HDB Financial IPO
ListedMainboardOpens 25 June 2025Closes 27 June 2025
HDB Financial Services Limited is one of India's leading Non-Banking Financial Companies (NBFCs), classified as an Upper Layer NBFC (NBFC-UL) by the Reserve Bank of India (RBI). It is a subsidiary of HDFC Bank Limited.…
HDB Financial Services Limited is one of India's leading Non-Banking Financial Companies (NBFCs), classified as an Upper Layer NBFC (NBFC-UL) by the Reserve Bank of India (RBI). It is a subsidiary of HDFC Bank Limited. The company offers a wide range of lending solutions across three primary business verticals: Enterprise Lending (secured and unsecured business loans to MSMEs), Asset Finance (secured loans for new and used commercial vehicles, construction equipment, and two-wheelers), and Consumer Finance (secured and unsecured personal loans, consumer durable loans, digital and lifestyle product financing, and gold loans).
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Key ratios
As per RHP / filingsTimeline
IPO Opens
25 Jun
IPO Closes
27 Jun
Allotment
30 Jun
Listing
2 Jul
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 25 June 2025 |
| IPO Close Date | 27 June 2025 |
| Allotment Date | 30 June 2025 |
| Listing Date | 2 July 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,800 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,92,400 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,07,200 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,91,600 |
BHNIAbove ₹10,00,000 | 68 | ₹10,06,400 |
IPO Objectives
- Augmentation of the Company’s Tier – I Capital base to meet their Company’s future capital requirements including onward lending under any of the Company’s business verticals i.e. Enterprise Lending, Asset Finance and Consumer Finance.
Strengths
- Strong Parentage and Brand: HDB Financial Services is a subsidiary of HDFC Bank, India's largest private sector bank, providing significant institutional trust, strong governance, risk management, and a high credit rating (CRISIL AAA/Stable/CRISIL A1+).
- Highly Granular Retail Loan Book: Focus on serving underbanked customer segments with small-ticket, secured, and sustainable lending, leading to a large and rapidly growing customer base (17.5 million customers as of Sep 30, 2024).
- Large, Diversified, and Seasoned Product Portfolio: Offers 13 distinct lending products across enterprise lending, asset finance, and consumer finance, with no single product exceeding 25% of the total loan book, demonstrating strategic diversification and growth across cycles.
- Omni-channel and Digitally Powered Pan-India Distribution Network: Operates a 'phygital' model with 1,771 branches across over 1,170 towns (with over 70% in Tier 4+ towns), supported by 140,000+ retailer-dealer touchpoints and digital platforms, ensuring deep market penetration and operational scalability.
- High-Quality Liability Franchise: Access to low-cost, diversified borrowing sources (from various banks, mutual funds, insurance companies), enabling competitive lending rates and financial stability.
Weaknesses
- Decline in Profitability: While revenue has grown, profit after tax (PAT) dropped by 12% between FY24 and FY25, and Net Interest Margins (NIM) have compressed (from 8.3% in FY23 to 7.6% in FY25), raising concerns about sustained profitability and increasing credit costs.
- Asset Quality Moderation: Gross Stage 3 loans (NPA) increased to 2.26% in FY25 from 1.90% in FY24, indicating a moderation in asset quality, especially in the unsecured loan portfolio which is not supported by collateral.
- Overlapping Business with Promoter: Regulatory guidelines may require HDFC Bank to significantly reduce its ownership in HDB Financial Services (potentially to less than 20%) due to overlapping business activities, which could impact the company's strategic direction and perceived stability.
- Dependence on Parent (HDFC Bank): While parentage is a strength, significant reliance on HDFC Bank for business process outsourcing (BPO) services (2.44% of PBT in FY25) means discontinuation of these services could adversely impact non-lending revenue.
- Unsecured Loan Portfolio Risk: Nearly 27% of the gross loan book is unsecured, lacking collateral, which increases recovery risk in case of defaults.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 1,08,663.29 | 92,556.51 | 70,050.39 |
| Revenue (₹ Cr.) | 16,300.28 | 14,171.12 | 12,402.88 |
| PAT (₹ Cr.) | 2,175.92 | 2,460.84 | 1,959.35 |
| Net Worth (₹ Cr.) | 14,936.5 | 12,802.76 | 10,436.09 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| HDB Financial Services | 3.72 | 28.15 | 14.72% | 14,936.5 |
| Bajaj Finance Limited | 5.89 | 34.22 | 17.21% | 76,695 |
| Sundaram Finance Ltd. | 4.12 | 28.97 | 14.24% | 11,078 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.01x | 0.93x | 58.64x |
| NII | 0.81x | 2.43x | 10.55x |
| S-HNI | 0.74x | 2.09x | 6.77x |
| B-HNI | 0.83x | 2.54x | 12.44x |
| RII | 0.33x | 0.69x | 1.5x |
| EMP | 1.86x | 3.14x | 6.02x |
| Total | 0.4x | 1.23x | 17.64x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 3,03,51,352 | 1,77,96,82,480 | 1,31,696.5 |
| NII | 2,27,63,514 | 24,01,58,360 | 17,771.72 |
| Small NII | 75,87,838 | 5,13,84,820 | 3,802.48 |
| Big NII | 1,51,75,676 | 18,87,73,540 | 13,969.24 |
| RII | 5,31,14,865 | 7,96,60,780 | 5,894.9 |
| EMP | 2,70,270 | 16,25,860 | 120.31 |
| Total | 12,33,91,893 | 2,17,68,66,760 | 1,61,088.14 |
Company Details
- HDB Financial Services Limited
- Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad, Gujarat-380009, India
- +91 22 4911 6350
- investorcommunications@hdbfs.com
- http://hdbfs.com/
Registrar Details
- MUFG Intime India Private Limited (Link Intime)
- +91-22-4918 6270
- hdbfinancial.ipo@linkintime.co.in
- https://linkintime.co.in/Initial_Offer/public-issues.html
Frequently Asked Questions
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HDB Financial IPO News & Updates
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HDB Financial IPO IPO Pages
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HDB Financial IPO Details
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HDB Financial IPO GMP
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HDB Financial IPO Subscription
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HDB Financial IPO Allotment
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HDB Financial IPO Review
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HDB Financial IPO FAQ
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HDB Financial IPO Registrar
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HDB Financial IPO Timeline
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HDB Financial IPO News
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Sources
We match HDB Financial IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private Limited (Link Intime)Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.