HDB Financial Services IPO GMP Hits Rs 65 As Subscription Closes Today — Key Details Here

The Rs 12,500 crore initial public offering (IPO) of HDB Financial Services, a subsidiary of HDFC Bank, is set to conclude today. The IPO will which opened on June 25 and is expected to be one of the biggest public issues in the NBFC space this year. 

HDB Financial Services IPO: Price band and issue structure

As per the market tracking website, the IPO was priced in the range of Rs 700 to Rs 740 per equity share, with a lot size of 20 shares. The total issue size includes a fresh equity issuance of Rs 2,500 crore and an offer-for-sale (OFS) component worth Rs 10,000 crore, primarily by parent company HDFC Bank, which holds a nearly 94% stake in the NBFC.

Ahead of the IPO, HDB Financial Services raised Rs 3,369 crore from a set of 66 anchor investors. The anchor book included heavyweight institutional names such as BlackRock, Life Insurance Corporation of India (LIC), and Norges Bank, which subscribed at the upper end of the price band. 

Also Read: HDB Financial Services IPO Opens Today: HDFC Bank Arm Sees Rs 74 GMP, 10% Listing Gain Expected — Should You Apply? | Republic World

HDB Financial Services IPO: Subscription status 

By 12:45 PM on Day 3 of bidding, the public issue had been subscribed 3.83 times. The retail portion of the public issue had been booked 0.98 times, the Non-Institutional Investors (NII) segment had been subscribed 6.05 times, and the Qualified Institutional Buyers (QIB) portion had been filled 7.64 times.

HDB Financial Services IPO: Grey Market Premium

As per the latest update at 11:32 AM on June 27, 2025, the Grey Market Premium (GMP) stood at Rs 65. Given the IPO’s upper price band of Rs 740, the estimated listing price comes to Rs 805, as per a market tracking website. This implies a potential gain of 8.78% per share.

Important Dates for Investors

The basis of allotment for HDB Financial Services’ IPO is expected to be finalised on June 30, 2025. Refunds to unallotted applicants are likely to be initiated on July 1, with shares also expected to be credited to successful bidders’ demat accounts on the same day. The company is scheduled to make its stock market debut on the BSE and NSE on July 2, 2025.

About the company

HDB Financial Services is classified as an upper-layer NBFC by the RBI and ranks as India’s fourth-largest diversified, retail-focused NBFC by gross loan book size. As of March 2025, its AUM stood at Rs 1,073 billion, with a loan book of Rs 1,068 billion.

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