IPO Details & Timeline
- Subscription Opens: June 25, 2025, and closes June 27
- Anchor Book: Opens a day earlier on June 24, with institutional interest from names like LIC under consideration
- Listing Date: Tentatively July 2, 2025, on both NSE and BSE (allotment by June 30)
🎯 Price Band & Valuation
- Price Band: ₹700–740 per share
- Implied Valuation: Up to ≈₹58,889 crore (~US$7.1 billion)
- Priced at a ~42% discount compared to unlisted grey-market valuations
💰 Grey Market Premium (GMP) & Listing Sentiment
- GMP Trends: ₹83–89 premium, pointing to an estimated listing price of ₹823–829 per share—a potential 11–12% gain
- Analysts view this strong GMP as a sign of robust retail and institutional demand
🏦 Offering Structure
- Total Offer Size: ₹12,500 crore
- Fresh Issue: ₹2,500 crore to boost Tier‑I capital
- Offer for Sale (OFS): ₹10,000 crore by HDFC Bank
- Earlier Investment: HDFC Bank acquired its stake at ₹46.4 per share—now selling at ₹700–740 groww
📈 Business Overview & Strategic Implications
- Subsidiary of HDFC Bank: Provides consumer credit, business and asset financing, and BPO services
- Branch Network: Over 1,400+ branches serving urban and semi-urban markets
- Financial Highlights: FY24 revenue ~₹7,890 crore; net profit ~₹1,170 crore; loan book nearing ₹1 trillion
📊 Key Risks & Investor Considerations
- Macroeconomic vulnerability amid global headwinds
- Asset-quality Risks: Stage 3 (bad loans) hover between 1.9–4.9%
- Unsecured Lending Exposure: ~29% of the loan book lacks collateral backing
- Reliance on HDFC Brand: Licensing dependence may pose branding risks
- Regulatory Pressure: Upper-tier NBFC status brings tighter supervision
🔭 What Investors Should Do Next
- Mark Your Calendar: Apply between June 25–27
- Consider Listing Gains: GMP hints at an early upside
- Assess the Fundamentals: Strong earnings, but watch unsecured lending and macro risks
- Understand Allocation Rules: Retail minimum is 20 shares (₹14,000–14,800); check NII and employee quotas
- Check Registrars & Lead Managers: Includes JM Financial, Goldman Sachs India, Morgan Stanley, Jefferies, HSBC, etc.
✅ Final Takeaway
This ₹12,500 crore IPO, the largest NBFC float of 2025, offers investors a chance to tap into a proven HDFC-backed growth story at a valuation discounted to both peer NBFCs and grey-market levels. With strong market sentiment reflected through GMP, this is a high-profile subscription to watch as the IPO opens on June 25.
