HDB Financial IPO opens today; HDFC Bank’s NBFC arm raises ₹3,369 crore from anchor investors

The highly awaited initial public offering (IPO) of HDB Financial Services will open for subscription today. HDFC Bank 's NBFC arm is looking to raise ₹12,500 crore in the country’s biggest public issue of the year. Ahead of opening of the IPO, HDB Financial raised ₹3,369 crore from anchor investors.

According to an exchange filing, HDB Financial allotted a total of over 4.55 crore equity shares to its anchor investors at a floor price of ₹740 per share with a face value of ₹10 apiece.

TThe anchor book saw participation from a total of 141 institutional investors, including some marquee names such as BlackRock, Government Pension Fund Global, Goldman Sachs, Fidelity Investments, Abu Dhabi Investment Authority, HSBC, and others.

Out of the total anchor book, the company allocated over 1.93 crore shares to 22 domestic mutual funds that applied for the public issue via 65 schemes. LIC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India, Kotak Mutual Fund, and Axis Mutual Fund, participated in the anchor round of the HDB Financial Services IPO.

HDB Financial IPO GMP surges to ₹74 per share

The IPO of HDB Financial has created buzz in the grey market as the stock comThe IPO of HDB Financial has created a buzz in the grey market as the stock was commanding a healthy premium ahead of the opening of the issue. The shares were commanding a grey market premium (GMP) of ₹74 over the issue price in the unlisted market, indicating the listing price to be around ₹814 per share. The HDB Financial IPO GMP touched its peak of ₹104.50 on June 18.

HDB Financial IPO details

 The country’s seventh largest, diversified retail-focussed NBFC has set a price band at ₹700-740 per share, aiming to raise ₹12,500 crore at the upper end of the issue price. At this price band, the market capitalisation of HDB Financial is pegged at around ₹68,900 crore.

The IPO of HDB Financial is a combination of fresh issue of 3.38 crore shares worth ₹2,500 crore and offer for sale (OFS) of 13.51 crore shares aggregating to ₹10,000 crore by the promoter entity HDFC Bank, which now holds over 94% stake.

The public issue will close on June 27, while the allotment of shares to eligible applicants is expected to be finalised on June 30, 2025. The tentative date for listing of shares of HDB Financial on the BSE and the NSE is July 2, 2025.

Brokerages upbeat on HDB Financial IPO

Most brokerages remain upbeat on the HDB Financial IPO, which is going to be the largest public offer since Hyundai Motor India’s ₹27,000-crore issue last year and the biggest for the current calendar year. Also, this will be first listing by any HDFC group entity after the merger of HDFC with HDFC Bank in July 2023. Mirae Asset Sharekhan, SBI Securities, Centrum Broking, Choice Broking, Deven Choksey Research, and Bajaj Broking are bullish on the HDB Financial IPO.

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