After a three-day subscription window, the much-anticipated IPO of HDB Financial Services, the non-banking arm backed by HDFC Bank, allotment was finalised on June 30. The IPO shares will hit the bourses on July 02, as per the tentative schedule.
Priced in the range of Rs 700 to Rs 740 per share, the public issue attracted strong interest, especially from institutional participants. By the close of bidding, the issue was subscribed 16.69 times, making it one of the most subscribed IPO in the last four years. The Qualified Institutional Buyers (QIB) category alone saw an overwhelming demand, with bids coming in 55.47 times the reserved portion.
While institutional interest led the charge, retail investors appeared more cautious. The Non-Institutional Investor (NII) category was subscribed nearly 10 times, whereas the retail segment saw a modest subscription of 1.41 times. After the bidding process, the allotment process is expected to be completed today, with listing likely to follow soon after.
HDB Financial Services IPO Allotment Status Live: How to check allotment status online
HDB Financial Services IPO Allotment Live: All about the company
HDB Financial Services, a subsidiary of HDFC Bank, is among India’s leading non-banking financial companies (NBFCs). The company primarily caters to underserved segments, including individuals and small businesses in semi-urban and rural regions. As of March 31, 2025, it had built a robust customer base of 19.2 million. Notably, over 80% of its branches are located outside the country’s top 20 cities, reflecting its deep rural and semi-urban focus.
HDB Financial Services IPO Allotment Live: IPO may list at ₹815, GMP indicates 10.14% premium
As of 8:33 PM on July 1, 2025, the grey market premium (GMP) for the HDB Financial IPO stands at ₹75. With a price band of ₹740, the estimated listing price is ₹815, indicating a potential gain of 10.14% per share.
HDB Financial Services IPO Allotment Live: IPO likely to list at ₹813, GMP signals 9.86% upside
As of 7:32 PM on July 1, 2025, the grey market premium (GMP) for the HDB Financial IPO stands at ₹73. With the price band set at ₹740, the estimated listing price is ₹813, indicating a potential gain of 9.86% per share.
HDB Financial Services IPO Allotment Live: Backed by top global and domestic banks
The mainboard IPO of HDB Financial Services is being handled by a robust lineup of top-tier domestic and international investment banks. The book-running lead managers (BRLMs) include BNP Paribas, JM Financial, BofA Securities, Goldman Sachs India, HSBC Securities, IIFL Capital, Jefferies India, Morgan Stanley, Motilal Oswal, Nomura, Nuvama Wealth, and UBS Securities.
MUFG Intime India Private Limited is the registrar for the IPO and is responsible for managing the application process, refunds, and share allotments.
HDB Financial Services IPO Allotment Live: IPO may list at ₹813 with 9.86% premium
As of July 1, 2025, 6:29 PM, the grey market premium for HDB Financial IPO stands at ₹73. With a price band of ₹740, the estimated listing price is ₹813, indicating a potential gain of 9.86% per share.
HDB Financial Services IPO Allotment Live: IPO listing set for July 2 after allotment Finalised
The bidding for the HDB Financial IPO took place from June 25 to June 27, 2025. The allotment was finalised on Monday, June 30, 2025. The IPO is set to be listed on both the BSE and NSE, with a tentative listing date of Wednesday, July 2, 2025.
HDB Financial Services IPO Allotment Live: IPO may list at ₹816, 10.27% gain expected
As of July 1, 2025, 5:32 PM, the grey market premium (GMP) for HDB Financial IPO stands at ₹76. With a price band set at ₹740, the estimated listing price is ₹816. This suggests a potential gain of 10.27% per share on listing.
HDB Financial Services IPO Allotment Live: BNP Paribas to lead HDB Financial IPO
BNP Paribas is the book-running lead manager for the HDB Financial IPO, while MUFG Intime India Private Limited, also known as Link Intime, is the registrar for the issue.
HDB Financial Services IPO Allotment Live: Shares to list on July 2
The share allotment for HDB Financial Services’ IPO was finalised on Monday, June 30. The company is set to debut on the NSE and BSE on July 2. Grey market trends suggest a listing gain of over 9%, with HDB Financial shares trading at a premium ahead of the debut.
HDB Financial Services IPO Allotment Live: All about the company
HDB Financial Services, a subsidiary of HDFC Bank, is among India’s top non-banking financial companies (NBFCs). It primarily caters to underserved segments, including individuals and small businesses in semi-urban and rural areas. As of March 31, 2025, the company had a robust customer base of 19.2 million, with over 80% of its branches located outside the country’s top 20 cities, highlighting its strong rural and semi-urban presence.
