Last Day to Subscribe: HDB Financial Services IPO Fully Subscribed on Day 2; Retail Investors Can Still Apply via PL Capital

Mumbai | June 26 – The ₹12,500 crore initial public offering (IPO) of HDB Financial Services Limited, a subsidiary of HDFC Bank, has garnered significant interest across investor categories. By the end of Day 2 of the offer period, the IPO was fully subscribed with particularly strong participation from non-institutional investors (NII) and existing employees. Despite this, retail investors still have time to apply, with the public offer open until June 27, 2025. Applications can be made via PL Capital’s investment platform.

According to data available as of 4 PM on June 26, the IPO witnessed the following subscription metrics:

• Qualified Institutional Buyers (QIBs) placed bids for 2.88 crore shares against 3.2 crore reserved, reaching 90 percent subscription.
• Non-Institutional Investors (NIIs) bid for 4.73 crore shares against 2.4 crore reserved, achieving a subscription of 1.97 times.
• The retail investor category saw 3.34 crore bids against 5.61 crore shares, indicating a 60 percent subscription.
• The employee quota received bids for 7.85 lakh shares, against 2.85 lakh reserved, translating to a 2.75 times subscription.
• The shareholder quota, open to existing shareholders of HDFC Bank, was subscribed 1.51 times.
• Overall, the issue reached a subscription of 1.05 times by the end of the second day.

Despite not being oversubscribed across all categories, the response has been considered robust for an IPO of this scale, particularly given the current market environment. Institutional investor participation typically increases on the final day, which may further boost the QIB and overall figures.

IPO Structure and Key Details

The IPO is priced in the range of ₹700 to ₹740 per share, with a minimum lot size of 20 shares. The offer period opened on June 25, 2025, and will conclude on June 27, 2025. The issue is expected to list on stock exchanges on or around July 2, 2025, subject to regulatory approvals and final allotment processes.

Interested investors can apply for the IPO through PL Capital’s dedicated application platform, where complete details of the issue, eligibility, and application process are available. A snapshot of the IPO’s key metrics, including price band, lot size, and business overview, is also available in the image below.

Business Overview: HDB Financial Services Limited

HDB Financial Services is one of India’s largest non-banking financial companies (NBFCs) with a retail focus. According to the CRISIL Report and data as of March 31, 2024, the company had a Total Gross Loan Book of ₹902.2 billion, ranking among the top diversified NBFCs in the country.

The company operates through three primary business verticals: Enterprise Lending, Asset Finance, and Consumer Finance. Beyond lending, HDB Financial also provides back-office support, collection and sales services to its parent and third-party clients. Additionally, it offers fee-based services, such as the distribution of insurance products, mostly catering to its lending clients.

With a pan-India presence, growing customer base, and strong parentage in HDFC Bank, HDB Financial is seen as a well-established and scalable NBFC that benefits from cross-selling opportunities and established risk management practices.

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