HDB Financial Services IPO Subscribed 1.66× on Final Day, GMP at 8% – India’s Largest NBFC IPO
HDB Financial Services Rs 12,500 crore IPO was subscribed 1.66× on Day 3 with a strong grey market premium of 8%. Backed by HDFC Bank and anchor investors like BlackRock and LIC, the issue closes today with listing expected on July 2
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HDB Financial Services, the NBFC arm of HDFC Bank, concluded the final day of its ₹12,500 crore IPO on June 27, 2025, with 1.66× overall subscription by 10:47 AM—up from 1.16× at the end of Day 2—reflecting strong investor demand.
The IPO comprises:
Rs 2,500 crore fresh issue
Rs10,000 crore offer-for-sale by HDFC Bank, its 94%-holding promoter
Priced in the Rs 700–Rs 740 band, the issue has garnered enthusiastic participation from anchor investors—including BlackRock, LIC, and Norway’s wealth fund—who subscribed at the upper limit, raising ₹3,369 crore ahead of the IPO.
The grey market premium (GMP) currently stands at 8% (~₹60–62 premium), forecasting a potential listing price near ₹800—an expected listing gain of over 8%.
This debut marks India’s largest NBFC IPO in 2025, with strong backing and a diversified retail lending model via 1,770+ branches, focusing on underserved regions.
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The issue will conclude today, June 27, with allotments expected on June 30, refunds on July 1, demat credit on July 1, and stock listing on July 2.
| Factor | Insight |
| Promoter Strength | HDFC Bank's 94% stake boosts credibility. |
| Anchor Backing | Rs 3,369 crore from marquee investors at high-end pricing. |
| Retail Reach | Wide branch network enhances growth potential. |
| Investor Outlook | GMP of 8% signals bullish sentiment and attractive listing gain. |
| Subscription Rate | 1.66× indicates strong demand across investor categories. |
