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HDB Financial Services IPO

HDB Financial Services IPO — date, price band, lot size & details 2025

HDB Financial Services listed on 2 Jul 2025 at ₹835, 12.8% above the ₹740 issue price.

HDB Financial Services is a retail-focused non-banking financial company promoted by HDFC Bank. It reported total income of Rs 16,300.28 crore in FY2025.

Stock price

HDB Financial Services is listed — here is the live share price.

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Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Timetable

Key dates from opening to listing. Today is 10 November.

Key dates Listed
  1. Open 25 Jun 2025
  2. Close 27 Jun 2025
  3. Allotment 30 Jun 2025
  4. Refund/credit 01 Jul 2025
  5. Listing 02 Jul 2025

Issue summary

The terms of the offer, as filed.

IPO Dates 25 to 27 Jun, 2025
Price Band ₹700 – ₹740
Face Value ₹10
Lot Size 20 Shares
Issue Size ₹12500 Cr
Sale Type Fresh capital cum OFS
Listing On BSE, NSE
Registrar MUFG Intime India Private Limited
Min Investment ₹ 14,800
Reservation
QIB 50%
NII 15%
Retail 35%
Employee 0.16%

Share of the offer set aside for each investor category, as stated in the offer document.

What will it cost me?

Bidding is in multiples of 20 shares at the ₹740 cut-off. Drag to size your application.

shares
1 lot lots
If it lists at today's grey market premium of ₹70
on
Grey market premium is an unofficial, unregulated indicator. It is not a forecast.
Application Lots Shares Amount
Retail (min) 1 20 ₹14,800
Retail (max) 13 260 ₹1,92,400
S-HNI (min) 14 280 ₹2,07,200
S-HNI (max) 67 1,340 ₹9,91,600
B-HNI (min) 68 1,360 ₹10,06,400

Strengths & risks

Drawn from the offer document — the case for and against, side by side.

Strengths · 5

  • 01Total income rose from Rs 12,402.88 crore in FY2023 to Rs 16,300.28 crore in FY2025.
  • 02Net worth rose from Rs 10,436.09 crore on 31 March 2023 to Rs 14,936.50 crore on 31 March 2025.
  • 03Rs 2,458.62 crore of the proceeds was for raising the Tier-I capital base.
  • 04HDFC Bank held 74.19% after the issue, so the company stayed part of the bank's group.
  • 05The P/E was 28.15 at the upper band of Rs 740, based on post-issue EPS of Rs 26.29.

Risks · 6

  • 01Rs 10,000.00 crore of the Rs 12,500 crore issue was offer for sale by HDFC Bank and did not reach the company.
  • 02Profit after tax fell from Rs 2,460.84 crore in FY2024 to Rs 2,175.92 crore in FY2025 even though income rose.
  • 03Total borrowing rose from Rs 54,865.31 crore on 31 March 2023 to Rs 87,397.77 crore on 31 March 2025.
  • 04As a lender it is exposed to credit losses, and total assets were Rs 1,08,663.29 crore on 31 March 2025.
  • 05The source does not give return on equity or net worth ratios for this issue, so the P/E of 28.15 cannot be weighed against them here.
  • 06Promoter holding fell from 94.32% before the issue to 74.19% after it, and a further sale is possible later.

Three years of numbers

All figures in ₹ crore, as reported in the HDB Financial Services offer document.

Total income
16,300.28
12,403
14,171
16,300
31 Mar 202331 Mar 202431 Mar 2025
Profit after tax
2,175.92
1,959
2,461
2,176
31 Mar 202331 Mar 202431 Mar 2025
EBITDA
9,512.37
6,251
8,314
9,512
31 Mar 202331 Mar 202431 Mar 2025
Borrowing vs net worth
87,397.77 / 14,936.50
31 Mar 202331 Mar 202431 Mar 2025
Borrowing Net worth
Metric 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets 1,08,663.29 92,556.51 70,050.39
Total Income 16,300.28 14,171.12 12,402.88
Profit After Tax 2,175.92 2,460.84 1,959.35
EBITDA 9,512.37 8,314.13 6,251.16
NET Worth 14,936.50 12,802.76 10,436.09
Reserves and Surplus 15,023.97 12,949.63 10,645.57
Total Borrowing 87,397.77 74,330.67 54,865.31

See how this IPO compares — view listing performance of all mainboard IPOs.

