HDB Financial Services IPO Highlights: Check Day 1 subscription status, allotment date & more

Qualified Institutional Buyers (QIBs) – 1%

Non Institutional Investors(NIIS) – 76%

Retail Individual Investors (RIIs) – 30%

Total — 37%

The Rs 1,590-crore IPO of real estate developer Kalpataru was subscribed 35 percent on its second day of public bidding (June 25). The initial public offering of the five-decade old company received bids for nearly 79.6 lakh shares, as against the offer size of 2.28 crore shares, according to data on NSE.

Retail investors led the subscription statistics by booking 72 percent of their reserved portion so far. Non institutional investors (NII) followed, subscribing 45 percent of their reserved portion. Qualified institutional buyers (QIBs) booked 17 percent of the portion kept for them.

The Rs 852-crore IPO of Ellenbarrie Industrial Gases saw decent subscription on June 25. The public issue has been subscribed 31 percent on its second day of public bidding. The initial public offering of the Kolkata-based company received bids for over 47.29 lakh shares, as against the offer size of 1.51 crore shares, according to data on the NSE at 3.30 pm.

Retail investors booked 37 percent of the portion reserved for them, while non-institutional investors (NII) subscribed 58 percent of their reserved portion. Qualified institutional buyers (QIBs) are yet to make any substantial bid for the IPO.

The Rs 119-crore IPO of Globe Civil Projects continued to see strong investor interest on its second day of bidding (June 25). The maiden public issue of the company has been subscribed over 15 times its offer size on Day 2. The initial public offering of the New Delhi-headquartered EPC company received bids for nearly 17.9 crore shares, as against the offer size of 1.17 crore shares, according to data on NSE.

The portion kept of Non Institutional Investors (NII) has been subscribed over 21 times, while that kept for retail investors was subscribed nearly 17 times. Qualified Institutional Buyers (QIB) have so far booked their reserved portion over 8 times.

Tarun Singh, MD and Founder of Highbrow Securities, said that the Rs 12,500 crore HDB Financial Services IPO marks a pivotal moment for India's NBFC sector – not just as the largest NBFC debut to date, but as a test case for how public markets value diversified lenders in an era of tightening regulations and evolving credit demand.

"HDB's IPO crystallizes three critical trends in Indian finance. First, it underscores the RBI's push to bring systemically important NBFCs (like HDB, classified in the "upper layer") under greater market discipline through public listings. Second, it highlights how banks are reluctantly reducing stakes in lucrative NBFC subsidiaries ahead of anticipated ownership caps. Third, and most importantly, the offering serves as a referendum on whether generalist NBFCs can command premium valuations in a market that increasingly rewards niche lenders," he said.

"The company's "phygital" model – blending 1,700+ semi-urban branches with digital underwriting – positions it uniquely to serve India's next wave of credit customers. With 80% presence in tier 2-4 towns and a loan book split between MSMEs (40%), asset financing (37%), and consumer credit (23%), HDB has built what might be India's most diversified NBFC portfolio. Yet this very diversification presents a valuation conundrum: at 3.5x P/BV, it trades at par with sector averages but significantly below specialists like Bajaj Finance (5.9x). The market appears to be pricing HDB as a steady compounder rather than a high-growth disruptor – a fair assessment given its 14% RoE (down from 18% pre-pandemic) and deliberate post-COVID shift toward conservative lending," he added.

Singh further highlighted the timing of the IPO. "The IPO's June launch coincides with a Goldilocks period for NBFCs – credit growth remains robust at 15%+, asset quality metrics have normalized post-pandemic, and risk appetite is returning to rural markets. However, beneath these favorable conditions lurk structural challenges: rising cost of funds (HDB's NIMs compressed 30 bps in FY24), increasing competition from new-age fintechs, and the perennial volatility of unsecured lending (27% of HDB's portfolio)," he said.

"HDFC Bank's decision to monetize part of its 94% stake through a ₹10,000 crore OFS while retaining 74% ownership suggests cautious optimism – they're taking money off the table but maintaining skin in the game. The fresh ₹2,500 crore capital infusion will strengthen HDB's tier-1 capital adequacy (currently at 16.8%), providing ammunition to chase growth while maintaining healthy buffers. For investors, the key consideration isn't whether HDB is a good company (its 2.26% GNPA and 23% CAGR loan book growth confirm it is), but whether it can translate its HDFC lineage and pan-India presence into superior returns in a maturing market...In many ways, HDB's IPO represents the NBFC sector's transition from its "wild west" days to a more regulated, institutional phase. Its performance post-listing will reveal much about public market appetite for steady, diversified lenders in an environment where specialists often steal the spotlight. The company's fate won't just belong to its shareholders, but will serve as a barometer for the entire NBFC sector's next chapter," he concluded.