HDB Financial Services IPO Allotment Live: GMP update
HDB Financial IPO’s grey market premium (GMP) stands at ₹74 as of July 1, 2025, 3:36 PM. With a price band of ₹740, the IPO is expected to list at around ₹814 per share. This indicates a potential listing gain of 10%.
HDB Financial Services IPO Allotment Live: Objective of the issue
HDB Financial Services public issue comes with two key components - a fresh issue of shares and an Offer for Sale (OFS). While the OFS allows the promoter to offload part of their stake, the real focus is on the fresh issue, which is all about raising new capital for the company. The money raised through this route will help boost HDB’s Tier-I capital.
A part of the fresh issue will also go towards covering the costs of bringing the IPO to the market. These expenses ranging from legal and regulatory to marketing fees will be shared between the company and the promoter. Importantly, none of the fresh capital raised will find its way to the promoters or any of their affiliates.
HDB Financial Services IPO Allotment Live: Mehta Equities on HDB Financial
“After years of anticipation, HDB Financial Services is finally set to debut on the Indian stock exchanges, and early indicators point to a healthy 8–10% listing gain, reflecting strong investor appetite. The IPO garnered over Rs 1.61 lakh crore in bids, underscoring massive institutional and retail interest. This makes HDB's offering the second most subscribed IPO among Rs 10,000+ crore issues, trailing only the record-breaking Tata Technologies listing. However, it did fall short of surpassing the all-time high Rs 3 lakh crore+ subscription seen in the Bajaj Housing Finance IPO," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
"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," he added.
HDB Financial Services IPO Allotment Live: Nirmal Bang on HDB Financial IPO
"We believe that HDB should be valued at a substantial discount to Bajaj Finance, its superior parentage and asset quality performance lead us to believe that it is attractively valued from a long term perspective upon comparing with Chola which has ROA of 2.4% and is being valued at 5.5x FY25 compared to HDB’s 3.4x (post IPO). Also, HDB’s valuation is in line with the peer average, which provides us comfort. Therefore, we recommend 'Subscribe' to the issue, with a Long-term 'Positive' outlook," said Nirmal Bang in a research note.
HDB Financial Services IPO Allotment Live: Motilal Oswal on HDB Financial
"The Company’s phygital sourcing network is composed of its own internal distribution network, external distribution network as well as its digital capabilities. HBD has a pan-India presence with no region accounting for more than 35% of Total Gross Loans as at March 31, 2025," said Motilal Oswal in an IPO note.
HDB Financial Services IPO Allotment Live: Company overview
HDB Financial Services, a subsidiary of HDFC Bank, is one of the country’s leading non-banking financial companies (NBFCs). It focuses on serving segments that are often left out of formal banking - individuals and small businesses in semi-urban and rural areas. As of March 31, 2025, the company had built a strong customer base of 19.2 million. What’s notable is that over 80% of its branches are located outside India’s top 20 cities.
HDB Financial Services IPO Allotment Live: Chola Securities on HDB Financial IPO
"In line with industry trends, there has been a slippage in asset quality, a rise in incremental credit cost, and compression in Net Interest Margins in FY25 over FY24. However, the tail winds of interest rate cuts, falling inflation trajectory, and normal monsoons are likely to address the aforesaid concerns going forward. We have a ‘Subscribe’ rating for HDB Financial Services Ltd.’s IPO for listing gains," said Chola Securities in an IPO note.
HDB Financial Services IPO Allotment Live: Anand Rathi on HDB Financial
"They are India’s second largest and third fastest growing customer franchise amongst their NBFC peers (for which data is available), and they had served 19.2 million customers as of March 31, 2025, which grew at a CAGR of 25.5% between March 31, 2023, and March 31, 2025. They primarily cater to underserved and underbanked customers in low to middle-income households with minimal or no credit history. As of March 31, 2025, over 80% of their branches were located outside India’s 20 largest cities by population (based on the 2011 census report), and over 70% were located in Tier 4+ towns. Their customers mainly comprise salaried and self-employed individuals, as well as business owners and entrepreneurs," said Anand Rathi in an IPO note.
HDB Financial Services IPO Allotment Live: Sharekhan on HDB Financial IPO
"The company is valued at an FY25 price-to-book ratio of ~3.2x/~3.4x at post-issue capital at the lower price band & upper price band respectively, which is reasonable as compared to its peers, considering the growth and return ratio profile. Strong parentage and much smaller in size as compared to its core peer (Bajaj Finance) provides a long runway for growth. Additionally, a favourable macro environment will act as a tailwind for the sector in the near to medium term. We expect healthy listing gains and remain assertive from a medium to long-term perspective,” said Sharekhan in an IPO note.
