HDB Financial Services

HDB Financial Services Ltd — a leading NBFC and a subsidiary of HDFC Bank — is all set for its ₹12,500 crore Mainboard IPO on BSE & NSE. This highly awaited listing aims to meet RBI’s mandatory NBFC-UL listing requirement and reinforce the company’s capital adequacy amid its expanding national presence.

IPO Snapshot

IPO Window: June 25–27, 2025 | Anchor: June 24

Issue Size: ₹12,500 Cr

Fresh Issue: ₹2,500 Cr (3.38 Cr shares)

OFS by HDFC Bank: ₹10,000 Cr (13.51 Cr shares)

Price Band: ₹700–₹740 | Lot Size: 20 shares → ₹14,800 min. investment

Listing: July 2, 2025 | Allotment Date: June 30

Registrar: Link Intime

Lead Managers: 12 banks incl. Goldman Sachs, Morgan Stanley, JM Financial, BNP Paribas, Motilal Oswa

GMP (June 23): ₹53–₹104.50 → Estimated listing price: ₹793–₹844.50 (7%–14% gains)

🧾 Share Allocation

QIB: 44.92%

NII: 13.48%

Retail: 31.44%

HDFC Bank Shareholders: 10%

Employees: ₹20 Cr reserved

💼 Company Overview

Parentage: Subsidiary of HDFC Bank (pre-IPO stake: 94.32%)

Classification: RBI-designated Upper Layer NBFC (NBFC-UL)

Founded: 2007 | Headquarters: Ahmedabad

Branches: 1,771 across 1,170 cities in 31 states/UTs

Employees: 60,000+ | Customers Served: 17.5 million

Distribution: 140K+ dealer touchpoints + 80+ OEMs

Business Segments

Enterprise Lending (39.3%) – MSME secured & unsecured loans

Asset Finance (38.03%) – Vehicles, equipment, tractors

Consumer Finance (22.66%) – Durable & personal loans

🔹 Diversification: No single loan category >25% of portfolio

🔹 Secured Loans: 73.01% of total

🔹 Top 20 Borrowers: Contribute