Qualified Institutional Buyers (QIBs) – 1%

Non Institutional Investors(NIIS) – 55%

Retail Individual Investors (RIIs) – 27%

Total — 30%

The Rs 1,590-crore IPO of real estate developer Kalpataru has been subscribed 32 percent on its second day of public bidding (June 25) so far. The initial public offering of the five-decade old company received bids for nearly 72.83 lakh shares, as against the offer size of 2.28 crore shares, according to data on NSE at 3.30 pm.

Retail investors led the subscription statistics by booking 67 percent of their reserved portion so far. Non institutional investors (NII) followed, subscribing 38 percent of their reserved portion. Qualified institutional buyers (QIBs) booked 17 percent of the portion kept for them.

Ellenbarrie Industrial Gases IPO has been subscribed 25 percent on its second day of public bidding so far. The initial public offering of the Kolkata-based company received bids for over 37 lakh shares, as against the offer size of 1.51 crore shares, according to data on the NSE at 3.30 pm.

Retail investors booked 33 percent of the portion reserved for them, while non-institutional investors (NII) subscribed 37 percent of their reserved portion. Qualified institutional buyers (QIBs) are yet to make any substantial bid for the IPO.

The maiden public issue of Globe Civil Projects has been subscribed over 13 times its offer size on Day 2 so far. The initial public offering of the New Delhi-headquartered EPC company received bids for nearly 15.86 crore shares, as against the offer size of 1.17 crore shares, according to data on NSE at 3.30 pm.

The portion kept of Non Institutional Investors (NII) has been subscribed nearly 18 times, while that kept for retail investors was subscribed nearly 15 times. Qualified Institutional Buyers (QIB) have so far booked their reserved portion over 8 times.

• Qualified Institutional Buyers (QIBs) - 0.00
• Non Institutional Investors(NIIS) - 0.29
• Retail Individual Investors (RIIs) - 0.30
• Total -- 0.21

• Ventura Securities has advised investors to subscribe to the IPO of Globe Civil Projects Ltd., highlighting the company’s solid fundamentals and growth prospects. In its report, the brokerage notes that Globe Civil Projects, established in 2002 and converted into a public company in 2024, is a Delhi-based infrastructure developer specializing in EPC (engineering, procurement, and construction) contracts.
• The company primarily undertakes government infrastructure projects—such as roads, flyovers, bridges, sewerage systems, and other civil structures—for municipal corporations and urban local bodies. Operating in India’s rapidly growing urban infrastructure sector, Globe Civil has successfully completed over 55 projects since inception. As of FY24, it holds an order book exceeding Rs 900 crore.

• On whether investors should subscribe to the IPO of Globe Civil Projects Ltd., Gaurav Goel, Founder & Director at Fynocrat Technologies, shared a balanced view. He said, "Globe Civil Projects is a promising regional EPC player with a strong execution track record, healthy margins, and improving profitability. While its debt levels are a concern and the company is still in a growth phase, the IPO appears fairly valued and is supported by a solid order book."
• Goel added that investors with a long-term outlook and a risk appetite for small-cap infrastructure stocks could consider applying. However, he cautioned that short-term investors should manage their expectations given the company’s size and inherent sector risks.

Today is Day 2 of Globe Civil Projects Limited that hit the Indian primary market on Tuesday. The company has set a price band of Rs67 to Rs71 per equity share for the book-built issue, which is proposed to be listed on both the BSE and NSE. Through this fresh equity issuance, Globe Civil Projects aims to raise Rs119 crore. Meanwhile, in the grey market, the company's shares are trading at a premium of Rs15 per share, according to market observers—indicating positive investor sentiment ahead of the IPO.

