HDB Financial IPO is making noise in the market. On Day 2 of its public offer (June 26), it has already been subscribed by 51%. That’s more than 6.59 crore bids received out of the total 13.04 crore shares on offer — and we’re still counting.
This IPO, worth Rs 12,500 crore, is the biggest ever by a non-banking financial company (NBFC) in India. It opened on June 25 and will close on June 27. The offer includes a fresh issue of Rs 2,500 crore and an offer-for-sale (OFS) of Rs 10,000 crore by HDFC Bank, which owns over 94% of HDB.
Retail Slower, NII Fast
The Non-Institutional Investor (NII) portion is already fully booked. Retail investors have booked 40% of their quota. However, Qualified Institutional Buyers (QIBs) have shown only 1% interest so far. Expect them to show up strong on the last day — that’s usually how it goes.
Price Band & Minimum Bid
The price band for the HDB Financial IPO is set between Rs 700 and Rs 740 per share. Investors must bid for at least 20 shares — meaning a minimum investment of Rs 14,800. Listing is expected on July 2, and allotments will likely be out by June 30.
Also Read India’s NBFC Powerhouse Surges: HDB Financial Services Expands as Middle India Rises
What About GMP?
The Grey Market Premium (GMP) is showing mixed signals. Before the IPO, GMP was around Rs 104.5. Now it’s dropped to around Rs 51.5–Rs 52, which is still about 7% over the upper band price.
Some say this drop shows caution. Others say it’s just market nerves. Either way, listing gains may still be on the table.
Analysts Say ‘Subscribe’
Multiple analysts, including SBI Securities, LKP Securities, Bajaj Broking, and Deven Choksey, have given a clear ‘Subscribe’ rating. Most like the company’s diverse product portfolio, strong credit ratings, and growth potential.
According to SBI Securities, enterprise lending makes up 39.3% of the loan book, asset finance 38%, and consumer finance 22.7%. That’s a solid mix.
Strong Anchor Support
Before going public, HDB raised Rs 3,369 crore from 141 anchor investors. Big names like LIC, Goldman Sachs, Fidelity, ICICI Prudential, and Baillie Gifford came in early. LIC alone picked up shares worth Rs 220 crore.
That kind of backing builds confidence.
Bottom Line
The HDB Financial IPO is more than halfway subscribed, with strong signals from the NII and analyst side. QIBs are expected to catch up soon. GMP is still positive, and anchor investor interest was strong.
If you’re in it for the medium to long term, this might be one to consider seriously.
Disclaimer:
This article is for informational purposes only and is not financial advice. Please consult a certified advisor before making investment decisions.
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