Highlights: HDB Financial IPO to list on July 02

HDB Financial Services operates a diversified business that includes both lending and back-end support operations. Its lending portfolio is divided into three main segments. The first, Enterprise Lending, was launched in 2008 and provides secured and unsecured loans to small businesses and working professionals for needs such as purchasing equipment, funding working capital, or upgrading shops and offices. The second, Asset Finance, started in 2010, helps customers finance vehicles like trucks, tractors, and other work-related equipment, primarily supporting transporters and contractors. The third segment, Consumer Finance, offers small, short-term loans to individuals for buying personal items such as mobile phones, two-wheelers, or home appliances.

HDB Financial has set its IPO price band at ₹740 per share. Retail investors need to apply for a minimum lot of 20 shares, making the minimum investment ₹14,000.

As of June 30, 2025 (7:36 PM), the latest grey market premium (GMP) for HDB Financial IPO stands at ₹70. With a price band of ₹740, the estimated listing price is ₹810, indicating a potential gain of 9.46% per share.

As of September 30, 2024, HDB Financial Services has showcased strong financial performance and steady growth. The company’s gross loan book reached ₹98,620 crore, reflecting an impressive compound annual growth rate (CAGR) of 21% since FY22. Its assets under management (AUM) stood at ₹90,230 crore.

Profitability has also seen a significant boost. For FY24, HDB Financial reported a net profit of ₹2,460.8 crore, a notable jump from ₹1,620 crore in FY22.

Key financial ratios indicate robust operational efficiency: the company posted a return on assets (ROA) of 3.03% and a return on equity (ROE) of 19.55%. Its net interest margin (NIM) remained strong at over 7%.

Asset quality continues to remain stable, with a gross non-performing asset (NPA) ratio of 1.90% and a net NPA of just 0.63%, underscoring prudent risk management.

As of June 30, 2025 (5:31 PM), HDB Financial IPO’s latest GMP stands at ₹68. With a price band of ₹740, the estimated listing price is ₹808, indicating a potential gain of 9.19% per share.

The bidding for HDB Financial IPO took place from June 25 to June 27, 2025. The allotment was finalised on Monday, June 30. The company’s shares are scheduled to be listed on the BSE and NSE on Wednesday, July 2, 2025.

As of June 30, 2025, 4:36 PM, the latest grey market premium (GMP) for HDB Financial IPO stands at ₹67. Based on the IPO cap price of ₹740, the estimated listing price is around ₹807, indicating a potential gain of 9.05% per share.

The latest grey market premium (GMP) for HDB Financial IPO stands at ₹66. Based on the IPO price band of ₹740, the estimated listing price is projected to be around ₹806.

HDB Financial Services runs a mixed business that includes lending and back-end support work. Its lending is split into three main parts. The first is Enterprise Lending, started in 2008. This part gives loans to small businesses and some working professionals. These loans can be secured or unsecured and are used for things like buying equipment, working capital, or upgrading shops and offices.

The second part is Asset Finance, which began in 2010. It helps people buy vehicles like trucks, tractors, and other tools needed for work, especially useful for transporters and contractors. The third is Consumer Finance, which offers small, short-term loans for personal items like phones, two-wheelers, or appliances.

As of September 30, 2024, the company’s gross loan book stood at Rs 98,620 crore, marking a compound annual growth rate (CAGR) of 21% since FY22. Its assets under management (AUM) have touched Rs 90,230 crore. In terms of profitability, net profit for FY24 came in at Rs 2,460.8 crore, significantly higher than Rs 1,620 crore reported in FY22.

The company reported a return on assets (ROA) of 3.03% and return on equity (ROE) of 19.55%, while maintaining a healthy net interest margin (NIM) of over 7%. Asset quality remained under control, with a gross NPA ratio of 1.90% and net NPA at just 0.63%.

HDB Financial Services, backed by the strong parentage of HDFC Bank, is the seventh-largest NBFC in India and is rapidly expanding its presence in the retail and MSME credit space.

The post-issue Price to book (P/BV) stands at 3.88x and Price-to-Earnings ratio (PER) at 28.2x, aligning well with the industry average and suggesting scope for upside on relative valuation multiples to peers.

HDB Financial Services IPO saw an overwhelming investor interest. The offering, which was open from June 25 to 27, received an overall subscription of 16.69 times. The biggest push came from Qualified Institutional Buyers (QIBs), whose quota was subscribed a whopping 55.47 times.

The response from Non-Institutional Investors (NIIs) was also solid, with their portion subscribed 9.99 times, while retail investors showed relatively modest interest, subscribing 1.41 times.

“The company is valued at an FY25 P/B of 3.2x/3.4x at post-issue capital at the lower price band & upper price band respectively. The company is backed by strong parentage, brand, governance, risk management and a high credit rating. It is one of the largest NBFCs catering to the 2 nd largest customer franchise. The company is well placed to register healthy growth going ahead, while witnessing an improvement in the asset quality. We recommend investors ‘Subscribe’ to the issue at the cut-off price,” said SBI Securities in an IPO note.

