Summary
The HDB Financial Services IPO has generated significant buzz in the Indian financial market, marking one of the most anticipated public offerings of 2025. As the non-banking financial company (NBFC) arm of HDFC Bank, HDB Financial Services launched its Rs 12,500 crore IPO, which saw an overwhelming response, achieving a subscription rate of 16.69 times.
This article provides a comprehensive guide on how to check the HDB Financial Services IPO allotment status, the latest grey market premium (GMP) price, the expected listing date, and key details about the company and its public offering. Whether you’re an investor seeking to understand the IPO’s potential or simply curious about this landmark financial event, this guide is designed to offer clear, actionable insights in an engaging and reader-friendly manner.
Understanding the HDB Financial Services IPO
HDB Financial Services, a leading NBFC in India, launched its initial public offering (IPO) on June 25, 2025, and closed the subscription window on June 27, 2025. The IPO, valued at Rs 12,500 crore, comprises a fresh issue of Rs 2,500 crore and an offer for sale (OFS) of Rs 10,000 crore by its parent company, HDFC Bank, which holds a 94.36% stake in the company.
The price band was set at Rs 700 to Rs 740 per share, with a minimum lot size of 20 shares, requiring retail investors to invest at least Rs 14,000 at the upper price band. The IPO is set to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on July 2, 2025, making it a significant event in India’s financial markets.
The IPO attracted robust investor interest, particularly from Qualified Institutional Buyers (QIBs), who subscribed 55.47 times their reserved portion. Non-Institutional Investors (NIIs) subscribed 9.99 times, while retail investors showed a more cautious response, subscribing 1.41 times. This strong demand has positioned the HDB Financial Services IPO as one of the most subscribed public offerings in the last four years, surpassing major IPOs like LIC, Hyundai, and Paytm. The allotment process was finalized on June 30, 2025, and investors are now eagerly awaiting the listing to gauge potential returns.
How to Check HDB Financial Services IPO Allotment Status
Checking the allotment status for the HDB Financial Services IPO is a straightforward process that can be done through multiple platforms, including the BSE, NSE, and the IPO registrar’s website, MUFG Intime India Private Limited (formerly Link Intime). Below are step-by-step guides to check your allotment status on each platform.
Checking Allotment Status on the BSE Website
To check your HDB Financial Services IPO allotment status on the BSE website, follow these steps:
- Visit the official BSE IPO allotment status page at https://www.bseindia.com/investors/appli_check.aspx.
- Select ‘Equity’ as the issue type from the dropdown menu.
- Choose ‘HDB Financial Services IPO’ from the list of available IPOs.
- Enter your Application Number or PAN (Permanent Account Number) in the required field.
- Complete the captcha verification by ticking the ‘I’m not a robot’ box.
- Click the ‘Search’ button to view your allotment status instantly.
Your allotment status will be displayed on the screen, indicating whether you have been allocated shares and, if so, how many.
Checking Allotment Status on the NSE Website
To check your allotment status via the NSE website, follow these steps:
- Go to the official NSE IPO application tracking page at https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp.
- Navigate to the ‘Equity and SME IPO Bid Details’ section.
- Select ‘HDB Financial Services IPO’ from the dropdown list of companies.
- Enter your Application Number and PAN in the provided fields.
- Click the ‘Submit’ button to view your allotment status.
The NSE platform provides a user-friendly interface for investors to quickly check their status.
Checking Allotment Status via MUFG Intime India
MUFG Intime India Private Limited is the official registrar for the HDB Financial Services IPO, responsible for managing the application process, share allotments, and refunds. To check your allotment status on their website, follow these steps:
- Visit the MUFG Intime IPO allotment status page at https://in.mpms.mufg.com/Initial_Offer/public-issues.html.
- Select ‘HDB Financial Services IPO’ from the dropdown menu.
- Choose one of the following options to proceed: PAN, Application Number, DP ID/Client ID, or Bank Account Number/IFSC.
