IPO Details

Bidding Dates

25 Jun '25 - 27 Jun '25

Minimum Investment

₹14,800 / 1 Lot (20 Shares)

Price Range

₹700 – ₹740

Maximum Investment

₹1,92,400 / 13 Lots (260 Shares)

Retail Discount

To be announced

Issue Size

₹12,500 crore

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |   Employees  |   Shareholders  |  

HDB Financial Services Limited IPO Important Dates

Important dates with respect to IPO allotment and listing

Opening Date

Jun 25, 25

Closing Date

Jun 27, 25

Allotment Date

Jun 30, 25

Initiation of Refunds

Jul 01, 25

Listing Date

Jul 02, 25

IPO Subscription Details

DateQIBNIIRetailEMPOthersTotal

Day 1Jun 24, 2025

 0.00 0.21 0.15 0.99 0.28 0.14

About HDB Financial Services IPO

HDB Financial IPO is a book-built issue worth ₹12,500.00 crore. The IPO comprises a fresh issue of 3.38 crore equity shares aggregating to ₹2,500.00 crore and an offer for sale of 13.51 crore shares aggregating to ₹10,000.00 crore. The IPO opens for subscription on June 25, 2025, and closes on June 27, 2025. The allotment is expected to be finalised on June 30, 2025, with tentative listing on BSE and NSE scheduled for July 2, 2025.

The IPO is priced in a band of ₹700 – ₹740 per share. Retail investors must apply for a minimum of 1 lot comprising 20 shares, requiring an investment of ₹14,800 at the cutoff price. sNII investors must apply for a minimum of 14 lots (280 shares), amounting to ₹2,07,200, while bNII investors must apply for at least 68 lots (1,360 shares), totalling ₹10,06,400.

The issue is managed by a consortium of book-running lead managers including JM Financial Limited, BNP Paribas, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited (formerly known as IIFL Securities 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, and UBS Securities India Private Limited. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar for the issue.

For detailed information on financials, business operations, and risk factors, investors are encouraged to refer to the HDB Financial IPO RHP.

Industry Outlook

  1. India’s non-banking financial services sector is witnessing robust expansion, underpinned by sustained economic growth, regulatory reforms, and increasing demand for credit across retail and enterprise segments. Non-Banking Financial Companies (NBFCs) have emerged as pivotal players in bridging the credit gap, particularly among underserved and emerging customer segments.
  2. The sector’s growth is being propelled by rising urbanisation, formalisation of the economy, and the increasing penetration of financial services in semi-urban and rural areas. Retail lending, especially in consumer finance and small business loans, is gaining momentum due to evolving consumption patterns and digital adoption.
  3. Government-led initiatives in infrastructure development, MSME support, and financial inclusion are further catalysing credit demand, while digital transformation is enabling NBFCs to scale operations efficiently and enhance customer experience.
  4. As the competitive landscape intensifies, NBFCs are focusing on strengthening risk management frameworks, improving asset quality, and leveraging technology to drive operational efficiency and sustainable growth.

HDB Financial Services IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

  1. Expand financing operations by deploying funds into lending and investment activities across corporate, retail, and infrastructure segments. This includes extending credit to small and medium enterprises, project finance, and consumer loans.
  2. Repay existing borrowings to optimise the capital structure and reduce interest costs, thereby improving financial flexibility and operational efficiency.
  3. Support capital expenditure and working capital needs, including investment in technology, infrastructure, and systems to enhance service delivery and scale operations.
  4. Fund general corporate purposes, such as administrative expenses, brand development, and strategic initiatives aimed at strengthening market presence and long-term growth.

About HDB Financial Services Limited

HDB Financial Services Limited was incorporated on 4 June 2007 under the Companies Act, 1956, and commenced operations on 31 July 2007. It is registered with the Reserve Bank of India as a non-deposit taking Non-Banking Financial Company (NBFC) and has been classified as an Upper Layer NBFC under the RBI’s Scale Based Regulations.

The company operates as a diversified financial services provider, offering a wide range of secured and unsecured lending products across three core verticals: Enterprise Lending, Asset Finance, and Consumer Finance. In addition to its lending operations, HDB also provides business process outsourcing (BPO) services, including back-office support, collections, and sales assistance, primarily to its promoter, HDFC Bank Limited.

HDB Financial Services is a subsidiary of HDFC Bank Limited, one of India’s leading private sector banks. Headquartered in Mumbai, the company has established a pan-India presence through an extensive network of branches and service locations, catering to both urban and semi-urban markets.

With a strong focus on customer-centricity, digital innovation, and prudent risk management, HDB aims to deliver comprehensive financial solutions while upholding high standards of governance and operational excellence. The company leverages the HDFC brand’s reputation and ecosystem to drive sustainable growth and expand its reach across diverse customer segments.

How To Check the Allotment Status of the HDB Financial Services IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for HDB Financial Services IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the HDB Financial Services IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of HDB Financial Services IPO

Registered office: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad – 380009, Gujarat, India.

Phone: +91 22 4911 6350

E-mail: investorcommunications@hdbfs.com

HDB Financial Services IPO Reservation

Investor Category

Shares Offered

QIB Shares Offered

Not more than 50% of the Net Issue

Retail Shares Offered

Not less than 35% of the Net Issue

NII (HNI) Shares Offered

Not less than 15.00% of the Net Issue

HDB Financial Services IPO Lot Size

Application

Lots

Shares

Amount

Retail (Min)

1

20

₹14,800

Retail (Max)

13

260

₹1,92,400

S-HNI (Min)

14

280

₹2,07,200

S-HNI (Max)

67

1,340

₹9,91,600

B-HNI (Min)

68

1,360

₹10,06,400

HDB Financial Services IPO Promoter Holding

The promoter of the company is HDFC Bank Limited.

