The initial public offering (IPO) of HDB Financial Services, a subsidiary of HDFC Bank—India’s largest lender—subscribed 63 per cent so far across all investor categories on the second day of bidding on Thursday, June 26.

According to data from the Bombay Stock Exchange (BSE), investors bid for 8,27,38,240 shares out of the 13,04,42,855 shares on offer.

The non-institutional investor (NII) segment was fully subscribed, receiving bids for 3,27,77,400 shares (1.36 times) the 2,40,64,286 shares reserved for this category. Retail investors applied for 2,64,67,260 shares, amounting to 47 per cent of the 5,61,50,000 shares allocated to them.

The portion reserved for qualified institutional buyers (QIBs) saw a response of 9 per cent subscription—29,71,840 shares against the 3,20,85,713 shares available.

Meanwhile, the employee quota was oversubscribed, receiving bids for 1,98,50,600 shares—1.11 times the 2,85,714 shares set aside for this segment.

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HDB Financial Services raised Rs 3,369 crore from anchor investors ahead of the IPO on Tuesday, June 24, 2025.

The total issue size  of the public issue Rs 12,500 crore which make it largest IPO of the year so far and second largest in the last three years after Hyundai Motor India i.e. Rs 27,000-crore issue.

The company has fixed the price band between Rs 700 and Rs 740 per share. At the upper price band (Rs 740) limit of the IPO, the company is valued at around Rs 61,400 crore.

The IPO includes a fresh issue of shares worth Rs 2,500 crore and an offer for sale (OFS) of Rs 10,000 crore by the parent company, HDFC Bank, which currently holds a 94.36 per cent stake in HDB Financial Services. The employee category has recieved a bid for 3,98,680 shares or 1.40 times against 2,85,714 shares were offered.

Funds raised from the fresh issue will be used to enhance the company’s Tier-I capital base, supporting future lending and business expansion.

The IPO is being managed by JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs India, HSBC, IIFL, Jefferies India, Morgan Stanley, Motilal Oswal, Nomura, Nuvama, and UBS.

HDB Financial Services IPO Listing Date

HDB Financial Services' shares are expected to be listed on both the BSE and NSE on July 2.