IPO News: HDB Financial Services IPO fully booked, 3 IPOs close for subscription; Check GMP

Kalpataru IPO subscription status:

Qualified Institutional Buyers (QIBs) : 3.12x

Non Institutional Investors (NIIs) : 1.31x

Retail Individual Investors (RIIs) : 1.29x

Overall: 2.26x

Ellenbarrie Industrial Gases IPO subscription status:

Qualified Institutional Buyers (QIBs) : 64.23x

Non Institutional Investors (NIIs) : 15.21x

Retail Individual Investors (RIIs) : 2.14x

Overall: 22.19x

Indogulf Cropsciences IPO subscription status:

Qualified Institutional Buyers (QIBs) : 5%

Non Institutional Investors (NIIs) : 27%

Retail Individual Investors (RIIs) : 69%

Overall: 40%

Globe Civil Projects IPO subscription status:

Qualified Institutional Buyers (QIBs) : 99.76x

Non Institutional Investors (NIIs) : 143.14x

Retail Individual Investors (RIIs) : 53.72x

Overall: 86.04x

Sambhv Steel Tubes IPO subscription status:

Qualified Institutional Buyers (QIBs) : 61%

Non Institutional Investors (NIIs) : 3.12x

Retail Individual Investors (RIIs) : 1.83x

Overall: 1.76x

HDB Financial Services IPO subscription status:

Qualified Institutional Buyers (QIBs) : 90%

Non Institutional Investors (NIIs) : 2.29x

Retail Individual Investors (RIIs) : 64%

Overall: 1.16x

"HDB Financial Services offers investors exposure to India’s expanding rural and underbanked credit segments, backed by a strong parentage, digital-first infrastructure, and a diversified loan book. While valuation appears rich and regulatory overhang poses a risk, the company's long-standing profitability, wide distribution reach, and focus on secured lending provide a strong investment case for medium- to long-term investors," said Gaurav Garg from Lemonn Markets Desk.

"Short-term investors can apply for listing gains too and there is a safety margin in valuations which provides some comfort," Garg added.

Ahead of listing, the unlisted shares of the company were trading with a grey market premium (GMP) of 7.16 percent over the IPO price at Rs 793 per share in the grey market, according to data on Investorgain. As per IPO Watch, the unlisted shares were trading with 7 percent GMP.

Notably, the GMP has significantly fallen from the Rs 104.5 per share quoted by the sites before the IPO opened for public bidding. However it has risen slightly from yesterday.

HDB Financial Services IPO subscription status:

Qualified Institutional Buyers (QIBs) : 90%

Non Institutional Investors (NIIs) : 1.98x

Retail Individual Investors (RIIs) : 60%

Overall: 1.06x

Qualified Institutional Buyers (QIBs) : 60x

Non Institutional Investors (NIIs) : 119x

Retail Individual Investors (RIIs) : 44x

Overall: 65x

• Qualified Institutional Buyers (QIBs) - 0.22
• Non Institutional Investors(NIIS) -- 1.80
• Retail Individual Investors (RIIs) -- 0.56
• Employee Reserved -- 2.63
• Reservation Portion Shareholder -- 1.41
• Total -- 0.83

Parth Jindal-led JSW Paints, a group company of diversified conglomerate JSW Group, and AkzoNobel N.V. are likely to shortly sign final or definitive documents over the next few days for the proposed acquisition of the majority stake held by the Dutch multinational parent in AkzoNobel India, multiple industry sources in the know told Moneycontrol. (Read More)

The benchmark equity indices extended their gains for the third consecutive session on Thursday, with the Sensex and Nifty rising over 1 percent, supported by positive global cues and easing geopolitical tensions. Sensex climbed 910.93 points or 1.1 percent to 83,666.44, while the broader Nifty advanced 271.20 points or 1.07 percent at 25,515.95 - hitting a 9-month high. (Read More)

Indian fintech firm Pine Labs has filed for an initial public offering, draft papers showed on Thursday, with the company set to issue fresh shares worth 26 billion rupees ($304 million). - Reuters

As per investorgain.com, the latest grey market premium (GMP) for the HDB Financial Services IPO stands at Rs 50, last updated on June 26, 2025, at 12:58 PM. With the IPO’s price band capped at ₹740 per share, the estimated listing price is projected to be around Rs 790. This implies an expected listing gain of approximately 6.76% per share, based on current GMP trends.

• Qualified Institutional Buyers (QIBs) -- 0.22
• Non Institutional Investors(NIIS) -- 1.61
• Retail Individual Investors (RIIs) -- 0.53
• Employee Reserved -- 2.54
• Reservation Portion Shareholder -- 1.26
• Total -- 0.76

LKP highlights HDB’s AAA (Stable) rating from CRISIL and CARE and its strong liability franchise. Deven Choksey also maintains a positive stance on the IPO.

Bajaj Broking advises subscribing with a medium- to long-term view, contingent on operational improvement. Sharekhan expects solid listing gains and strong future performance.

SBI Securities has assigned a ‘subscribe’ rating to the HDB Financial Services IPO, citing the company’s well-diversified business model. “It offers a diversified portfolio of products through its three business verticals. As of FY25, Enterprise Lending contributed 39.3% to the gross loan book, Asset Finance accounted for 38.0%, and Consumer Finance made up the remaining 22.7%,” the brokerage noted.

