HDB Financial IPO Opens Today: Issue Size ₹12,500 Crore, Anchor Investors Commit ₹3,369 Crore

New Delhi, June 25 – HDB Financial Services Ltd, a non-banking financial company (NBFC) and subsidiary of HDFC Bank, is opening its ₹12,500 crore initial public offering (IPO) for public subscription today. The issue will remain open until June 27, with a price band set at ₹700 to ₹740 per equity share.

₹3,369 Crore Raised from Anchor Investors

Ahead of the HDB IPO opening, the company successfully mobilised ₹3,369 crore through the anchor investor round. A total of over 4.55 crore equity shares were allocated to 141 institutional investors at ₹740 per share, the upper end of the price band.

Prominent investors in this round include Life Insurance Corporation of India, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, BlackRock, Allianz Global Investors, Morgan Stanley, Baillie Gifford, Goldman Sachs, and Norway’s Government Pension Fund Global, among others. International investors such as the Abu Dhabi Investment Authority, Societe Generale, and Tata Investment Corporation also participated.

IPO Structure and Use of Proceeds

The ₹12,500 crore HDB IPO comprises a fresh issue of ₹2,500 crore and an offer for sale (OFS) worth ₹10,000 crore by HDFC Bank. Post-issue, HDFC Bank will continue to hold a majority stake and HDB Financial will remain its subsidiary, in compliance with regulatory requirements.

The proceeds from the fresh issue will be used to strengthen HDB Financial’s Tier-I capital base, supporting future growth and lending operations.

Regulatory Mandate and Business Overview

The decision to list HDB Financial comes after the Reserve Bank of India’s October 2022 directive, which mandates NBFCs classified in the upper layer to list within three years. HDFC Bank’s board had approved the share sale plan in 2024 in accordance with this mandate.

Founded in 2008, HDB Financial has grown into a diversified NBFC with over ₹1 lakh crore in assets under management as of March 2025. It operates across enterprise loans, consumer finance, and asset financing, with its own technology platform and sourcing mechanisms.

Key Offer Details

• Issue Opens: June 25, 2025
• Issue Closes: June 27, 2025
• Price Band: ₹700–₹740 per share
• Minimum Bid Lot: 20 shares and in multiples thereafter
• Listing Date: July 2, 2025
• Stock Exchanges: BSE and NSE

Lead Managers

The IPO is managed by a consortium of 12 book-running lead managers including JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs (India), HSBC Securities, IIFL Securities, Jefferies India, Morgan Stanley India, Motilal Oswal Investment Advisors, Nomura, Nuvama Wealth Management, and UBS Securities India.

Looking Ahead

This IPO marks one of the largest public offerings in recent years, second only to Hyundai’s ₹27,000 crore issue. Several other large IPOs, including those by Tata Capital, LG, PhonePe, and Lenskart, are expected to follow.

Investors now await HDB Financial’s listing on July 2, which will reflect market sentiment and interest in large-cap financial services offerings.

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