• Qualified Institutional Buyers (QIBs) -- 0.00
• Non Institutional Investors(NIIS) -- 0.15
• Retail Individual Investors (RIIs) -- 0.11
• Employee Reserved -- 0.75
• Reservation Portion Shareholder -- 0.20
• Total -- 0.10

Mukesh Ambani, Chairman of Reliance Industries, shared a bold vision of the future of the company during an interview to McKinsey and Company's Leading Asia series on June 25, and said the group intends to become a deep-tech and advanced manufacturing company. (Read More)

• Shares of ArisInfra Solutions Ltd on Wednesday listed with a discount of nearly 8 per cent against the issue price of Rs 222.
• The stock started trading at Rs 209.10, a decline of 5.81 per cent from the issue price on the BSE. Later, it dropped 9.90 per cent to Rs 200.
• At the NSE, it listed at Rs 205, reflecting a discount of 7.65 per cent.
• The company's market valuation stood at Rs 1,694.72 crore. - PTI

• While we are focusing on HDB Financial Services' public offer, there are other IPOs in the fray. Among the ones that has elicited strong response include Kalptaru IPO.
• The initial public offering (IPO) of real estate developer Kalpataru Ltd saw a muted response on its opening day, with a subscription of just 9% on Tuesday.
• According to data from the NSE, the IPO received bids for 20,35,764 shares against the total 2,28,26,516 shares on offer.
• Retail individual investors (RIIs) subscribed 33% of their allotted quota, while the non-institutional investors' portion was subscribed 10%.
• On Monday, the company raised Rs 708 crore from anchor investors ahead of the IPO launch.
• Kalpataru has set a price band of Rs 387–Rs 414 per share for the offering. The issue will remain open for subscription until June 26.
• The Rs 1,590 crore IPO is entirely a fresh issue of equity shares, with no offer for sale (OFS) component. Proceeds from the issue will be used primarily to repay debt and for general corporate purposes.

HDB Financial Services IPO Day 1 GMP Live: “Backed by the strong parentage of HDFC Bank, the company offers a well-diversified product portfolio with sound lending quality,” according to Anand Rathi Share & Stock Brokers Ltd. analyst Shivam Gupta. At the top of the range, the stock is valued at 3.7 times its price-to-book ratio and “fairly valued,” Gupta said. - Bloomberg

• The country’s biggest IPO since October comes amid a rebound in the benchmark Nifty 50 Index and will provide insights to the state of investor demand for large Indian issuances ahead of some potentially bigger deals coming up this year.
• The number of deals in 2025 has failed to keep up last year’s pace, when it was one of the world’s busiest places for new listings, including Hyundai Motor India Ltd.’s record $3.3 billion offering. HDB Financial will also be India’s first billion-dollar IPO since February.  - Bloomberg

HDB Financial Services IPO Day 1 GMP Live: Shares of HDFC Bank, the country’s largest private-sector lender and parent company of HDB Financial Services, closed nearly flat on Tuesday at Rs 1,963.70 per share.

HDB Financial Services IPO Day 1 GMP Live: HDB Financial operates a network of 1,680 branches and maintains a well-diversified asset under management (AUM) portfolio, with a strong emphasis on retail and SME lending. Its key loan segments include vehicle finance and loans against property.

• HDB Financial Services IPO Day 1 GMP Live: At the IPO price of Rs 740 per share, HDB Financial is valued at less than 3x its FY26E Price-to-Adjusted Book Value (P/ABV), offering a steep discount compared to larger peers like Bajaj Finance and Cholamandalam.
  For FY25, HDB reported:
• Return on Assets (ROA): 2.2%
  Return on Equity (ROE): 14.7%
  These figures are lower than those of Bajaj Finance and Chola, which delivered stronger profitability.
  On asset quality:
• HDB’s Gross NPA (GNPA) and Net NPA (NNPA) are better than Shriram and L&T Finance.
  However, they remain higher than Bajaj Finance’s asset quality metrics.
  In terms of scale:
• HDB’s Assets Under Management (AUM) is smaller than Bajaj, Shriram, or Chola.
  This indicates potential for faster growth from a relatively lower base.

• The Indian rupee is expected to open higher on Wednesday, sustaining its rally past the 86 level, supported by a fall in demand for the safe-haven dollar and upbeat risk appetite following the Israel-Iran ceasefire.
• The 1-month non-deliverable forward indicated an open in the 85.92-85.96 range, versus 85.9750 in the previous session. The rupee rallied 0.9% on Tuesday, logging its best single-day performance in a month.
• Brent crude declined 13.2% over the last two days following the ceasefire, and the dollar index had declined by 0.9%. - Reuters

HDB Financial Services IPO Day 1 GMP Live: The brokerage has issued a ‘subscribe’ recommendation for the IPO, citing the company’s strong brand franchise, well-diversified and granular retail lending model, extensive omni-channel distribution network, and access to low-cost funding, backed by its AAA-rated credit profile.

