Finally, the much-awaited IPO of HDB Financial Services was set to be declared one of the largest public issues in the Indian NBFC space. Backed by HDFC Bank, the company intends to raise a whopping ₹12,500 crore, partly through the fresh issue route and partly through OFS. Market watchers and investors are already calling this one the largest IPO of 2025.
Let us now talk about IPO dates, price band, financials, subscription details, and everything in between.
HDB Financial Services IPO – Key Dates and Timeline
Here is a set of important dates for the IPO:
| Event | Date |
| IPO Opening Date | June 25, 2025 (Wednesday) |
| IPO Closing Date | June 27, 2025 (Friday) |
| Allotment Date (Tentative) | June 30, 2025 (Monday) |
| Refund Initiation | July 1, 2025 (Tuesday) |
| Shares Credited to Demat | July 1, 2025 (Tuesday) |
| Listing Date on NSE & BSE (Tentative) | July 2, 2025 (Wednesday) |
| UPI Mandate Deadline | June 27, 2025 – 5 PM |
HDB Financial Services IPO Details
- IPO Size: ₹12,500 crore
- Fresh Issue: ₹2,500 crore (3.38 crore equity shares)
- Offer for Sale (OFS): ₹10,000 crore (13.51 crore shares)
- Price Band: ₹700 – ₹740 per equity share
- Face Value: ₹10 per share
- IPO Type: 100% Book Building
- Lot Size: 20 shares
- Listing Exchange: NSE & BSE
- Total Issue Size: 16.89 crore equity shares
- Pre-Issue Share Capital: 79.39 crore shares
- Post-Issue Share Capital: 82.77 crore shares
Investment Criteria & Lot Size
Retail Investors:
- Minimum investment: ₹14,000 at lower price band
- Recommended investment (cut-off price): ₹14,800
sNII (Small Non-Institutional Investors):
- Minimum 14 lots = 280 shares = ₹2,07,200
bNII (Big Non-Institutional Investors):
- Minimum 68 lots = 1,360 shares = ₹10,06,400
Tip: Apply at cut-off price to secure allotment, as the chances of oversubscription are on a higher scale.
HDB Financial Services – Financial Snapshot
Here’s a consolidated look at the company’s financial performance over the last three fiscal years:
| Metric | FY 2025 (₹ Cr) | FY 2024 (₹ Cr) | FY 2023 (₹ Cr) |
| Total Assets | 1,08,663.29 | 92,556.51 | 70,050.39 |
| Total Revenue | 16,300.28 | 14,171.12 | 12,402.88 |
| Net Profit (PAT) | 2,175.92 | 2,460.84 | 1,959.35 |
| EBITDA | 9,512.37 | 8,314.13 | 6,251.16 |
| Net Worth | 14,936.50 | 12,802.76 | 10,436.09 |
| Total Borrowings | 87,397.77 | 74,330.67 | 54,865.31 |
Key Performance Indicators (KPI) – As of March 31, 2025
- Market Capitalization: ₹61,253.30 Cr
- Return on Equity (ROE): 14.72%
- Debt-to-Equity Ratio: 5.85
- Price-to-Book (P/B) Ratio: 3.72
- EPS (Pre-IPO): ₹27.41
- EPS (Post-IPO): ₹26.29
- P/E Ratio (Post-IPO): 28.15
These KPIs indicate that the NBFC in question is stable and growth-oriented, with an extensive customer base and an established lending portfolio spread across retail and SME segments.
Is It Worth Subscribing to the HDB IPO?
Pros:
• Backed by HDFC Bank, the largest private lender of India
• Distinct presence of branches and customer base
• Reasonable valuations vis-à-vis peers
• Good diversification of loan book and strong NBFC experience
Risks:
• Profits falling sharply as revenues rise
• Debt-equity ratio being high
• Highly competitive NBFC markets
Stockbox Recommendation – Buy
Summary
The issue is notable for its enormity, star backing, and market sentiment. The HDB Financial Services 2025 IPO is attracting institutional as well as retail interest, thanks to the issue’s solid foundation by HDFC Bank and huge demand created in the grey market. All that said, do check your risk profile, investment horizon, and do your due diligence while subscribing.