HDB Financial Services Limited IPO
HDB Financial Services Limited IPO
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HDB Financial Services Limited's achieved publicly listed status following its IPO debut on 02-07-2025 at the NSE, BSE platform. The offering successfully mobilized 16,89,18,919 Shares, with 3,37,83,784 Shares allocated to corporate growth initiatives and ₹10000.00 Cr providing liquidity to existing shareholders.
Investment participation occurred within the established price band of ₹700 to ₹740, starting from minimum lots of 20 shares. The subscription window from 25-06-2025 through 27-06-2025 enabled investor participation across market segments.
Share allocation was completed on 30-06-2025, determining ownership distribution among successful applicants. The listing represents a milestone achievement, transitioning the company to regulated public market status with associated responsibilities and opportunities.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
HDB Financial IPO About Company
Incorporated in 2007, HDB Financial Services Limited is a non-banking financial company that focuses mainly on retail lending. It offers a variety of loan products through three main areas: enterprise lending, asset finance, and consumer finance. The company also provides business process outsourcing services like back-office support, collections, and sales assistance, primarily for its parent company. Additionally, it offers fee-based services such as distributing insurance products to its loan customers. HDB uses a mix of physical branches and digital platforms to reach customers. This “phygital” model includes a wide branch network, in-house tele-calling teams, and a range of external agents and partners. As of September 30, 2024, the company had 1,772 branches spread across 1,162 towns in 31 states and union territories across India. Notably, more than 80% of these branches are located outside the top 20 cities. The branch network is further supported by partnerships with over 80 brands and equipment makers, along with a distribution network that includes more than 140,000 retailers and dealers as of the same date
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
HDB Financial IPO Strength Factors
- Reputed Promoter Backing: Supported by HDFC Bank, enhancing brand trust and funding capability
- Balanced Lending Mix: Focus on retail and MSME segments reduces sectoral risk exposure
- Low-Cost Operational Model: Maintains one of the lowest borrowing costs in the NBFC space
HDB Financial IPO Risk Factors
- Promoter Concentration Risk: Significant pre-IPO stake by HDFC Bank with uncertain post-IPO dilution
- Risky Loan Exposure: Lending to unsecured and SME segments may increase NPA risk if not carefully managed
- Macroeconomic Vulnerability: Business performance is highly affected by interest rate fluctuations and economic slowdowns
HDB Financial IPO Lead Manager(s)
- Jm Financial Limited
- Bnp Paribas
- Bofa Securities India Limited
- Goldman Sachs (India) Securities Private Limited
- Hsbc Securities & Capital Markets Private Limited
- IIFL Securities Limited
- Jefferies India Private Limited
- Morgan Stanley India Company Private Limited
- Motilal Oswal Investment Advisors Limited
- Nuvama Wealth Management Limited
- Ubs Securities India Private Limited
HDB Financial IPO Promoter(s)
- HDFC Bank Limited
HDB Financial IPO FAQs
HDB Financial Services Limited IPO subscribed 17.64 times. The public issue subscribed 1.49 times in the retail category,58.64times in QIB, and 12.44 times in the HNI (10+) category byNovember 24, 2025 11:46:28 AM (Day 24).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
HDB Financial IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
HDB Financial IPO FAQs
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