HDB Financial Services IPO: EPS Update and Key Financial Metrics Ahead of ₹12,500 Cr Listing
By Shishta Dutta | Updated at: Sep 29, 2025 09:04 PM IST
Mumbai, 24 June 2025: HDB Financial Services Limited is preparing to launch its ₹12,500 crore Initial Public Offering (IPO), opening for public subscription from 25 June 2025 to 27 June 2025. HDB Financial Services IPO offering includes a fresh issue of ₹2,500 crore and an offer for sale worth ₹10,000 crore. The equity shares are proposed to be listed on the BSE and NSE, with a tentative listing date of 2 July 2025.
EPS and Valuation Metrics at a Glance
As per the Red Herring Prospectus (RHP), the company’s Earnings Per Share (EPS) is recorded at ₹27.41 before the issue and is adjusted to ₹26.29 post-issue. The Price-to-Earnings (P/E) ratio shifts slightly to 28.15x from 27x, reflecting the updated equity base. The Price-to-Book Value stands at 3.72.
Key Return Ratios and Capital Structure
The Return on Equity (ROE) as of 31 March 2025 is reported at 14.72%. The company maintains a debt-to-equity ratio of 5.85, supporting its ongoing lending activities and diversified operations across segments.
HDB Financial IPO Snapshot
- IPO Opening Date: 25 June 2025
- IPO Closing Date: 27 June 2025
- Tentative Listing: 2 July 2025
- Price Band: ₹700 to ₹740 per share
- Face Value: ₹10 per share
- Issue Structure:
- Fresh Issue: 3,37,83,784 shares (₹2,500 crore)
- Offer for Sale: 13,51,35,135 shares (₹10,000 crore)
- Total Issue Size: 16,89,18,919 shares (₹12,500 crore)
Market Capitalisation and Lot Size Summary
With a market capitalisation of ₹61,253.30 crore based on the upper price band, HDB Finance IPO has a significant scale. Retail investors can bid in multiples of 20 shares, with a minimum bid amount of ₹14,800. For sNII (investments between ₹2–10 lakh), the minimum bid size is 280 shares (₹2,07,200), while bNII (above ₹10 lakh) starts at 1,360 shares (₹10,06,400).
Shareholding and Market Cap Overview
Pre-issue shareholding stands at 94.32%, and post-issue, it is expected to be 74.19%. HDFC Bank Limited continues as the promoter. The IPO indicates a market capitalisation of ₹61,253.30 crore, calculated at the upper end of the price band.
IPO Reservation Breakdown
| Category | Shares Offered | Percentage |
| QIB | 7,58,78,378 shares | 44.92% |
| NII | 2,27,63,514 shares | 13.48% |
| – sNII | 75,87,838 shares | 4.49% |
| – bNII | 1,51,75,676 shares | 8.98% |
| Retail | 5,31,14,865 shares | 31.44% |
| Shareholder | 1,68,91,892 shares | 10.00% |
| Employee | 2,70,270 shares | 0.16% |
Business Overview and Operational Reach
Incorporated in 2007, HDB Financial Services is a retail-focused non-banking financial company (NBFC) offering services across Enterprise Lending, Asset Finance, and Consumer Finance. Its pan-India presence includes 1,771 branches in 1,170 cities and towns across 31 States and Union Territories, with over 80% of these located outside India’s top 20 cities by population.
The company also provides business process outsourcing (BPO) services, such as sales and collection support, and offers insurance product distribution to its lending customers.
Financial Performance Summary (₹ in Crore)
| Metric | FY25 | FY24 | FY23 |
| Revenue | 16,300.28 | 14,171.12 | 12,402.88 |
| PAT | 2,175.92 | 2,460.84 | 1,959.35 |
| EBITDA | 9,512.37 | 8,314.13 | 6,251.16 |
| Assets | 1,08,663.29 | 92,556.51 | 70,050.39 |
| Net Worth | 14,936.50 | 12,802.76 | 10,436.09 |
| Borrowings | 87,397.77 | 74,330.67 | 54,865.31 |
Revenue has shown a consistent upward trend over the last three fiscal years, aligning with the company’s expanding distribution and product portfolio.
Utilisation of Net Proceeds
The net proceeds from the fresh issue are planned to be directed toward augmenting the company’s Tier-I capital base. This will be applied across business verticals, including Enterprise Lending, Asset Finance, and Consumer Finance, to support future growth.
Lead Managers and Registrar
HDB IPO is managed by several bookrunning lead managers, including BNP Paribas, JM Financial, BofA Securities, Goldman Sachs, HSBC, IIFL Capital, Jefferies, Morgan Stanley, Motilal Oswal, Nomura, Nuvama, and UBS. MUFG Intime India Private Limited (Link Intime) acts as the registrar.
Final Words
HDB Financial Services’ upcoming ₹12,500 crore IPO highlights stable return metrics and consistent financial growth. With pan-India operations, a diversified loan portfolio, and strong revenue momentum, the company aims to utilise fresh issue proceeds to strengthen its Tier-I capital. Key indicators include ROE of 14.72% and an adjusted post-issue EPS of ₹26.29.
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