HDB Financial Shares in Focus: Joins Elite NBFC League, Ranks 8th by Market Cap

HDB Financial Services made a strong entrance into the stock market on July 2, 2025, quickly establishing itself as one of India’s top non-banking financial companies (NBFCs). Backed by HDFC Bank, HDB Financial listed at ₹835 per share on both the BSE and NSE, representing a 12.8% premium over its issue price yesterday.

Shortly after listing, the stock surged to ₹845.75, taking the company's market capitalisation to an impressive ₹70,200 crore. This debut has positioned HDB Financial as the eighth most valuable NBFC in the country.

Strong Market Position Among NBFC Giants

With a ₹70,200 crore market cap, HDB Financial now stands among India’s leading NBFCs. Topping the list is Bajaj Finance, commanding a massive valuation of over ₹5.77 lakh crore. Other major players include Jio Financial Services (₹2.07 lakh crore), Cholamandalam Investment and Finance (₹1.31 lakh crore), Shriram Finance (₹1.28 lakh crore), Muthoot Finance (₹1.05 lakh crore), SBI Cards (₹87,017 crore), and Aditya Birla Capital (₹71,324 crore).

IPO Receives Strong Response—Led by Institutions

The IPO of HDB Financial saw strong investor interest, especially from institutional players. While the qualified institutional buyer (QIB) portion was oversubscribed by over 55 times, the retail segment lagged, with just 1.4x subscription. Overall, the IPO attracted nearly ₹1.61 lakh crore in bids and was oversubscribed 17 times—highlighting broad confidence in the company’s long-term potential.

A Diversified and Scalable Lending Business

What sets HDB Financial apart is its broad-based and granular lending strategy. With over 19 million customers, the company has developed a large and diversified franchise—both in terms of geography and lending products. Notably, its top 20 exposures account for only 0.34% of the total assets under management (AUM), underscoring a well-balanced and low-risk portfolio.

The company continues to emphasize financial inclusion, with about 70% of its branches located in tier-4 towns and beyond. In FY25, approximately 82% of disbursements were sourced directly, a testament to its efficient distribution and customer reach.

Experienced Leadership Driving Long-Term Growth

HDB Financial's strategy of targeting underserved markets has been shaped by a stable and experienced leadership team many of whom have been part of the organization for over a decade. This continuity at the top has enabled the company to scale sustainably while maintaining a disciplined risk approach.

Read More: Upcoming Bonus Shares in July 2025: CONCOR, Roto Pumps & More.

Conclusion

HDB Financial’s market debut has positioned it among the top non-banking financial companies in India by market capitalisation. With a strong institutional response to its IPO, a broad customer base, and a diversified lending model, the company begins its journey on the public markets with a significant presence in the NBFC space.

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