Share Holding Pre-Issue

94.32%

Share Holding Post Issue

74.19%

HDB Financial Services IPO Prospectus

HDB Financial Services IPO Registrar and Lead Managers

HDB Financial Services IPO Lead Managers

  • JM Financial Limited
  • BNP Paribas
  • BofA Securities India Limited
  • Goldman Sachs (India) Securities Private Limited
  • HSBC Securities and Capital Markets (India) Private Limited
  • IIFL Capital Services Limited (formerly known as IIFL Securities 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 for HDB Financial Services IPO

MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)

HDB Financial Services IPO Registrar

Financial Performance of HDB Financial Services Limited

Particulars Year ending on March 31, 2023 Year ending on March 31, 2022
Revenue (in ₹ crore) 12,402.88 11,306.29
Profit After Tax (PAT) (in ₹ crore) 1,959.35 1,011.40
Tax Expenses (in ₹ crore) 668.05 336.16
Assets Under Management (in ₹ crore) 70,084 61,444
Total Borrowings (in ₹ crore) 54,865 48,973
Earnings Per Share (₹) 24.78 12.81

Know before investing

Strengths

8

  1. Strong presence across enterprise, asset finance, and consumer finance segments.

  2. Extensive branch network enabling deep penetration into urban and semi-urban markets.

  3. Backed by HDFC Bank, benefiting from brand equity and operational synergies.

  4. Consistent growth in revenue, profit after tax, and assets under management.

  5. Investment in technology and analytics driving operational efficiency and customer experience.

  6. Prudent credit assessment and collection strategies ensuring asset quality.

  7. Designated as an Upper Layer NBFC, reflecting systemic importance and scale.

  8. Positioned to benefit from rising credit demand, financial inclusion, and economic expansion.

Risks

8

  1. Business performance is vulnerable to economic downturns and interest rate volatility.

  2. Exposure to unsecured loans and rising non-performing assets may impact profitability.

  3. Subject to RBI inspections and evolving compliance requirements as an Upper Layer NBFC.

  4. Heavy reliance on HDFC Bank for brand, funding, and operational support.

  5. Exposure to IT system failures and data breaches could disrupt operations.

  6. Dependence on external partners for distribution and collections poses operational risks.

  7. Intense competition from banks, fintechs, and other NBFCs may affect margins and growth.

  8. Ongoing litigations and contingent liabilities may affect financial stability.

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HDB Financial Services Limited Peer Details Comparison

Company Name Revenue (₹ mn) Face Value (₹) P/E P/B
HDB Financial Services Ltd. 1,41,711.2 10 N.A. N.A.
Bajaj Finance Ltd. 5,49,694.9 2 29.80 5.70
Sundaram Finance Ltd. 72,671.20 10 36.20 4.70
L&T Finance Ltd. 1,35,805.8 10 15.5 1.5
Mahindra & Mahindra Fin. Services 1,57,968.5 2 17.8 1.7
Cholamandalam Inv. & Fin. Co. Ltd. 1,91,396.2 2 31.5 5.5
Shriram Finance Ltd. 3,63,795.2 10 16.70 2.5

HDB Financial Services IPO FAQs

What is the HDB Financial Services IPO?

HDB Financial Services IPO is a book-built issue IPO. It will be open from June 25, 2025, to June 27, 2025. 

When will the HDB Financial Services IPO be allotted?

The Basis of Allotment will happen on Monday, June 30, 2025.   

When will HDB Financial Services IPO open for subscription?

The IPO subscription window will open on June 25, 2025. 

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 20 shares. 

When will HDB Financial Services Limited list on exchanges?

The listing date for HDB Financial Services Limited is Wednesday, July 2, 2025. 

What is the issue size of the HDB Financial Services IPO?

The issue size of the HDB Financial Services IPO is up to ₹12,500.00 crores, consisting of a combination of a fresh issue of 3.38 crore equity shares aggregating to ₹2,500.00 crore and an offer for sale of 13.51 crore shares aggregating to ₹10,000.00 crore. 

What are the open and close dates of the HDB Financial Services IPO?

The open and close dates for HDB Financial Services IPO are from June 25, 2025, to June 27, 2025.

What would be the listing gains on the HDB Financial Services IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.  

How to increase your chances of getting a HDB Financial Services IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the HDB Financial Services IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of HDB Financial Services Limited using one PAN?

You can submit only one application using your PAN card. 

How to read HDB Financial Services Limited's financial statements?

To read HDB Financial Services ‘s financial statements, download the IPO’s RHP document. 

What is 'pre-apply' for HDB Financial Services Limited IPO?

Pre-apply allows investors to apply for the HDB Financial Services IPO two days before the subscription period opens, ensuring an early submission of your application. 

If I pre-apply for the HDB Financial Services Limited IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours. 

When will I know if my HDB Financial Services Limited IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts. 

Who is the registrar of HDB Financial Services IPO?

MUFG Intime India Private Limited (Formerly Link Intime India Private Limited) is the registrar managing the IPO allotment process and handling investor-related queries. 

Where is the HDB Financial Services IPO getting listed?

HDB Financial Services IPO is proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).