78,03,360 |
Total Application : 42,69,594
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs fees and commissions (including underwriting commission, brokerage and selling commission) | 104.28 |
| 2 | Commission/processing fee for SCSBs and Bankers to the Offer and fee payable to the Sponsor Banks for Bids made by RIBs using UPI, Brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 22.68 |
| 3 | Fees payable to the Registrar to the Offer | 0.04 |
| 4 | Fees payable to others | 6.83 |
| 5 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 52.00 |
| 6 | Printing and stationery | 3.93 |
| 7 | Advertising and marketing expenses for the Offer | 11.81 |
| 8 | Fee payable to legal counsels | 15.05 |
| 9 | Miscellaneous | 10.23 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹740.00 | ₹740.00 |
| Open | ₹835.00 | ₹835.00 |
| Low | ₹827.50 | ₹827.15 |
| High | ₹850.45 | ₹851.40 |
| Last Trade | ₹840.90 | ₹840.95 |
Lead Manager Reports
HDB Financial IPO is a main-board IPO of 16,89,18,917 equity shares of the face value of ₹10 aggregating up to ₹12,500 Crores. The issue is priced at ₹740 per share. The minimum order quantity is 20.
The IPO opens on Wed, Jun 25, 2025, and closes on Fri, Jun 27, 2025.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in HDB Financial IPO using UPI as a payment gateway. Zerodha customers can apply in HDB Financial IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in HDB Financial IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The HDB Financial IPO opens on Wed, Jun 25, 2025 and closes on Fri, Jun 27, 2025.
HDB Financial IPO lot size is 20, and the minimum amount required for application is ₹14,800.
You can apply in HDB Financial IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for HDB Financial IPO will be done on Monday, June 30, 2025, and the allotted shares will be credited to your demat account by Tue, Jul 1, 2025. Check the HDB Financial IPO allotment status.
The HDB Financial IPO listing date is on Wed, Jul 2, 2025.