• Qualified Institutional Buyers (QIBs) -- 0.04
• Non Institutional Investors(NIIS) -- 1.32
• Retail Individual Investors (RIIs) -- 0.46
• Employee Reserved -- 2.29
• Reservation Portion Shareholder -- 1.08
• Total -- 0.60

• Qualified Institutional Buyers (QIBs) -- 0.84
• Non Institutional Investors(NIIS) -- 0.61
• Retail Individual Investors (RIIs) -- 0.93
• Employee Reserved -- 0.51
• Total -- 0.79

• Qualified Institutional Buyers (QIBs) -- 0.01
• Non Institutional Investors(NIIS) -- 1.05
• Retail Individual Investors (RIIs) -- 0.39
• Employee Reserved -- 2.10
• Reservation Portion Shareholder -- 0.95
• Total -- 0.50

HDB Financial Services, a subsidiary of HDFC Bank—India’s largest private sector bank—is the seventh-largest and a leading diversified retail-focused non-banking financial company (NBFC) in the country, based on total gross loan book size of Rs 902.2 billion as of March 31, 2024, among its NBFC peers, as per a CRISIL report cited in the RHP. Classified by the Reserve Bank of India as an Upper Layer NBFC (NBFC-UL), the company offers an extensive range of lending products. These are tailored to meet the needs of a growing and diverse customer base and are delivered through a robust omni-channel distribution network spanning three key business segments: Enterprise Lending, Asset Finance, and Consumer Finance.

The primary market activity has seen a sharp rebound in June with as many as eight large IPOs and 30 SME IPOs having hit the road to raise capital. According to exchange data, eight mainboard IPOs have collectively raised around Rs 17,688 crore, the highest monthly fundraising via IPOs in the last six months. In the SME segment, 30 companies launched IPOs in June, aiming to raise around Rs 1,329 crore, which is a nine-month high. (Read More)

MUFG Intime India (formerly known as Link Intime) is acting as the registrar for the HDB Financial IPO.

The HDB Financial IPO will remain open for subscription until Friday, June 27, 2025. The basis of share allotment is expected to be finalised by Monday, June 30, 2025. Investors who are allotted shares can anticipate receiving them in their demat accounts on or around Tuesday, July 1, 2025.

HDB Financial Services, a subsidiary of HDFC Bank, secured Rs 3,369 crore from 141 anchor investors ahead of its much-awaited Rs 12,500-crore IPO, according to PTI. The company allocated more than 4.55 crore equity shares at Rs 740 each — the upper limit of the price band — to a diversified group of investors, including domestic mutual funds, insurance firms, and leading foreign institutions.

HDB Financial Services shares are scheduled to list on the BSE and NSE on July 2.

HDB Financial Services plans to broaden its funding sources by expanding its lender base, aiming to optimize its leverage ratio and reduce the average cost of borrowings. As it scales its customer base, the company remains committed to strengthening its comprehensive risk management framework to maintain superior credit quality. Additionally, it will focus on attracting, developing, and retaining skilled talent.

As of March 2025, the non-banking financial company (NBFC) operates over 1,771 physical branches across more than 1,170 towns in 31 states and union territories. The company plans to further expand its distribution footprint by establishing additional branches.

• In FY23, HDB Financial Services reported a net profit of Rs 1,959.35 crore and revenue of Rs 12,402.88 crore.
• For FY25, interest income saw a 24% year-on-year (YoY) increase, reaching Rs 13,835.79 crore, while total expenses rose by 23% to Rs 13,372.48 crore.

• According to the red herring prospectus (RHP), HDB Financial Services reported a 11.57% year-on-year decline in its profit after tax (PAT), which fell to Rs 2,175.92 crore in FY2024-25 from Rs 2,460.84 crore in the previous financial year.
• Despite the drop in net profit, the company’s revenue from operations rose by 15%, reaching Rs 16,300.28 crore in FY25, up from Rs 14,171.12 crore in FY24.

JM Financial Limited, BNP Paribas, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities & Capital Markets Pvt Ltd, IIFL Capital Services Limited, 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, and UBS Securities India Private Limited are acting as the book-running lead managers for the HDB Financial IPO. MUFG Intime India Private Limited (Link Intime) is serving as the registrar to the issue.

The latest grey market premium (GMP) for the HDB Financial IPO stands at Rs 50.5, as of June 25, 2025, 11:29 PM, as per investorgain.com Given the IPO price band capped at Rs 740.00, the estimated listing price is projected to be around Rs 790.5 (cap price + current GMP). This suggests an expected gain of approximately 6.82% per share upon listing.

Retail investors followed, subscribing to 30 per cent of their allocated portion, with bids placed for 1,69,88,080 shares out of the 5,61,50,000 shares available in the retail segment.

Among the three investor categories, Non-Institutional Investors (NII) showed the strongest interest, with a 76 per cent subscription—bidding for 1,83,65,840 shares out of the 2,40,64,286 shares reserved for them.

As per BSE IPO data, the public issue has been subscribed 37 per cent so far, receiving total bids for 4,86,40,680 equity shares against 13,04,42,855 shares on offer.

Today marks Day 2 of the HDB Financial Services initial public offering (IPO), which is a book-built issue comprising a fresh issue of equity shares worth Rs 2,500 crore and an offer-for-sale (OFS) component of Rs 10,000 crore. The IPO opened for public subscription on Wednesday, 25 June 2025, and will close on Friday, 27 June 2025.

Good morning and welcome to Moneycontrol. Today is Day 2 of the mega public offer of HDB Financial Services. Day 1 saw 37 percent subscription with NIIs leading the rally. Stay with us as we bring you latest on the IPO, investor's guide, expert opinion and much more.