- Enter the relevant details accurately.
- Click the ‘Search’ button to view your allotment status.
Once the allotment is finalized, successful applicants will have their shares credited to their demat accounts on July 1, 2025, while refunds for unsuccessful bidders will also be processed on the same day.
HDB Financial Services IPO Grey Market Premium (GMP) Price
The grey market premium (GMP) is an unofficial indicator of investor sentiment and demand for an IPO before its listing. For the HDB Financial Services IPO, the GMP has fluctuated in the days leading up to the listing, reflecting market dynamics and investor expectations. As of June 30, 2025, at 9:34 PM, the GMP stood at Rs 68, suggesting an estimated listing price of Rs 808 per share, a 9.19% gain over the upper price band of Rs 740.
Earlier updates on the same day reported a GMP of Rs 70 at 8:37 PM (estimated listing price of Rs 810, a 9.46% gain), Rs 67 at 4:36 PM (estimated listing price of Rs 807, a 9.05% gain), and Rs 66 at 4:44 PM (estimated listing price of Rs 806).
It’s important to note that GMP is speculative and not an official metric. The actual listing price may differ based on market conditions, investor sentiment, and broader economic factors. Investors are advised to focus on the company’s fundamentals rather than relying solely on GMP for investment decisions.
HDB Financial Services IPO Listing Date
The shares of HDB Financial Services are scheduled to list on both the BSE and NSE on Wednesday, July 2, 2025, at 10:00 AM. This listing date aligns with the T+3 listing rule, which mandates that IPO shares be listed within three working days after the subscription window closes. Investors can begin trading the shares in the secondary market after the listing ceremony. Given the strong subscription numbers and positive GMP trends, the listing is expected to attract significant attention from market participants.
Key Details of the HDB Financial Services IPO
Issue Size and Structure
The HDB Financial Services IPO is one of the largest NBFC IPOs in India, with a total issue size of Rs 12,500 crore. This includes:
- Fresh Issue: Rs 2,500 crore, which will be used to augment the company’s Tier-I capital base to support future lending activities across its business verticals, including Enterprise Lending, Asset Finance, and Consumer Finance.
- Offer for Sale (OFS): Rs 10,000 crore, where HDFC Bank, the promoter, is offloading 13.51 crore equity shares. The proceeds from the OFS will go to HDFC Bank and not the company.
The IPO was managed by a consortium of leading investment banks, including BNP Paribas, JM Financial, BofA Securities, Goldman Sachs India, HSBC Securities, IIFL Capital, Jefferies India, Morgan Stanley, Motilal Oswal, Nomura, Nuvama Wealth, and UBS Securities. MUFG Intime India Private Limited served as the registrar, overseeing the allotment and refund processes.
Price Band and Lot Size
The IPO price band was set at Rs 700 to Rs 740 per share, with a face value of Rs 10 per share. Retail investors were required to apply for a minimum lot size of 20 shares, translating to a minimum investment of Rs 14,000 at the lower price band and Rs 14,800 at the upper price band. Small Non-Institutional Investors (sNII) needed to apply for a minimum of 14 lots (280 shares), amounting to Rs 207,200, while Big Non-Institutional Investors (bNII) required a minimum of 68 lots (1,360 shares), totaling Rs 1,006,400.
Subscription Details
The HDB Financial Services IPO was subscribed 16.69 times, receiving bids for over 217.67 crore equity shares against the 13.04 crore shares offered. The breakdown of subscriptions by investor category is as follows:
- Qualified Institutional Buyers (QIBs): 55.47 times
- Non-Institutional Investors (NIIs): 9.99 times
- Retail Individual Investors (RIIs): 1.41 times
- Shareholder Quota: 5.72 times
- Employee Quota: 4.26 times
The strong institutional demand underscores the confidence of large investors in HDB Financial Services’ growth potential and its strong parentage under HDFC Bank.
