HDB Financial Services IPO Subscribed 9x Times on Final Day; QIB Portion Booked 25.5x — All You Need to Know
- 27th June 2025
- 03:00:00 PM
- 3 min read
Mumbai | June 27 – The ₹12,500 crore initial public offering (IPO) of HDB Financial Services, a leading non-banking financial company (NBFC) and subsidiary of HDFC Bank, closed on a strong note on Friday, June 27. According to NSE data as of 2:22 PM, the IPO received bids for 1,13.67 crore shares against an offer size of 13.04 crore, translating to an overall subscription of 8.71 times.
The offering marks one of the largest-ever IPOs by an NBFC in India, reflecting robust investor appetite, particularly from institutional investors. The stock is now headed for a high-profile listing on BSE and NSE on July 2, with allotment finalization expected by June 30.
Strong Institutional Demand Drives HDB IPO Subscription
The category-wise investor interest shows a sharp skew toward institutional backing, with Qualified Institutional Buyers (QIBs) leading the response. Here’s the breakdown:
| Category | Shares Offered | Shares Bid For | Times Subscribed |
| Qualified Institutional Buyers (QIBs) | 3,20,85,713 | 81,81,63,720 | 25.50x |
| Non-Institutional Investors (NIIs) | 2,40,64,286 | 19,16,88,300 | 7.97x |
| Retail Individual Investors (RIIs) | 5,61,50,000 | 6,33,02,160 | 1.13x |
| Employees | 2,85,714 | 13,11,740 | 4.59x |
| Shareholders | 1,78,57,142 | 6,22,54,180 | 3.49x |
| Total | 13,04,42,855 | 1,13,67,20,100 | 8.71x |
As of June 27 (2:30PM)
The QIB segment oversubscription of 25.5 times highlights strong confidence from mutual funds, foreign portfolio investors (FPIs), banks, and insurance companies. Non-institutional and shareholder categories also saw healthy demand, while retail participation reached full subscription.
IPO Details: Price Band, Issue Size, and Valuation
The HDB Financial Services IPO is being offered in the price band of ₹700–₹740 per share, with a lot size of 20 shares per application. Investors were required to apply in multiples of 20 shares, with the minimum investment starting at ₹14,800.
The total issue size of ₹12,500 crore includes:
- A fresh issue of ₹2,500 crore
- An offer for sale (OFS) worth ₹10,000 crore by promoter HDFC Bank, which currently holds 94.3% stake in the company
At the upper end of the price band, HDB Financial Services is valued at approximately ₹61,400 crore, making it one of the most valuable NBFCs in India to go public.
As stated in its draft red herring prospectus, the company plans to use the net proceeds from the IPO to augment its Tier-I capital base. This will support the company’s future capital requirements, including onward lending, business expansion, and regulatory capital adequacy during FY25 and FY26.
Business Overview:
Incorporated in 2007, HDB Financial Services is a non-deposit taking NBFC offering a wide range of secured and unsecured loans to retail and business customers. The company operates through three core verticals:
- Enterprise Lending
- Asset Finance
- Consumer Loans
It has a strong presence in semi-urban and rural markets, with a focus on underbanked and underserved customer segments. Its association with HDFC Bank, one of India’s largest private sector banks, lends significant credibility and operational leverage.
How to Check HDB Financial IPO Allotment Status
On NSE:
- Visit: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
- Select ‘Equity & SME IPO bid details’
- Choose HDB Financial Services (HBDFS)
- Enter your IPO application number and PAN
- Click on ‘Submit’
On BSE:
- Visit: https://bseindia.com/investors/appli_check.aspx
- Select ‘Equity’ as the issue type
- Choose ‘HDB Financial Services Ltd’ from the dropdown
- Enter your application number or PAN
- Complete the CAPTCHA and click ‘Search’
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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
