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HDB Financial IPO
Price Band
₹700.0–740.0
Issue Size
₹12500.0 Cr
Lot Size
20 shares
Min Investment
₹14,800
GMP
+₹75.0 (10.14%)
Issue Price
₹740.0
Subject to Sauda
₹1100
Paid only if allotted
HDB Financial IPO AI Summary
- HDB Financial IPO is listed on BSE, NSE in the Non Banking Financial Company (NBFC) sector.
- Price band: ₹700.0–₹740.0 per share, lot size 20 shares (min. investment ₹14,800).
- Subscription window: 25 Jun–27 Jun 2025, listing on 02 Jul 2025.
- Current GMP is +₹75.0 (10.14%), an estimated listing price of ₹815 — unofficial and can change daily.
HDB Financial Services Limited is set to launch its IPO with a price band of ₹700 to ₹740, aiming to raise ₹12,500 Cr. The company has shown consistent growth in total income and profits over the past three fiscal years, with a strong focus on retail lending and a robust distribution network.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
HDB Financial IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 27 Jun 2025 — not a current signal.
16 of 18 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
HDB Financial IPO Grey Market Premium (GMP) Today
GMP
+₹75.0
GMP %
+10.14%
Est. Listing
₹815.0
Updated: 25 Jul 2026 14:14
About the Company
Incorporated in 2007, HDB Financial Services Limited is a retail-focused, non-banking financial company. The company also offer business process outsourcing (“BPO”) services such as back-office support services, collection and sales support services to our Promoter as well as fee-based products such as distribution of insurance products primarily to the lending customers. HDB Financial Services Limited's omni-channel “phygital” distribution model combines a large branch network, in-house tele-calling teams and various external distribution networks and channel partners. Business Verticals: Enterprise Lending:The first business vertical launched in 2008. they offer a variety of secured and unsecured loans to MSME customers, as well as certain types of salaried employees, primarily through their branch network. Asset Finance: They offer financing options to customers for acquiring new and used commercial vehicles, construction equipment and tractors, all of which are income generating assets for their customers. Consumer Finance:They offer loans to individuals seeking to fulfil their personal or household needs. As of March 31, 2025, with over 80% of the branches located outside the 20 largest cities in India.As at March 31, 2025, The company had a pan-India network of 1,771 branches in 1,170 towns and cities across 31 States and Union Territories, with over 80% of the branches located outside the 20 largest cities in India by population. As at Fiscals 2025, 2024 and 2023, the company had a total of 60,432, 56,560 and 45,883 employees. Competitive Strengths: Highly granular retail loan book, bolstered by a large and rapidly growing customer base with a focus on serving the underbanked customer segments. Large, diversified and seasoned product portfolio with a sustainable track record of diversification, growth and profitability through the cycles. Tailored sourcing supported by an omni-channel and digitally powered pan-India distribution network. Comprehensive systems and processes contributing to robust credit underwriting and strong collections.
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,08,663.29 | 92,556.51 | 70,050.39 |
| Total Income | 16,300.28 | 14,171.12 | 12,402.88 |
| Profit After Tax | 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 |
| Reserves and Surplus | 15,023.97 | 12,949.63 | 10,645.57 |
| Total Borrowing | 87,397.77 | 74,330.67 | 54,865.31 |
Key Ratios
EPS
₹27.41
NAV
₹198.80
ROE
14.72%
P/B Value
3.72
P/E Ratio
27
Market Cap
₹61253.30 Cr
Debt/Equity
5.85
Peer Comparison
| Company | NAV | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|
| Shriram Finance Limited | 300.3 | 13 | 50.82 | 50.75 |
| Cholamandalam Investment And Finance Company Ltd | 281.5 | 31.4 | 50.72 | 50.6 |
| Mahindra & Mahindra Financial Services Ltd. | 154.9 | 14.5 | 18.32 | 18.31 |
| L&T Finance Limited | 102.5 | 17.9 | 10.61 | 10.57 |
| Sundaram Finance Ltd. | 1187.8 | 28.1 | 170.53 | 170.53 |
| Bajaj Finance Limited | 155.6 | 34.3 | 26.89 | 26.82 |
| HDB Financial Services Limited This IPO | 198.8 | — | 27.4 | 27.3 |
Promoters
HDFC Bank Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Augmentation of the Companys Tier-I Capital base to meet their Companys future capital requirements including onward lending under any of the Companys business verticals i.e. Enterprise Lending, Asset Finance and Consumer Finance. 2,458.62 2 Issue Expenses 226.85 Total 2,685.47
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹12,402.88 Cr for the period ending 31 Mar 2023, increasing to ₹14,171.12 Cr by 31 Mar 2024, and further rising to ₹16,300.28 Cr by 31 Mar 2025. This indicates a consistent growth in revenue over the three periods.
Profit Trend
Profit after tax was ₹1,959.35 Cr for the period ending 31 Mar 2023, which increased to ₹2,460.84 Cr by 31 Mar 2024, though it declined to ₹2,175.92 Cr by 31 Mar 2025. It is important to note that the figure for 31 Mar 2025 is from a full fiscal year, while the prior year was a full year comparison.
Valuation
HDB Financial's implied P/E at the issue price of ₹740 is approximately 27, compared to peers trading at a P/E range of 13 to 34.3.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. It reflects the demand and supply dynamics for the shares before they are listed on the stock exchange. A positive GMP suggests that investors expect the stock to list at a premium, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, market conditions, and their own investment strategy.
Who May Want to Wait
Conservative investors who prioritize stability and are risk-averse may want to avoid IPOs, as they can be subject to significant price fluctuations and uncertainties.
IPO Timeline, Explained
The IPO opens for subscription on June 25, 2025, and closes on June 27, 2025. The allotment of shares will be done by June 30, 2025, with the listing on the stock exchange scheduled for July 2, 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when selling shares on the listing day, often influenced by market demand and investor sentiment. However, these gains are not guaranteed, and the stock price can be volatile post-listing, leading to possible losses.
This evaluation is generated from HDB Financial's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is HDB Financial IPO GMP today?
HDB Financial IPO GMP today is +₹75.0 (10.14%), indicating an estimated listing price of ₹815. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of HDB Financial IPO?
The price band of HDB Financial IPO is ₹700.0–₹740.0 per share.
When does HDB Financial IPO open and close?
HDB Financial IPO opens on 25 June 2025 and closes on 27 June 2025.
When does HDB Financial IPO list on the stock exchange?
HDB Financial IPO listed on 02 July 2025 at ₹815.0.
What is the lot size for HDB Financial IPO?
The lot size for HDB Financial IPO is 20 shares, requiring a minimum investment of ₹14,800.
What is the price band for the HDB Financial IPO?
The price band for the HDB Financial IPO is ₹700 to ₹740.
What is the minimum investment required?
The minimum investment required is ₹14,800, which corresponds to a lot size of 20 shares.
When is the listing date for the HDB Financial IPO?
The listing date for the HDB Financial IPO is July 2, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on demand in the grey market.
What is the expected listing gain percentage?
The expected listing gain percentage is 10.14%.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
25 Jun 2025
Close
27 Jun 2025
Allotment
30 Jun 2025
Listing
02 Jul 2025
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