The company’s interest income has grown at a CAGR of 24.49% to Rs 13,840 crore during FY25 from Rs 8,927.78 crore during FY23, driven by a growing yield on the Total Gross Loan book to 14.04% in FY25 from 13.59% in FY23, said LKP Securities in an IPO note. The company’s profit after tax increased from Rs 1,950 crore in FY23 to Rs 2,170 crore in FY25, reflecting a CAGR of 5.38%.

The company’s Return on Assets (RoA) of 2.16% and Return on Equity (RoE) of 14.72% for FY25 are the 7th and 5th highest amongst its NBFC peers, respectively.

As per the latest update, shares of HDB Financial are trading at a premium of Rs 60 in the grey market. This indicates an estimated listing price of around Rs 800, which is approximately 8.11% higher than the IPO issue price. However, it is important to note that this is only a projected figure based on grey market trends and the actual listing price may vary depending on overall market sentiment and demand on the listing day.

Consumer Finance vertical offers personal loans to individuals to meet various household, lifestyle, or emergency needs. As of March 31, 2025, HDB Financial Services had established a strong national presence with a network of 1,771 branches across 1,170 towns and cities spanning 31 States and Union Territories. Notably, more than 80% of these branches are located outside India’s 20 largest cities, reflecting the company’s deep rural and semi-urban penetration.

Here is how you can do it through the registrar’s official website –

Step 1: Visit the official website of the registrar MUFG Intime (Link Intime).

Step 2: From the dropdown menu, select ‘HDB Financial Services IPO’.

Step 3: Choose any one of the following options to proceed: PAN, Application Number, DP ID/Client ID, or Bank Account Number.

Step 4: Enter the required details correctly.

Step 5: Click on ‘Search’ to view your allotment status.

As of FY25, India’s NBFC sector reported an AUM of Rs 48 lakh crore, having grown at a CAGR of 13.2% since FY19, and is expected to grow at 15–17% over FY25–FY28, driven by growth across retail, MSME, and corporate segments. The total gross loans of HDB grew at a CAGR of 23.5% over FY23-25 and stood at Rs 1.06 lakh crore as of March 31, 2025.

If you wanted to know whether you have been allotted shares via NSE, here is how you can check your status –

Step 1: Go to the official NSE IPO application tracking page.

Step 2: Click on the section titled ‘Equity and SME IPO Bid Details’.

Step 3: From the dropdown list, select ‘HDB Financial Services IPO’.

Step 4: Enter your Application Number and PAN.

Step 5: Click ‘Submit’ to check your allotment status.

If you have applied for the HDB Financial Services IPO and are eagerly waiting to know your allotment status, here is a quick and simple guide to help you check it through the BSE website:

Step 1: Visit the official BSE IPO allotment status page.

Step 2: Choose ‘Equity’ as the issue type from the options provided.

Step 3: From the dropdown menu, select ‘HDB Financial Services IPO’.

Step 4: Enter your Application Number or PAN (any one will do).

Step 5: Verify the captcha by ticking the box that says ‘I’m not a robot’.

Step 6: Hit the ‘Search’ button to view your allotment status instantly.

As the allotment of shares for HDB Financial Services is likely to be finalised today, investors who applied for the IPO can soon check their allotment status. The process is simple and can be done through multiple platforms, including the official websites of the NSE, BSE, and the registrar MUFG Intime (Link Intime). Once finalised, applicants will be able to see whether they have been allotted shares by entering basic details like their PAN, application number, or DP ID.

With an overall subscription of 16.69 times, it has become the one of the most subscribed IPO in the last four years, surpassing big-ticket issues like LIC, Hyundai, and Paytm.

Qualified Institutional Buyers (QIBs) led the charge with a subscription of 55.47 times

Non-Institutional Investors (NIIs) came in next at 9.99 times

Retail Investors (RIIs), subscribed 1.41 times

The allotment of shares for the much-anticipated HDB Financial Services IPO is likely to be finalised today, June 30. With strong demand seen during the subscription window, all eyes are now on the listing, which is expected to take place on Wednesday, July 2, 2025. The company’s shares are set to debut on both the BSE and NSE.

When it comes to managing a IPO, for this public offering, some of the biggest names in the financial world have been brought on board as book running lead managers (BRLMs). These include global and domestic heavyweights such as 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. Meanwhile, MUFG Intime India, also known as Link Intime, has been appointed as the registrar for the issue.

Ahead of its listing, the IPO of HDB Financial Services latest Grey Market Premium (GMP) is pegged at Rs 57 per share, which hints at a possible listing price of Rs 797, assuming the stock lists at the upper end of the IPO price band of Rs 740.

This points to a potential gain of around 7.7% on listing day. However, it is worth noting that GMP is unofficial and purely speculative. The actual listing price could vary, depending on broader market conditions and investor sentiment at the time of debut.

The IPO of HDB Financial Services drew strong investor interest, closing with a strong subscription figure as the bidding window ended on June 27. According to data available on the NSE, the issue received bids for over 217 crore shares against an offer size of 13.04 crore shares, translating to an overall subscription of 16.69 times.

This response places HDB Financial among the most sought-after public issues in recent years, especially in the mainboard category. The final allotment of shares is expected to be completed on Monday, setting the stage for its listing on July 2.