Backed by HDFC Bank, the IPO includes a ₹2,500 crore fresh issue and ₹10,000 crore OFS. Price band set at ₹700–₹740 per share.
Mumbai | June 24, 2025:
HDB Financial Services, the non-banking finance company (NBFC) arm of HDFC Bank, is set to open its highly anticipated ₹12,500 crore initial public offering (IPO) on Wednesday, June 25. Touted as the biggest IPO of 2025, the issue will remain open for subscription until Friday, June 27.
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The IPO comprises a fresh issue of ₹2,500 crore, offering 3.38 crore new equity shares, and an offer for sale (OFS) of ₹10,000 crore, through the sale of 13.51 crore equity shares held by promoter HDFC Bank. The price band for the public issue has been fixed at ₹700 to ₹740 per equity share, each with a face value of ₹10.
Company Background
HDFC Bank currently holds 94.04% stake in HDB Financial Services, amounting to over 75 crore shares. The public issue is part of HDFC Bank’s broader strategy to unlock value and meet regulatory requirements post its merger with HDFC Ltd.
IPO Management and Registrar
A consortium of 13 leading investment banks will manage the IPO, including:
- JM Financial
- Goldman Sachs India
- BofA Securities India
- Morgan Stanley India
- HSBC Securities
- IIFL Capital
- Jefferies India
- BNP Paribas
- Motilal Oswal Investment Advisors
- Nomura India
- Nuvama Wealth
- UBS Securities India
MUFG Intime India (formerly Link Intime) has been appointed the official registrar and will oversee allotment and investor communications.
Market Sentiment and GMP
Ahead of the IPO, grey market premium (GMP) reports suggest mild interest, with a premium ranging from ₹15 to ₹22 depending on market sentiment. The premium may evolve once the issue opens and subscription data starts flowing in.
Risks to Consider
While the IPO has created a buzz in the financial markets, potential investors should be aware of certain risks, including:
- Rising competition in the NBFC sector
- Dependency on parent HDFC Bank’s branding
- Interest rate volatility affecting loan book growth
- Credit risk exposure due to unsecured personal lending
- Regulatory and compliance risks post-listing
(Refer to the RHP for full risk disclosures.)
Conclusion
As India’s largest IPO this year, HDB Financial Services’ listing is expected to attract strong interest from institutional and retail investors alike. However, given the size and sectoral exposure of the offering, experts recommend a balanced investment approach with attention to fundamentals and pricing.
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