HDB Financial Services IPO: QIBs lead last day rally – Check Day 3 subscription data, GMP, listing timeline & more

The IPO, which the largest by an NBFC in India, received bids for over 217.66 crore shares, as against the offer size of 13.04 crore shares, according to data on NSE. This made it the most subscribed billion dollar IPO since Zomato-parent Eternal's public issue which was subscribed more than 29 times in 2021, Bloomberg reported.

The maiden public issue of HDB Financial Services saw strong investor interest on its third final day of bidding, June 27. The 12,500-crore IPO of HDFC Bank's subsidiary was subscribed 16.69 times its offer size. The IPO, which the largest by an NBFC in India, received bids for over 217.66 crore shares, as against the offer size of 13.04 crore shares, according to data on NSE.

Qualified Institutional Buyers (QIBs) — 49.81x

The allotment for Kalpataru's initial public offering (IPO) is expected to be finalised today, Friday, June 27. Investors can check their allotment status online through the official websites of BSE, NSE, or via the registrar, MUFG Intime India Pvt Ltd (formerly Link Intime India Pvt Ltd).

• Qualified Institutional Buyers (QIBs) -- 9.03
• Non Institutional Investors(NIIS) -- 7.04
• Retail Individual Investors (RIIs) -- 1.05
• Employee Reserved -- 4.39
• Reservation Portion Shareholder -- 3.18
• Total -- 4.42

• Analysts at Mirae Asset Sharekhan have expressed a positive outlook on the public issue of HDB Financial Services, highlighting its reasonable valuation and potential for healthy listing gains. While they have not assigned a formal rating to the IPO, the analysts remain confident about the company’s prospects from a medium to long-term perspective.
• The research note values the company at a FY25 price-to-book ratio of approximately 3.2x at the lower price band and 3.4x at the upper band. According to them, these valuations are justified when compared to peers, given HDB Financial’s growth trajectory and return ratio profile.
• They also pointed out that the company’s strong parentage and relatively smaller size compared to its key peer, Bajaj Finance, offers a long runway for expansion. Additionally, they believe that a supportive macroeconomic environment will act as a tailwind for the sector in the near to medium term.

• Analysts at Deven Choksey Research have given a 'Subscribe' rating to the public issue of HDB Financial Services, highlighting that the IPO is attractively priced when evaluated against its strong parentage, peer group ROA averages, and robust growth potential.
• They further noted that the company’s assets under management (AUM) and disbursements are likely to witness accelerated growth in FY26. This momentum is expected to be driven by rising urban and rural consumer demand, supported by the government's income tax rate cuts, the RBI’s effective inflation control measures, and anticipated reductions in GST rates across the consumption basket.

According to Investorgain.com, the latest grey market premium (GMP) for the HDB Financial IPO is Rs 65, as of June 27, 2025, 11:32 AM. Based on the IPO's price band of Rs 740, the estimated listing price is projected at Rs 805. This suggests a potential gain of approximately 8.78% per share over the cap price.

Jio Financial Services shares rose over 4 percent on Friday after the Securities and Exchange Board of India (SEBI) approved Jio BlackRock Broking to function as a stockbroker. On the NSE, the stock climbed 4.22 percent to Rs 325.70. This marked the fourth straight session of gains for the stock, which has advanced more than 10 percent over the past four trading days. (Read More)

• Qualified Institutional Buyers (QIBs) -- 1.33
• Non Institutional Investors(NIIS) -- 4.16
• Retail Individual Investors (RIIs) -- 0.82
• Employee Reserved -- 3.44
• Reservation Portion Shareholder -- 2.31
• Total -- 1.77

HDB Financial has garnered positive reviews from several brokerages, including Mirae Asset, Sharekhan, SBI Securities, Centrum Broking, Choice Broking, Deven Choksey Research, and Bajaj Broking. These firms have expressed optimism about the HDB Financial IPO, highlighting that the issue is attractively priced at a significant discount to its industry peers and is well-placed to deliver strong growth in the future, supported by improving asset quality.

