HDB Financial Services Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹700 - ₹740
- Lot size
- 20 shares
- Issue amount
- ₹12,500 cr
- Total subscription
- 17.64×
- Opens
- 25 Jun 2025
- Closes
- 27 Jun 2025
- Allotment
- 30 Jun 2025
- Listing
- 2 Jul 2025
Offer at a glance
Issue overview
- Issue size
- 16,89,18,919 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,000
- Fresh issue
- ₹2,500 cr
- Offer for sale
- ₹10,000 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,800
- Issue type
- Bookbuilding IPO
- Shares before issue
- 79,39,63,540
- Shares after issue
- 82,77,47,324
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 20 | ₹14,800 |
| sHNI | 14 | 280 | ₹2,07,200 |
| bHNI | 68 | 1,360 | ₹10,06,400 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| HNIs (10L+) | 54,199 | 1,20,583 |
| HNIs (2-10L) | 27,099 | 1,68,810 |
| RETAIL | 26,55,743 | 24,19,916 |
| Shareholder | 0 | 6,05,359 |
| Employee | 0 | 37,049 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 2,246 | 1,31,696.5 |
| RETAIL | 3,930.5 | 5,845.91 |
| HNIs 2+ | 561.5 | 3,810.12 |
| HNIs 10+ | 1,123 | 13,969.24 |
| EMPLOYEES | 20 | 120.7 |
| Shareholder | 1,250 | 5,620.68 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 27.3 | 31 | 24.8 |
| ROE | 14.72 | 19.55 | 18.68 |
| ROCE | 0 | 0 | 0 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
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
Strengths
- 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
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
Promoters
HDFC Bank Limited
Registrar & documents
Lead manager
Jm Financial Limited, Bnp Paribas, Bofa Securities India Limited, Goldman Sachs (India) Securities Private Limited, Hsbc Securities & Capital Markets Private Limited, IIFL Capital Services Limited, Jefferies India Private Limited, Morgan Stanley India Company Private Limited, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory And Securities (India) Private Limited, Nuvama Wealth Management Limited, Ubs Securities India Private Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Radhika, 2nd Floor, Law Garden Road Navrangpura Gujarat, India Ahmedabad, Gujarat
+91 22 4911 6350
[email protected]Company website ↗Understanding HDBFS IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.