Valuation & key ratios

Ratios are for the latest full financial year reported in the HDB Financial Services RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.

P/E Ratio
28.15
EPS (₹)
26.29

HDB Financial Services IPO Valuation

How the issue prices the company before and after the fresh shares are created.

Valuation Metric Pre-Issue Post-Issue
EPS (₹) ₹27.41 ₹26.29
P/E Ratio (x) 27.00 28.15
Market Cap at Offer Price (₹ Cr) ₹58,744.28 ₹61,246.89

Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹740 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.

Where the money goes

₹2,685.47 Cr of the issue is earmarked to named objects.

Augmentation of the Companys Tier-I Capital base to meet their Companys future capital requirements including onward lending under any of the Companys business verticals i.e. Enterprise Lending, Asset Finance and Consumer Finance. ₹2458.62 Cr
Issue Expenses ₹226.85 Cr

HDB Financial Services IPO Anchor Investors

141 anchor investors across 69 fund houses committed ₹3,368.94 Cr a day before the issue opened.

Anchor Investor Fund House Shares Amount (₹ Cr) % of Anchor Book
Life Insurance Corporation Of India Life Insurance Corp.of India 2,972,960 220.00 6.53%
ICICI Prudential Mutual Fund - ICICI Prudential Rural Opportunities Fund ICICI Prudential Mutual Fund 135,140 10.00 0.30%
ICICI Prudential Banking And Financial Services Fund ICICI Prudential Mutual Fund 1,216,200 90.00 2.67%
ICICI Prudential Multicap Fund ICICI Prudential Mutual Fund 540,540 40.00 1.19%
ICICI Prudential Midcap Fund ICICI Prudential Mutual Fund 675,680 50.00 1.48%
ICICI Prudential Quality Fund ICICI Prudential Mutual Fund 135,140 10.00 0.30%
Amundi Funds SBI Fm India Equity Amundi 135,140 10.00 0.30%
SBI Investment Opportunities Fund (Ifsc) SBI Mutual Fund 67,580 5.00 0.15%
SBI Optimal Equity Fund - Long Term SBI Mutual Fund 162,160 12.00 0.36%
SBI Flexicap Fund SBI Mutual Fund 945,940 70.00 2.08%
SBI Banking & Financial Services Fund SBI Mutual Fund 445,940 33.00 0.98%
SBI Multicap Fund SBI Mutual Fund 945,940 70.00 2.08%
Nippon India Small Cap Fund Nippon India Mutual Fund 1,140,960 84.43 2.51%
Nippon India Banking & Financial Services Fund Nippon India Mutual Fund 66,760 4.94 0.15%
Nippon India Flexi Cap Fund Nippon India Mutual Fund 169,940 12.58 0.37%
Nippon Life India Trustee Ltd-A/C Nippon India Growth Fund Nippon India Mutual Fund 509,780 37.72 1.12%
Nippon India Value Fund Nippon India Mutual Fund 54,620 4.04 0.12%
Nippon Life India Trustee Ltd-A/C Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund 84,960 6.29 0.19%
Kotak ELSS Tax Saver Fund Kotak Mahindra Mutual Fund 1,173,560 86.84 2.58%
Kotak Business Cycle Fund Kotak Mahindra Mutual Fund 533,420 39.47 1.17%
Kotak Banking & Financial Services Fund Kotak Mahindra Mutual Fund 320,040 23.68 0.70%
Blackrock Global Funds-Asian Dragon Fund Blackrock 85,200 6.30 0.19%
Blackrock Global Funds-Emerging Markets Fund Blackrock 144,920 10.72 0.32%
Best Investment Corporation Managed By Blackrock Asset Management North Asia Limited Best Investment Corporation 85,720 6.34 0.19%
Blackrock Strategic Funds - Blackrock Emerging Markets Equity Strategies Fund Blackrock 408,020 30.19 0.90%