• The non-banking financial subsidiary of HDFC Bank garnered bids for 15,11,23,780 shares against the 13,04,42,855 shares on offer, resulting in an overall oversubscription of 1.16 times by the end of Day 2 of the subscription window on June 26, as per NSE data.
• Among the investor segments, non-institutional investors (NIIs) led the response, oversubscribing their allotted portion by 2.29 times. They were followed by qualified institutional buyers (QIBs), who subscribed to 90% of their quota, and retail investors, who subscribed 0.64 times.
• In the reserved categories, the employee quota saw the highest interest, being oversubscribed 2.97 times, while the shareholder quota was booked 1.68 times.

JSW Paints Limited has entered into definitive agreements to acquire up to 74.76 percent stake in Akzo Nobel India Limited from Akzo Nobel N.V. and its affiliates, for a maximum consideration under the Share Purchase Agreement of up to Rs 8,986 crores, subject to certain closing adjustments, the group said in an exchange filing on June 27. The Proposed Transaction is subject to approval from the Competition Commission of India and the completion of a mandatory tender offer (“Open Offer”) to the public shareholders of ANIL. (Read More)

• The allotment for the Globe Civil Projects IPO is expected to be announced on Friday, June 27, on the official website of the issue’s registrar. The Rs 119 crore IPO witnessed strong demand, getting subscribed over 86 times on the final day of bidding, June 26, driven primarily by interest from Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs).
• Investors who applied for the issue can check their allotment status by visiting the registrar’s official portal and entering their application number or PAN. The status will also be available on the BSE and NSE websites. (Read More)

• According to a report by The Economic Times, pre-IPO investments are now under scrutiny following investor disappointment with the IPO pricing of HDB Financial Services. Market experts have raised concerns about the hype and lack of transparency often seen in the unlisted market. While early investors who purchased shares years ago are still sitting on gains, those who entered more recently may be staring at potential losses.
• Radhika Gupta, MD & CEO of Edelweiss AMC, cautioned against the mis-selling and overhype surrounding unlisted stocks. She emphasised the importance of focusing on valuations and the long-term fundamentals rather than speculative buzz.

As of March 2025, the company’s total gross loan book stood at Rs 1,068.8 billion, registering a compound annual growth rate (CAGR) of 23.54% between March 2023 and March 2025. During the same period, its assets under management (AUM) reached Rs 1,072.6 billion, reflecting a CAGR of 23.71%.

As of Thursday, June 26, 2025, the grey market premium (GMP) for the HDB Financial Services IPO was ₹60 per share. Based on the upper price band of Rs 740, the shares are projected to list at around Rs 800, indicating a potential listing gain of 8.11%, as per data from Investorgain.

• The IPO is being managed by a consortium of lead managers, including:
• JM Financial
• BNP Paribas
• BofA Securities India
• Goldman Sachs (India) Securities
• HSBC Securities and Capital Markets (India) Pvt Ltd
• IIFL Securities
• Jefferies India
• Morgan Stanley India Company
• Motilal Oswal Investment Advisors
• Nomura Financial Advisory and Securities (India) Pvt Ltd
• Nuvama Wealth Management
• UBS Securities India

Currently, HDFC Bank holds a 94.36% stake in HDB Financial Services, which serves as the bank’s non-banking financial company (NBFC) arm.

• The IPO consists of:
• A Fresh Issue of equity shares worth Rs 2,500 crore
• An Offer For Sale (OFS) of Rs 10,000 crore by promoter HDFC Bank

• The price band for the HDB Financial Services IPO is set at Rs 700 to Rs 740 per share.
• At the upper end of the price band, the company is valued at approximately Rs 61,400 crore.

• HDB Financial Services and Sambhv Steel Tubes IPOs were fully subscribed by Day 2, which was yesterday.
• Indogulf Cropsciences’ IPO opened for public bidding and saw a 40% subscription on Day 1.
• Public issues of Kalpataru, Ellenbarrie Industrial Gases, and Globe Civil Projects closed yesterday, with all three being oversubscribed.

The Rs 12,500 crore IPO of HDFC Bank’s subsidiary, HDB Financial Services, opened for public subscription on June 25, 2025, and concludes today, June 27, 2025.

Hello and welcome to Moneycontrol. Today, we are tracking the Day 3 buzz around the HDB Financial Services IPO as well as the allotment status of the public offer by Kalpataru. Apart from the IPO segment, we will also watch out for any announcement on India-US trade deal, next Fed Chair and latest from China. Stay with us for freshest business updates from India and around the globe.