• HDB Financial Services IPO Day 1 GMP Live:  In its note, the brokerage highlighted that HDB Financial Services is strategically positioned to capitalize on India's significant credit growth potential, with systemic credit expected to expand at a CAGR of 13–15%, reaching Rs297 lakh crore by FY28.
• It further noted that at the upper end of the price band, the IPO is valued at a price-to-book (P/BV) ratio of 3.87x, based on a book value of Rs191 per share. The brokerage has assigned a ‘Subscribe for long-term’ rating to the issue.

HDB Financial Services IPO Day 1 GMP Live: SBI Securities has given a ‘subscribe’ rating to the HDB Financial Services IPO at the cut-off price, citing the company's strong parentage, established brand, robust governance, sound risk management practices, and high credit rating. As one of the largest NBFCs serving India’s second-largest customer base, HDB is well-positioned for healthy growth in the coming years, supported by improving asset quality.

HDB Financial Services IPO Day 1 GMP Live: According to investorgain.com, the current grey market premium (GMP) for the HDB IPO stands at Rs 74, suggesting a potential listing gain of approximately 10% for investors.

HDB Financial Services IPO Day 1 GMP Live: The share allotment for the HDB Financial Services IPO is tentatively scheduled for Monday, June 30. Refunds for unallocated shares are expected to be processed on Tuesday, July 1, with allotted shares likely to be credited to investors' demat accounts the same day. The company's shares are anticipated to be listed on the BSE and NSE on Wednesday, July 2.

HDB Financial Services IPO Day 1 GMP Live: The net proceeds from the issue will be used to bolster the company’s Tier-I Capital base, supporting its future capital needs across key business segments including Enterprise Lending, Asset Finance, and Consumer Finance. These capital requirements are expected to stem from the ongoing expansion of HDB Financial’s operations and asset portfolio, while also ensuring adherence to RBI’s evolving capital adequacy norms.

HDB Financial Services IPO Day 1 GMP Live: As of March 31, 2025, HDB Financial Services' assets under management (AUM) reached Rs 1,072.6 billion, registering a compound annual growth rate (CAGR) of 23.71% from FY23 to FY25. During FY25, the company posted a profit after tax (PAT) of Rs 21.8 billion, reflecting a CAGR of 5.38% over the same period.

HDB Financial Services IPO Day 1 GMP Live: As of March 31, 2025, HDB Financial Services' total gross loan book stood at Rs 1,068.8 billion, reflecting a compound annual growth rate (CAGR) of 23.54% between March 31, 2023, and March 31, 2025.

Timex Group India, Infosys, Hindalco, BLS E-Services, JB Chemicals, Aurobindo Pharma, Bajel Projects, Arisinfra in focus on 25 June (Read More)

HDB Financial Services IPO Latest News: HDB Financial Services offers a wide array of loan products tailored to serve a diverse and growing customer base through its robust omni-channel distribution network. Its lending operations are organized into three key segments: Enterprise Lending, Asset Finance, and Consumer Finance.

HDB Financial Services IPO Latest News: Life Insurance Corporation of India (LIC) reported a 38% year-on-year increase in net profit for the fourth quarter ended March 2025, with earnings rising to Rs 19,013 crore. In comparison, the insurer had posted a net profit of Rs 13,763 crore in the same quarter of the previous financial year.

Life Insurance Corporation of India (LIC), the country’s largest insurer and the biggest institutional investor in Indian stock markets, has taken the lead as the top anchor investor in the IPO of HDB Financial Services, a subsidiary of HDFC Bank. As per the disclosure, LIC has been allotted shares worth approximately Rs 220 crore in the anchor book, accounting for 6.53% of the total anchor allocation. (Read More)

MUFG Intime India (previously known as Link Intime) has been appointed as the registrar for this IPO. The firm will handle share allotment and all investor-related services during and after the offering.

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

The scale of the IPO has attracted participation from several leading domestic and international investment firms. A total of 12 investment banks have been brought on board as Book Running Lead Managers (BRLMs)—highlighting the offering’s significance in India's capital markets.

• The IPO comprises two components:
• A fresh issue of equity shares worth Rs 2,500 crore
• An offer for sale (OFS) of Rs 10,000 crore by HDFC Bank, the promoter of HDB Financial

The much-anticipated Rs 12,500 crore initial public offering (IPO) of HDB Financial Services—the largest NBFC public issue of 2025—opened for bidding on June 25, 2025, and will remain open until Friday, June 27.

Hello and welcome to Moneycontrol. Today, we are covering the Day 1 of HDB Financial Services IPO. Apart from that, we will also be covering other major developments in the mainboard segments, latest on tariff front and more.