HDB Financial Services IPO Allotment Live: GMP update
Just a day to go before HDB Financial Services makes its debut on Dalal Street. The IPO, which saw strong investor interest during its three-day bidding window, was heavily subscribed.
As of the latest update, the company’s shares are trading at a premium of Rs 68 in the grey market. Based on the IPO’s upper price band of Rs 740, this suggests a potential listing price of around Rs 808, a gain of 9.19%.
However, it is important to note that this is not the actual listing price and may vary depending on market sentiment at the time of debut.
HDB Financial Services IPO Allotment Live: Deven Choksey Research HDB Financial
"We expect that its AUM and disbursement will witness higher growth compared to FY25, led by higher urban and rural consumer demand driven by government’s intervention in reducing income tax rates, RBI’s efficient inflation management and expected cuts in GST rates for the overall consumption basket," said Deven Choksey Research in an IPO note.
HDB Financial Services IPO Allotment Live: Geojit Investments on HDB Financial
"The total gross loans of HDB grew at a CAGR of 23.5% over FY23-25 and stood at Rs 1,068.8 bn as of March 31, 2025. The loan portfolio is highly granular, with the top 20 customers accounting for less than 0.34% of total gross advances," said Geojit Investments in its IPO report.
HDB Financial Services IPO Allotment Live: BP Equities on HDB Financial
"Despite the relatively lower return ratios and profitability growth, we remain optimistic about the company’s longer-term growth trend, supported by a strong brand parentage, diversified liability franchise supported by a strong credit rating of AAA and a pan-India presence. The issue is valued at a P/B ratio of 3.9x at the upper price band based on FY25 book value, which we believe to be fairly valued compared to its peers. Considering the above compelling factors, we recommend a 'Subscribe' rating to this issue from a long-term perspective," said BP Equities in an IPO note.
HDB Financial Services IPO Allotment Live: Subscription numbers
The HDB Financial Services IPO ended on a high note, with strong interest from investors across categories on the final day of bidding, June 27.
The issue was subscribed 17.65 times overall, with qualified institutional buyers (QIBs) leading the charge by bidding 58.64 times their allotted portion. The non-institutional investor (NII) segment also recorded healthy demand, subscribing 10.55 times.
Meanwhile, retail investors showed modest interest, with the quota seeing a subscription of 1.51 times.
HDB Financial Services IPO Allotment Live: Allotment finalised, listing on July 02
The allotment of HDB Financial Services IPO shares was finalised on Monday, June 30. The shares of the company will hit the bourses on July 02. The company will list on both NSE and BSE. The GMP indicates a gain of more than 9% on the listing day as the shares of HDB Financial were trading at a premium in the grey market.
HDB Financial Services IPO Allotment Live: IPO GMP at ₹68, listing gain estimated at 9.19%
The latest grey market premium (GMP) for the HDB Financial IPO stands at ₹68, as of June 30, 2025, 9:34 PM. With a price band of ₹740, the estimated listing price is ₹808 per share, indicating a potential gain of 9.19% for investors.
HDB Financial Services mainboard IPO is being managed by a powerhouse lineup of leading domestic and international investment banks. The book running lead managers (BRLMs) include BNP Paribas, JM Financial, BofA Securities, Goldman Sachs India, HSBC Securities, IIFL Capital, Jefferies India, Morgan Stanley, Motilal Oswal, Nomura, Nuvama Wealth, and UBS Securities.
The IPO registrar is MUFG Intime India Private Limited which will oversee the application process, refunds, and share allotments.
HDB Financial Services IPO Allotment Live: HDB Financial IPO sees Rs 12,500 crore issue size
The HDB Financial IPO is a major offering with a total issue size of ₹12,500 crore. This comprises a fresh issue of ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by existing shareholders.
HDB Financial Services IPO Allotment Live: When will the company be listed?
The company’s shares are set to be listed on both the BSE and NSE on Wednesday, July 2.
HDB Financial IPO Allotment Live: Estimated listing price ₹810 with 9.46% gain
The latest grey market premium (GMP) stands at ₹70 as of June 30, 2025, 8:37 PM. With a price band of ₹740, the estimated listing price is pegged at ₹810, indicating a potential gain of 9.46% per share.