The Rs 12,500 crore HDB Financial Services IPO is all set to make its debut in the secondary market. The IPO received a huge interest from the investors, getting subscribed 17.65 times.
The grey market indicated a premium listing. Here are 5 things to know before listing.
HDB Financial IPO: GMP
The buzz in the grey market can be seen as the premium has risen before the listing. In the grey market, the shares of HDB Financial Services were trading 9.6% higher than the issue price. This means shares are trading Rs 70-75 higher than the issue price of Rs 740, indicating a likely listing around Rs 800.
HDB Financial Services IPO: Experts’ take
The GMP refers to the difference between the IPO’s issue price and the price at which the shares are traded in the grey market, an unofficial market for pre-listing trading.
“We believe the robust response signals market confidence in HDB’s business model, parentage (as an HDFC group company), and long-term growth potential in the NBFC space. If the listing meets expectations, it would reaffirm investor appetite for high-quality financial services plays, especially those backed by trusted legacy institutions,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities
“Those who did not receive any allotment may consider accumulating on any post-listing corrections, particularly during short-term volatility triggered by broader market movements. As we see, HDB Financial Services offers a value-driven opportunity with both defensive and growth characteristics, best suitable for investors with a 3–5 year investment horizon,” added Tapse.
HDB Financial Services IPO: Subscription
The IPO was subscribed to a total of 17.65 times. The Qualified Institutional Buyers (QIBs) portion oversubscribed the IPO, with a whopping 58.64 times bidding. Meanwhile, Non-Institutional Investors (NIIs) booked the issue 10.55 times. Even the retail category saw a 1.51 times subscription, and the employee section was booked a bit over 6 times.
HDB Financial Services IPO: Bidding date and allotment
The HDFC Bank-backed IPO was opened for bidding on June 25. The IPO bidding stretched for three days, finally closing on June 27. The issue saw a massive interest from the institutional investors on the last day. The IPO allotment was finalised on June 30.
HDB Financial IPO: Other details
HDB Financial is India’s second-largest and third-fastest-growing NBFC franchise, serving 19.2 million customers as of March 2025, with a CAGR of 25.45% over two years. Its growth is supported by financial inclusion initiatives, and it offers 13 lending products across Enterprise Lending, Asset Finance, and Consumer Finance, tailored by loan type, customer profile, tenure, and interest rate.
BNP Paribas was the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. (Link Intime) was the registrar for the issue.