Blackrock Emerging Frontiers Master Fund Ltd. Blackrock 370,900 27.45 0.81%
Blackrock Global Funds - India Fund Blackrock 405,640 30.02 0.89%
Stichting Depositary Apg Emerging Markets Equity Pool Stichting Depositary Apg 391,480 28.97 0.86%
Baillie Gifford Pacific Fund A Sub Fund Of Baillie Gifford Overseas Growth Funds Icvc Baillie Gifford Pacific 1,405,400 104.00 3.09%
Baillie Gifford Worldwide Asia Ex Japan Fund, A Sub Fund Of Baillie Gifford Worldwide Funds Plc Baillie Gifford Worldwide 135,140 10.00 0.30%
Pacific Horizon Investment Trust Plc Pacific Horizon Investment 351,340 26.00 0.77%
Government Pension Fund Global Government Pension Fund Global 1,351,340 100.00 2.97%
Goldman Sachs Funds-Goldman Sachs India Equity Portfolio Goldman Sachs 1,013,500 75.00 2.23%
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Axis Mutual Fund 506,760 37.50 1.11%
Axis Large & Mid Cap Fund Axis Mutual Fund 337,820 25.00 0.74%
Axis ELSS Tax Saver Fund Axis Mutual Fund 506,760 37.50 1.11%
Aditya Birla Sun Life Banking & Financial Services Fund Aditya Birla Sun Life Mutual Fund 1,276,480 94.46 2.80%
Aditya Birla Sun Life Equity Savings Fund Aditya Birla Sun Life Mutual Fund 40,500 3.00 0.09%
Aditya Birla Sun Life Retirement Fund-The 30S Plan Aditya Birla Sun Life Mutual Fund 34,360 2.54 0.08%
Schroder International Selection Fund-Sustainable Asian Equity Schroder 70,580 5.22 0.16%
Bonitas Pooled Investment Fund Series-Dynamic Asian Equity Fund Bonitas 76,800 5.68 0.17%
Schroder International Selection Fund-Indian Equity Schroder 174,360 12.90 0.38%
Schroder International Selection Fund-Emerging Asia Schroder 518,960 38.40 1.14%
Schroder International Selection Fund-Bic (Brazil, India, China) Schroder 99,640 7.37 0.22%
Schroder International Selection Fund Global Emerging Market Opportunities Schroder 411,000 30.41 0.90%
Fidelity Investment Trust Fidelity Emerging Asia Fund Fidelity 612,600 45.33 1.35%
Fidelity Advisor Series Viii - Fidelity Advisor Emerging Asia Fund Fidelity 262,600 19.43 0.58%
Fidelity Far East Fund Fidelity 138,300 10.23 0.30%
ABU Dhabi Investment Authority-Stable ABU Dhabi Investment 1,013,500 75.00 2.23%
ICICI Prudential Life Insurance Co.ltd. ICICI Prudential Life Insurance 1,013,500 75.00 2.23%
DSP Midcap Fund DSP Mutual Fund 1,151,260 85.19 2.53%
DSP Banking & Financial Services Fund DSP Mutual Fund 200,080 14.81 0.44%
Mirae Asset Banking And Financial Services Fund Mirae Asset Mutual Fund 500,000 37.00 1.10%
Ashoka Whiteoak Icav-Ashoka Whiteoak India Opportunities Fund Ashoka Whiteoak 1,098,120 81.26 2.41%
Ashoka Whiteoak Icav-Ashoka Whiteoak Emerging Markets Equity Fund Ashoka Whiteoak 253,220 18.74 0.56%
Nps Trust A/C - SBI Pension Funds Pvt. Ltd. - Nps Lite Scheme - Govt. Pattern SBI Nps Trust 135,140 10.00 0.30%
Nps Trust- A/C SBI Pension Fund Scheme E - Tier Ii SBI Nps Trust 135,140 10.00 0.30%
Nps Trust- A/C SBI Pension Fund Scheme - Atal Pension Yojana (Apy) SBI Nps Trust 229,720 17.00 0.50%
Nps Trust Ac UTI Pension Fund Limited Scheme E Tier I UTI Nps Trust 500,000 37.00 1.10%
UTI Balanced Advantage Fund UTI Mutual Fund 75,000 5.55 0.16%
