HDB Financial Services IPO Day 2: Fully Subscribed, Grey‑Market Premium Holds Steady

New Delhi, June 26: The IPO of HDB Financial Services saw robust interest on Day 2 of public subscription, closing the day with 1.16x overall subscription. Backed by HDFC Bank, the offering attracted healthy demand across investor categories, despite volatility in the broader market.

📈 Subscription Status (End of Day 2):

Qualified Institutional Buyers (QIBs): 90%
Non-Institutional Investors (NIIs): 2.29x
Retail Investors (RIIs): 64%
Overall: 1.16x

Analysts noted that the IPO benefitted from the company’s strong brand lineage, extensive rural lending network, and a consistent track record of profitability.

💬 Expert Take:

According to Gaurav Garg from Lemonn Markets, “HDB Financial Services gives investors exposure to India’s expanding rural and underbanked credit markets. Backed by HDFC, with a secure and diversified loan book, the IPO presents a strong case for medium- to long-term investment.”

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He added that short-term investors may also consider applying for listing gains, supported by fair valuations and strong fundamentals.

💹 Grey Market Premium (GMP) Today:

Current GMP: ₹793/share
Premium over issue price: ~7%
According to IPO Watch and Investorgain, GMP has dipped from pre-IPO highs of ₹104.5 but inched up slightly from the previous day, signaling cautious optimism.

🧾 IPO Market Round-Up:

Besides HDB, other IPOs also performed strongly:

Sambhv Steel Tubes was fully subscribed on Day 2.
Globe Civil Projects IPO saw a staggering 65x subscription on Day 3.
Kalpataru Projects and Ellenbarrie Industrial Gases also closed with significant oversubscription.
Indogulf Cropsciences IPO launched today and was 40% subscribed on Day 1.

⚖️ Should You Apply?

If you’re a long-term investor, HDB’s strong parentage, digital-first infrastructure, and focus on secured lending may justify the premium valuations. For short-term investors, listing gains remain a possibility, though softer GMP trends suggest tempered expectations.

Srishty Mishra