- 10% issue reserved for HDFC Bank shareholders
- The price band has been fixed at ₹700-740 per Equity Share of face value of ₹ 10 each
- The anchor book will open on Tuesday, June 24
- Bid /Offer will open on Wednesday, June 25, 2025 and close on Friday, June 27, 2025. The Anchor Investor Bidding Data Shall be Tuesday, June 24, 2025.
- Investors can bid for a minimum of 20 equity shares and in multiples thereafter
NE BUSINESS BUREAU
AHMEDABAD, JUNE 24
HDB Financial Services Ltd, the non-banking financial arm of HDFC Bank, has on Monday announced that its initial public offering (IPO) will open on Wednesday, June 25 and will conclude on Friday, June 27. Its anchor book will open on Tuesday, June 24. The price band of the IPO has been fixed at ₹700-740 per share. According to the red herring prospectus, 10% of the ₹12,500-crore IPO will be reserved for shareholders.
Investors can bid for a minimum of 20 equity shares and in multiples of 20 equity shares thereafter.
The HDB IPO comprises a fresh issue of 3.38 crore shares amounting to ₹2,500 crore and an offer for sale of 13.51 crore shares worth ₹10,000 crore by parent HDFC Bank, which holds 94.3 per cent stake.
As the HDB Financial Services PIO has a shareholders’ quota, investors must have at least one HDFC Bank share to be eligible for the shareholders category. It will raise their chances of IPO allotment. So, those who have shares of HDFC Bank can participate in the shareholders category in the IPO.
The cut-off date for eligibility in shareholder’s quota was June 19, 2025. It means the last day to buy HDFC Bank’s shares to be eligible for the HDB financial IPO’s shareholders quota was June 18.
“The IPO is seen as a major milestone in the company’s journey—not an exit. Our entire focus as an organisation has been on building value—for our customers and our stakeholders,” said Jaykumar Shah, CFO of HDB Financial.
Answering a query on the RBI curbs on line of credit facility, Shah said that the company has zero exposure.
The IPO is primarily in response to the Reserve Bank of India’s 2022 regulation mandating all large NBFCs categorised as “upper layer” to be listed on the stock exchange by September 2025.
Founded in 2007, HDB Financial Services provides a broad range of retail loans under three business verticals — enterprise lending, asset finance, and consumer finance. It focuses on both secured and unsecured loans, including personal loans and loans against property, particularly catering to underbanked segments.
As of September 30, 2024, the company had a gross loan book of ₹98,620 crore, with a CAGR of 20.93% from March 2022. In the year ended March 2025, HDB Financial reported a net profit of ₹2,176 crore, while revenue for the year stood at ₹16,300 crore. Its assets under management topped ₹1 lakh crore in 2025-26, growing 19 per cent year-on-year.
In its DRHP, the company noted that its loan book is highly diversified, with the top 20 customers contributing less than 0.36% of total gross loans. The average loan ticket size was around ₹1.45 lakh as of September 30, 2024.
As of March 31, 2025, the company operates 1,771 branches across 1,170 towns and cities in India, with over 80% of them located outside India’s top 20 cities by population.
Apart from this, nearly 31.44% of the IPO is reserved for retail investors, 44.92% for QIBs, 13.48% for NIIs, and 0.16% for employees.
The equity shares are proposed to be listed on BSE Limited and National Stock Exchange of India Limited.
JM Financial Limited, BNP Paribas, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) , Jefferies India Private Limited, Morgan Stanley India Company Private Limited, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory and Securities (India) Private Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited are the Book Running Lead Managers to the offer.