UTI Banking & Financial Services Fund UTI Mutual Fund 41,660 3.08 0.09%
UTI Midcap Fund UTI Mutual Fund 341,660 25.28 0.75%
UTI-India Consumer Fund UTI Mutual Fund 11,680 0.86 0.03%
UTI Multi Cap Fund UTI Mutual Fund 30,000 2.22 0.07%
Canara Robeco Multi Cap Fund Canara Robeco Mutual Fund 55,000 4.07 0.12%
Canara Robeco Mutual Fund A/C Canara Robeco Large And Mid Cap Fund Canara Robeco Mutual Fund 445,000 32.93 0.98%
Templeton India Value Fund Templeton 422,760 31.28 0.93%
Franklin India Equity Advantage Fund Franklin Templeton Mutual Fund 270,560 20.02 0.59%
Franklin India ELSS Tax Saver Fund Franklin Templeton Mutual Fund 236,760 17.52 0.52%
Tata Balanced Advantage Fund Tata Mutual Fund 337,840 25.00 0.74%
Tata Banking & Financial Services Fund Tata Mutual Fund 162,160 12.00 0.36%
Rbc Asia Pacific Ex- Japan Equity Fund Rbc Asia Pacific 500,000 37.00 1.10%
Oaktree Emerging Markets Equity Fund, L.p. Oaktree Emerging Markets 217,360 16.08 0.48%
National Pension Service Managed By Oaktree Capital Management L P National Pension Service 282,640 20.92 0.62%
Allianz Global Investors Fund-Allianz India Equity Allianz 266,500 19.72 0.59%
Allianz Global Investors Fund - Allianz Asia Ex China Equity Allianz 67,580 5.00 0.15%
Allianz Global Investors Fund- Allianz Asian Multi Income Plus Allianz 86,620 6.41 0.19%
Allianz Global Investors Fund - Allianz High Dividend Asia Pacific Equity Allianz 79,300 5.87 0.17%
Kotak Infinity Fund - Class Ac Kotak Mahindra Mutual Fund 135,140 10.00 0.30%
Public Sector Pension Investment Board - Kotak Mahindra Asset Management (Singapore) Pte Ltd Public Sector Pension Investment Board 230,580 17.06 0.51%
Alps/Kotak India Esg Fund Alps/Kotak India Esg 310,086 22.95 0.68%
HSBC Small Cap Fund HSBC Mutual Fund 309,000 22.87 0.68%
HSBC Midcap Fund HSBC Mutual Fund 210,100 15.55 0.46%
HSBC Focused Fund HSBC Mutual Fund 123,600 9.15 0.27%
HSBC Value Fund HSBC Mutual Fund 98,880 7.32 0.22%
HSBC Flexi Cap Fund HSBC Mutual Fund 61,800 4.57 0.14%
HSBC India Export Opportunities Fund HSBC Mutual Fund 61,800 4.57 0.14%
HSBC Financial Services Fund HSBC Mutual Fund 61,800 4.57 0.14%
HSBC Large & Mid Cap Fund HSBC Mutual Fund 37,080 2.74 0.08%
HSBC Multi Cap Fund HSBC Mutual Fund 49,440 3.66 0.11%
Morgan Stanley Investment Funds Emerging Leaders Equity Fund Morgan Stanley 500,000 37.00 1.10%
HSBC Global Investment Funds-Indian Equity HSBC 500,000 37.00 1.10%
Axis Max Life Insurance Limited A/C Sustainable Equity Fund - Ulif02505/10/21Sustainequ104 Axis Max Life Insurance 135,140 10.00 0.30%
Axis Max Life Insurance Limited A/C - Ulif00225/06/04Lifeba Lanc104 - Balanced Fund Axis Max Life Insurance 135,140 10.00 0.30%
Axis Max Life Insurance Ltd. Axis Max Life Insurance 229,720 17.00 0.50%
Army Group Insurance Fund Army Group Insurance 135,140 10.00 0.30%
Templeton Emerging Markets Investment Trust Plc Templeton 110,360 8.17 0.24%
Templeton International Emerging Markets Fund Templeton 67,580 5.00 0.15%
Franklin Templeton Variable Insurance Products Trust-Templeton Developing Markets Vip Fund Franklin Templeton 67,580 5.00 0.15%
Templeton Emerging Markets Fund Templeton 67,580 5.00 0.15%
Templeton Developing Markets Trust Templeton 67,580 5.00 0.15%