Company Overview
HDB Financial Services, incorporated in 2007, is a retail-focused NBFC classified as an upper-layer NBFC (NBFC-UL) by the Reserve Bank of India (RBI). As a subsidiary of HDFC Bank, it benefits from strong brand recognition, robust governance, and access to low-cost funding. The company operates across three main business verticals:
- Enterprise Lending: Launched in 2008, this segment provides secured and unsecured loans to micro, small, and medium enterprises (MSMEs) and working professionals for purposes such as equipment purchases, working capital, and business expansion.
- Asset Finance: Started in 2010, this vertical offers secured loans for the purchase of commercial vehicles, tractors, and other work-related equipment, primarily catering to transporters and contractors.
- Consumer Finance: This segment provides small, short-term secured and unsecured loans for personal purchases like two-wheelers, mobile phones, and home appliances.
In addition to lending, HDB Financial Services offers business process outsourcing (BPO) services, including back-office support, collections, and sales support, as well as fee-based products like insurance distribution. As of September 30, 2024, the company operated 1,772 branches across 1,162 towns in 31 states and Union Territories, with over 80% of its branches located outside India’s 20 largest cities, highlighting its deep penetration into rural and semi-urban markets.
Financial Performance
HDB Financial Services has demonstrated strong financial growth and operational efficiency. As of September 30, 2024:
- Gross Loan Book: Rs 98,620 crore, with a compound annual growth rate (CAGR) of 21% since FY22.
- Assets Under Management (AUM): Rs 90,230 crore.
- Net Profit: Rs 2,460.8 crore in FY24, up from Rs 1,620 crore in FY22.
- Revenue: Rs 16,300.28 crore in FY25, compared to Rs 14,171.12 crore in FY24, reflecting a 15% growth.
- Profit After Tax (PAT): Rs 2,175.92 crore in FY25, a slight decline from Rs 2,460.84 crore in FY24 due to interest rate volatility.
- Key Financial Ratios:
- Return on Assets (ROA): 3.03%
- Return on Equity (ROE): 19.55%
- Net Interest Margin (NIM): Over 7%
- Gross Non-Performing Assets (NPA): 1.90%
- Net NPA: 0.63%
The company’s AAA ratings from CARE and CRISIL for long-term debt and A1+ for short-term debt underscore its financial stability and creditworthiness.
Investment Considerations
The HDB Financial Services IPO has received positive reviews from several brokerages, including SBI Securities, Mirae Asset, Sharekhan, Centrum Broking, and Bajaj Broking, which recommend subscribing for long-term gains. Key reasons to consider investing include:
- Strong Parentage: Backed by HDFC Bank, HDB Financial Services benefits from a trusted brand, robust governance, and access to low-cost funding.
- Diversified Portfolio: The company’s loan book is well-balanced across enterprise lending, asset finance, and consumer finance, reducing concentration risk.
- Attractive Valuation: At the upper price band of Rs 740, the IPO is priced at a price-to-book (P/B) ratio of 3.4x, which is lower than peers like Bajaj Finance, making it reasonably valued.
- Growth Potential: With a gross loan book growing at a CAGR of 23.5% over FY23–25 and India’s NBFC sector projected to grow at 15–17% over FY25–FY28, HDB is well-positioned to capitalize on the expanding retail and MSME credit markets.
However, investors should also consider potential risks:
- Profitability Pressure: The company’s PAT declined by 12% in FY25 due to interest rate volatility, which could persist.
- High OFS Component: The Rs 10,000 crore OFS means 80% of the issue proceeds will go to HDFC Bank, not the company, limiting direct benefits from the IPO.
- Market Sentiment: Recent IPOs have seen tepid retail demand due to aggressive pricing and market corrections, which could impact listing performance.
