HDB Financial Services IPO
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Schedule of HDB Financial Services
| Issue open date | 25 Jun 2025 |
| Issue close date | 27 Jun 2025 |
| UPI mandate deadline | 27 Jun 2025 (5 PM) |
| Allotment finalization | 28 Jun 2025 |
| Refund initiation | 01 Jul 2025 |
| Share credit | 01 Jul 2025 |
| Listing date | 02 Jul 2025 |
| Mandate end date | 12 Jul 2025 |
| Lock-in end date for anchor investors (50%) | 28 Jul 2025 |
| Lock-in end date for anchor investors (remaining) | 26 Sep 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About HDB Financial Services
Founded in 2007, HDB Financial Services is a subsidiary of HDFC Bank. It operates as a non-banking financial company (NBFC) that provides a mix of secured and unsecured loans across different customer groups. It offers its financial products in three main areas:
Enterprise Lending (39.85%): It provides secured and unsecured loans to micro, small, and medium enterprises (MSMEs) to help them grow their businesses and meet working capital needs.
Asset Finance (37.36%): Offering secured loans for income-generating assets like commercial vehicles, construction equipment, and tractors, mainly serving customers in the transportation and heavy machinery sectors. Consumer Finance (22.79%): Provides both secured and unsecured loans for consumer goods, digital products, vehicles, and personal expenses, meeting the lifestyle and financial needs of individual customers.
As of September 30, 2024, HDB Financial Services has 1,772 branches across 31 states and union territories, with over 80% located outside major metropolitan areas. The extensive distribution network is strengthened by partnerships with over 80 brands, original equipment manufacturers (OEMs), and more than 140,000 retailers and dealer touchpoints across India.
Financials of HDB Financial Services
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹12500 crores |
| Fresh Issue | ₹2500 crores |
| Offer for sale | ₹10000 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Augmentation of the Company’s Tier–I capital base to meet the company’s future capital requirements | 2500 (100%) |
Strengths
- Large, fast-growing customer base focused on underbanked customer segments.
- Diverse loan portfolio with a strong track record across cycles.
- Efficient digital onboarding and loan disbursement processes.
- Data-driven cross-selling capabilities maximise customer lifetime value.
- Advanced technology for credit underwriting and collections management.
- Highly experienced leadership team with deep industry expertise.
- Strategic parentage of HDFC Bank, enhancing brand equity and trust
Risks
- Macro-economic downturn in India could harm business and finances
- High reliance on unsecured loans lacking collateral
- Decreased collateral value for secured loans may incur losses
- Dependence on the Promoter, potentially conflicting with shareholders’ interests.
- Intense competition within India’s lending services industry
- Non-compliance with RBI regulations risks penalties and restrictions
Allotment Status for HDB Financial Services
To check your allotment status – click here.
Media coverage
- Finshots— Understanding the HDB Financial Services IPO
- The Daily Brief—HDB Financial’s ₹12,500 Crore IPO: India’s Biggest NBFC Offering
- Watch the episode— HDB Financial’s ₹12,500 Crore IPO.
- Mint—HDB Financial Services IPO: Insights on Strengths, Opportunities & Financials
Subscription Figures for HDB Financial Services
Subscription numbers as of 5:00 PM on 27 June 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 303.51 | 17796.82 | 58.64x |
| NII | 227.63 | 2402.61 | 10.55x |
| Retail | 531.14 | 802.72 | 1.51x |
| Employees | 2.70 | 16.31 | 6.03x |
| Others | 168.91 | 759.55 | 4.50x |
| Total | 1233.91 | 21778.03 | 17.65x |