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
- 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.
- 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.
- 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.
- 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:
- 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.
- Repay existing borrowings to optimise the capital structure and reduce interest costs, thereby improving financial flexibility and operational efficiency.
- Support capital expenditure and working capital needs, including investment in technology, infrastructure, and systems to enhance service delivery and scale operations.
- 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:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for HDB Financial Services IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the HDB Financial Services IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- 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)
- Contact Number: +91 810 811 4949
- Email Address: ipo@linkintime.co.in
HDB Financial Services IPO Registrar
Financial Performance of HDB Financial Services Limited
| Particulars | Year ending on March 31, 2023 |
|---|---|
| Revenue (in ₹ crore) | 12,402.88 |
| Profit After Tax (PAT) (in ₹ crore) | 1,959.35 |
| Tax Expenses (in ₹ crore) | 668.05 |
| Assets Under Management (in ₹ crore) | 70,084 |
| Total Borrowings (in ₹ crore) | 54,865 |
| Earnings Per Share (₹) | 24.78 |
Know before investing
Strengths
8Strong presence across enterprise, asset finance, and consumer finance segments.
Extensive branch network enabling deep penetration into urban and semi-urban markets.
Backed by HDFC Bank, benefiting from brand equity and operational synergies.
Consistent growth in revenue, profit after tax, and assets under management.
Investment in technology and analytics driving operational efficiency and customer experience.
Prudent credit assessment and collection strategies ensuring asset quality.
Designated as an Upper Layer NBFC, reflecting systemic importance and scale.
Positioned to benefit from rising credit demand, financial inclusion, and economic expansion.
Risks
8Business performance is vulnerable to economic downturns and interest rate volatility.
Exposure to unsecured loans and rising non-performing assets may impact profitability.
Subject to RBI inspections and evolving compliance requirements as an Upper Layer NBFC.
Heavy reliance on HDFC Bank for brand, funding, and operational support.
Exposure to IT system failures and data breaches could disrupt operations.
Dependence on external partners for distribution and collections poses operational risks.
Intense competition from banks, fintechs, and other NBFCs may affect margins and growth.
Ongoing litigations and contingent liabilities may affect financial stability.
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 |