Why HDB Financial Services IPO is a Compelling Opportunity
The HDB Financial Services IPO offers investors a unique opportunity to invest in a leading NBFC with a strong track record and significant growth potential. The company’s focus on underbanked and ‘new to credit’ segments, coupled with its extensive branch network and digital-first infrastructure, positions it to tap into India’s growing credit demand. With a market capitalization of Rs 61,253.30 crore and a diversified business model, HDB Financial Services is poised for long-term success.
Brokerages like SBI Securities and LKP Securities have highlighted the IPO’s attractive valuation and the company’s ability to deliver healthy growth while maintaining strong asset quality. The post-issue P/BV of 3.88x and PER of 28.2x align well with industry averages, suggesting room for upside.
Conclusion
The HDB Financial Services IPO has captured the attention of investors with its massive Rs 12,500 crore issue size and strong subscription numbers. With the allotment finalized on June 30, 2025, and the listing scheduled for July 2, 2025, investors are eagerly awaiting the debut of HDB Financial Services on the BSE and NSE. The latest GMP of Rs 68 suggests a potential listing gain of 9.19%, though investors should approach GMP with caution and focus on the company’s fundamentals.
To check your allotment status, use the BSE, NSE, or MUFG Intime websites with your PAN or application number. The IPO’s strong institutional demand, diversified business model, and attractive valuation make it a compelling opportunity for long-term investors. However, weigh the risks, such as profitability pressures and market volatility, before making investment decisions. With its robust financials, strong parentage, and strategic focus on India’s growing NBFC sector, HDB Financial Services is well-positioned to deliver value to shareholders in the years ahead.
Note: All information and images used in this content are sourced from Google. They are used here for informational and illustrative purposes only.
FAQs on HDB Financial Services IPO 2025
1. What is the issue size of the HDB Financial Services IPO 2025?
The HDB Financial Services IPO is valued at Rs 12,500 crore, including a Rs 2,500 crore fresh issue and a Rs 10,000 crore Offer for Sale (OFS) by HDFC Bank.
2. When did the HDB Financial Services IPO open and close?
The IPO opened on June 25, 2025, and closed on June 27, 2025, attracting record-high institutional demand.
3. How can I check the HDB Financial Services IPO allotment status?
Investors can check the allotment status on the BSE, NSE, or MUFG Intime India websites using PAN, application number, or DP ID details.
4. What is the HDB Financial Services IPO listing date?
The shares will list on the BSE and NSE on July 2, 2025, at 10:00 AM as per the T+3 listing rules.
5. What was the subscription rate for the HDB Financial Services IPO?
The IPO was subscribed 16.69 times overall, with QIBs leading at 55.47 times, NIIs at 9.99 times, and retail investors at 1.41 times.
6. What is the Grey Market Premium (GMP) for HDB Financial Services IPO?
As of June 30, 2025, the GMP stood at Rs 68, indicating an estimated listing price of Rs 808, about 9.19% above the upper price band.
7. What is the price band and lot size for the IPO?
The price band was set between Rs 700–Rs 740 per share, with a minimum lot size of 20 shares requiring an investment of Rs 14,000 at the upper band.
8. What are the financial highlights of HDB Financial Services?
The company reported revenue of Rs 16,300.28 crore in FY25, a loan book of Rs 98,620 crore, and a Net Profit of Rs 2,175.92 crore in FY25.
9. Is the HDB Financial Services IPO a good investment?
Brokerages like SBI Securities and Mirae Asset recommend subscribing, citing strong growth potential, diversified lending, and attractive valuation.
10. What are the risks involved in investing in the IPO?
Key risks include profitability pressure due to interest rate volatility, a high OFS component, and potential market corrections post-listing.
11. How does HDB Financial Services compare to peers like Bajaj Finance?
At the upper price band, HDB’s P/B ratio of 3.4x is lower than Bajaj Finance, offering reasonable valuations and growth opportunities in the NBFC space.
12. Where can I find real-time updates on HDB Financial Services IPO?
For allotment updates, listing prices, and GMP trends, check financial portals like BSE, NSE, Moneycontrol, and Economic Times regularly.