Franklin Templeton Investment Funds-Templeton Bic Fund Franklin Templeton 67,580 5.00 0.15%
Franklin Templeton Investment Funds-Templeton Emerging Markets Fund Franklin Templeton 67,580 5.00 0.15%
Iprofile Emerging Markets Private Pool Managed By Franklin Templeton Investments Iprofile 67,580 5.00 0.15%
Motilal Oswal Large Cap Fund Motilal Oswal Mutual Fund 500,000 37.00 1.10%
Eastspring Investments-Asia Opportunities Equity Fund Eastspring 250,000 18.50 0.55%
Eastspring Investments - India Equity Fund Eastspring 250,000 18.50 0.55%
Edelweiss Trusteeship Co Ltd Ac- Edelweiss MF Ac- Edelweiss ELSS Tax Saver Fund Edelweiss Mutual Fund 4,060 0.30 0.01%
Edelweiss Large & Mid Cap Fund Edelweiss Mutual Fund 33,780 2.50 0.07%
Edelweiss Trusteeship Co Ltd Ac- Edelweiss MF Ac- Edelweiss Flexi Cap Fund Edelweiss Mutual Fund 171,620 12.70 0.38%
Edelweiss Trusteeship Co Ltd Ac- Edelweiss MF Ac-Edelweiss Small Cap Fund Edelweiss Mutual Fund 40,540 3.00 0.09%
Edelweiss Equity Savings Fund Edelweiss Mutual Fund 47,300 3.50 0.10%
Edelweiss Large Cap Fund Edelweiss Mutual Fund 135,140 10.00 0.30%
Edelweiss Recently Listed Ipo Fund Edelweiss Mutual Fund 67,560 5.00 0.15%
Bandhan Financial Services Fund Bandhan Mutual Fund 135,140 10.00 0.30%
Bandhan Multi Asset Allocation Fund Bandhan Mutual Fund 135,140 10.00 0.30%
Bandhan Multi Cap Fund Bandhan Mutual Fund 229,720 17.00 0.50%
Sundaram Financial Services Opportunities Fund Sundaram Mutual Fund 135,140 10.00 0.30%
Clsa Global Markets Pte. Ltd- Odi Clsa Global Markets 1,013,500 75.00 2.23%
Bajaj Allianz Life Insurance Company Ltd. Bajaj Allianz Life 135,140 10.00 0.30%
Aditya Birla Sun Life Insurance Company Limited Aditya Birla Sun Life Insurance 135,140 10.00 0.30%
LIC MF Mid Cap Fund LIC Mutual Fund 67,560 5.00 0.15%
LIC MF Balanced Advantage Fund LIC Mutual Fund 67,580 5.00 0.15%
East Bridge Capital Master Fund I Ltd East Bridge Capital 500,000 37.00 1.10%
Winro Commercial (India) Ltd Winro Commercial 1,013,500 75.00 2.23%
Baroda BNP Paribas Small Cap Fund Baroda BNP Paribas Mutual Fund 135,140 10.00 0.30%
Bank Of India Business Cycle Fund Bank Of India Mutual Fund 135,140 10.00 0.30%
JM Midcap Fund JM Financial Mutual Fund 135,140 10.00 0.30%
Amundi Funds New Silk Road Amundi 135,140 10.00 0.30%
Mirae Asset India Sector Leader Equity Fund Mirae Asset Mutual Fund 135,140 10.00 0.30%
Jupiter India Fund Jupiter 370,460 27.41 0.81%
The Jupiter Global Fund-Jupiter India Select The Jupiter Global 129,540 9.59 0.28%
Copthall Mauritius Investment Ltd.-Odi Account Copthall 135,140 10.00 0.30%
Matthews India Fund Matthews 135,140 10.00 0.30%
Tata Investment Corporation Limited Tata 135,140 10.00 0.30%
Societe Generale-Odi Societe General 500,000 37.00 1.10%
Bajaj Finserv Balanced Advantage Fund Bajaj Finserv Mutual Fund 121,640 9.00 0.27%
Florida Retirement System-Allspring Global Investments,Llc (Emsc) Florida Retirement System 135,140 10.00 0.30%
Kotak Mahindra Life Insurance Co.ltd. Kotak Life Insurance 135,140 10.00 0.30%
Bcad Fund Bcad 135,140 10.00 0.30%
Arp Public Opportunities Master Fund Limited Arp Public Opportunities 135,140 10.00 0.30%
Total anchor allocation 3,368.94

Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.

About the company

HDB Financial Services Limited was incorporated in 2007. It is a retail-focused non-banking financial company. It offers secured and unsecured loans to MSME customers and salaried individuals, and finance for new and used commercial vehicles and construction equipment.

It also provides back-office, collection and sales support services to HDFC Bank, its promoter. It distributes insurance products, mainly to its lending customers.

The distribution model combines a large branch network, in-house tele-calling teams and external channel partners.

The IPO was Rs 12,500 crore. Rs 2,500.00 crore was fresh issue and Rs 10,000.00 crore was offer for sale by HDFC Bank. The fresh money was planned for raising the Tier-I capital base.

Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.

Promoters
HDFC Bank Ltd
Promoter holding
94.32% → 74.19%
Pre-issue → post-issue

The bankers & the filings

Who is running the book, and the documents this page is built from.

Book-running lead manager
JM Financial Ltd. View track record →
Book-running lead manager
HSBC Securities & Capital Markets (India) Pvt. Ltd. View track record →
Book-running lead manager
Nuvama Wealth Management Ltd. View track record →
Book-running lead manager
Motilal Oswal Investment Advisors View track record →
Book-running lead manager
Jefferies India Private Limited View track record →
Book-running lead manager
IIFL Capital Services Limited View track record →
Book-running lead manager
Bofa Securities India Limited View track record →
Book-running lead manager
Goldman Sachs (India) Securities Private Limited View track record →
Book-running lead manager
Ubs Securities India Private Limited View track record →
Book-running lead manager
Morgan Stanley India Co. Pvt. Ltd View track record →
Book-running lead manager
Nomura Financial Advisory & Securities (India) Pvt. Ltd View track record →
Book-running lead manager
BNP Paribas View track record →
Red Herring Prospectus
SEBI filing
Final offer document — price band, financials and risk factors. This page is built from it.
Open the RHP
Anchor allocation
Exchange filing
The anchor book as filed with the exchange a day before the issue opened.
Open the filing

HDB Financial Services IPO Documents

Read the filings this page is built from.

Red Herring Prospectus (RHP) Final offer document — price band, financials, risk factors Anchor Investor Allocation Exchange filing listing the anchor book

Lead Manager Track Record

How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.

JM Financial Ltd.

