India’s flagship NBFC, HDB Financial Services (an HDFC Bank subsidiary), secured full subscription for its mega ₹12,500 crore IPO by the afternoon of June 26, 2025, with bids totaling ₹1.02 lakh crore—around 1.06× the shares on offer
For Context:
- The IPO consists of ₹2,500 crore in fresh equity and ₹10,000 crore via Offer-for-Sale, ranging between ₹700–₹740 per share
- HDFC Bank, which owns a 94% stake pre-IPO, is selling up to ₹10,000 crore worth of shares
- Trading is expected to begin on July 2, 2025, across NSE and BSE
5 Critical Insights from Day 2 Subscription
- Strong Anchor Support & Grey Market Optimism
The grey market premium stood around 7–8%, indicating healthy sentiment for a listing gain - Robust Demand from Multiple Investor Segments
While QIBs were nearly fully booked, NIIs subscribed nearly 2×, and employee/shareholder quotas overshot. Meanwhile, retail investors lagged at around 61% booked by day’s end - Largest NBFC IPO This Year
With a total size of ₹12,500 crore, it has become the largest non-bank lender IPO in 2025—attracting ₹101.6 billion in total bids by day 2 - Solid Financial Foundation
As of FY25, HDB boasts over ₹1.08 lakh crore in assets, ₹14,937 crore in net worth, and a ₹16,300 crore revenue base—with diverse lending across enterprise, asset, and consumer finance moneycontrol - Forward-Looking Use of Funds
IPO proceeds will bolster Tier‑I capital to support lending, rural outreach, and digital infrastructure growth—positioning HDB for long-term expansion
✅ What It Means for Investors & the Market
- Favorable Retail Participation: Despite institutional dominance, the retail participation is respectable and may surge before closing on June 27.
- Potential Listing Gains: The 7–8% GMP signals likely listing gains; analysts expect a ₹50–₹60 windfall per share.
- NBFC Sector Validation: This strong debut revitalizes sentiment for NBFC IPOs and may open floodgates for further offers in retail lending and financial services sectors.
