HDB Financial Services IPO
HDB Financial Services Limited (HDBFS) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 02 July 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +20.0% (likely range -3% to +37%), day's high +29.4%, chance of a gain 82%. Actual: +12.8% at the open, +15.1% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 3,20,85,713 | 1,77,96,82,480 | 55.5x | |
| NII (HNI) total | 2,40,64,286 | 24,02,86,800 | 9.99x | |
| Big NII (above ₹10 lakh) | 1,60,42,858 | 18,87,73,540 | 11.8x | |
| Small NII (₹2-10 lakh) | 80,21,428 | 5,15,13,260 | 6.42x | |
| Retail | 5,61,50,000 | 7,91,59,240 | 1.41x | |
| Employees | 2,85,714 | 16,33,520 | 5.72x | |
| Shareholders | 1,78,57,142 | 7,60,04,340 | 4.26x | |
| Total | 13,04,42,855 | 2,17,67,66,380 | 16.7x |
Bids on NSE and BSE together, as published by NSE, as of 27 Jun 2025, 07:00 PM. Shares offered exclude the anchor portion. 6% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to HDB Financial Services's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Bandhan BankMar 2018 | 38.7x | 13.9x | 1.20x | 14.6x | ₹4,473 Cr | +33.1% | +33.1% |
| Vishal Mega MartDec 2024 | 80.7x | 14.2x | 2.31x | 27.3x | ₹8,432 Cr | +33.3% | +46.7% |
| Bharti HexacomApr 2024 | 48.6x | 10.5x | 2.83x | 29.9x | ₹4,275 Cr | +32.5% | +54.4% |
| R R KabelSep 2023 | 52.3x | 13.2x | 2.13x | 18.7x | ₹1,964 Cr | +14.0% | +17.2% |
| Mankind PharmaApr 2023 | 49.2x | 3.80x | 0.92x | 15.3x | ₹4,326 Cr | +20.4% | +32.4% |
| Aadhar Housing FinanceMay 2024 | 72.8x | 16.5x | 2.46x | 25.5x | ₹3,151 Cr | 0.0% | +9.1% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| BNP Paribas | 10 | +10.5% | 50% |
| BofA Securities India | 18 | +30.6% | 72% |
| Goldman Sachs (India) Securities | 16 | +18.4% | 69% |
| HSBC Securities and Capital Markets (India) | 15 | +8.3% | 87% |
| IIFL Capital Services Limited (Formerly known as IIFL Securities Limited), Jefferies India | 11 | +5.7% | 64% |
| Morgan Stanley India Company | 24 | +13.9% | 67% |
| Motilal Oswal Investment Advisors | 47 | +15.0% | 72% |
| Nomura Financial Advisory and Securities (India) | 27 | +16.0% | 56% |
| Nuvama Wealth Management | 35 | +11.9% | 66% |
| UBS Securities India | 5 | +9.9% | 100% |
Offer documents (NSE)
Frequently asked
What is the HDB Financial Services IPO price band and lot size? ₹700–740 per share, with a lot of 20 shares, so the smallest retail bid is ₹14,800.
How many times has it been subscribed? 16.7x overall: QIB 55.5x, NII 9.99x, retail 1.41x, employees 5.72x.
How did it list? It opened at ₹835, +12.8% against the issue price of ₹740, and closed its first day +13.6%.