53 issues handled
Listed in Profit 71.7% 38 of 53 listed
Avg Listing Gain +13.6% across 53 issues
Listed Below Issue 15 of 53 listed

Best listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).

HSBC Securities & Capital Markets (India) Pvt. Ltd.

13 issues handled
Listed in Profit 92.3% 12 of 13 listed
Avg Listing Gain +8.2% across 13 issues
Listed Below Issue 1 of 13 listed

Best listing: Tenneco Clean Air India (+27.2%). Weakest: Canara HSBC Life Insurance Co (0.0%).

Nuvama Wealth Management Ltd.

23 issues handled
Listed in Profit 69.6% 16 of 23 listed
Avg Listing Gain +6% across 23 issues
Listed Below Issue 7 of 23 listed

Best listing: Sambhv Steel Tubes (+34.1%). Weakest: Ajax Engineering (-8.4%).

Motilal Oswal Investment Advisors

40 issues handled
Listed in Profit 66.7% 26 of 39 listed
Avg Listing Gain +10.8% across 39 issues
Listed Below Issue 13 of 39 listed

Best listing: GNG Electronics (+49.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).

Jefferies India Private Limited

16 issues handled
Listed in Profit 60% 9 of 15 listed
Avg Listing Gain +6.5% across 15 issues
Listed Below Issue 6 of 15 listed

Best listing: Dhoot Transmission (+37.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).

IIFL Capital Services Limited

50 issues handled
Listed in Profit 70% 35 of 50 listed
Avg Listing Gain +13.6% across 50 issues
Listed Below Issue 15 of 50 listed

Best listing: Tonbo Imaging India (+65.7%). Weakest: Acevector (-11.5%).

Bofa Securities India Limited

8 issues handled
Listed in Profit 87.5% 7 of 8 listed
Avg Listing Gain +24% across 8 issues
Listed Below Issue 1 of 8 listed

Best listing: Moneyview (+61.8%). Weakest: The Leela Hotels (-6.7%).

Goldman Sachs (India) Securities Private Limited

8 issues handled
Listed in Profit 100% 8 of 8 listed
Avg Listing Gain +19.6% across 8 issues
Listed Below Issue 0 of 8 listed

Best listing: Urban Company (+57.5%). Weakest: JSW Cement (+4.4%).

Ubs Securities India Private Limited

5 issues handled
Listed in Profit 100% 5 of 5 listed
Avg Listing Gain +11.6% across 5 issues
Listed Below Issue 0 of 5 listed

Best listing: Jio Platforms (+21.4%). Weakest: Vikram Solar (+1.8%).

Morgan Stanley India Co. Pvt. Ltd

3 issues handled
Listed in Profit 33.3% 1 of 3 listed
Avg Listing Gain +17% across 3 issues
Listed Below Issue 2 of 3 listed

Best listing: Urban Company (+57.5%). Weakest: The Leela Hotels (-6.7%).

Nomura Financial Advisory & Securities (India) Pvt. Ltd

3 issues handled
Listed in Profit 66.7% 2 of 3 listed
Avg Listing Gain +9.7% across 3 issues
Listed Below Issue 1 of 3 listed

Best listing: Anthem Biosciences (+26.9%). Weakest: Kalpataru (0.0%).

BNP Paribas

1 issue handled

1 of their issues has listed so far, and 0 opened above the issue price (average -6.4%). That is too small a sample to read as a hit rate.

Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.

Company contact

Company
HDB Financial Services
Email

Frequently asked

What is the GMP of HDB Financial Services?

The current Grey Market Premium is ₹70, or 9% over the issue price.

What is the HDB Financial Services IPO price band?

₹700 to ₹740, on a face value of ₹10.

When is the allotment?

The basis of allotment is 30 June 2025, with listing on 2 July 2025.

How do I check allotment status?

On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.

HDB Financial Services IPO

Every number here traces back to a filing.

IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.

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Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.

GMP
₹70
Subscribed
17.65×
Min bid
₹14,800
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