HDB Financial Delivers Best Listing Gains Among ₹10,000 Cr+ IPOs Post-Covid

In a major success story for the Indian IPO market, HDB Financial Services share price has delivered the most substantial listing gains among all Indian IPOs, exceeding ₹10,000 crore since the onset of the COVID-19 pandemic. The company made its stock market debut on July 2, 2025, with shares listing at ₹840 apiece, marking a 13% premium over its IPO price of ₹740.

Strong IPO Subscription Reflects Robust Investor Confidence

The ₹12,500-crore IPO of HDB Financial Services generated significant investor interest during its subscription window from June 25 to June 27, receiving bids 16.7 times the offer size. Retail investors were required to bid for a minimum of 20 shares, translating to an investment of ₹14,800 at the upper price band. Following the stock's strong debut, the value of one lot now stands at ₹16,700, providing a healthy listing gain of ₹1,900 per lot for investors.

This performance sets HDB Financial apart as the best-performing large IPO (₹10,000 crore and above) in India since 2020. Notably, three out of the four IPOs of such scale launched after the pandemic had seen discount listings, making HDB's debut particularly impressive.

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HDB Joins League of India's Top NBFCs

The successful listing has also propelled HDB Financial into the league of India's most valuable non-banking financial companies (NBFCs). With a market capitalisation of nearly ₹70,000 crores, it now ranks as the eighth-largest NBFC in the country. Industry leader Bajaj Finance continues to dominate with a market cap of over ₹5.81 lakh crore, followed by Jio Financial Services at ₹2.08 lakh crore and Cholamandalam Investment and Finance Company at ₹1.37 lakh crore. HDB Financial Services' share price touched a high of ₹851 during the day's trading.

Other significant NBFCs in the rankings include Shriram Finance (₹1.33 lakh crore), Muthoot Finance (₹1.06 lakh crore), SBI Cards & Payment Services (₹90,481 crore), and Aditya Birla Capital (₹72,200 crore).

HDB Financial's robust business model, built on a highly diversified and granular lending portfolio, has been highlighted by some veteran and expert analysts, who initiated coverage of the stock with a positive outlook. The company boasts a customer base of over 1.9 crore and has successfully navigated multiple credit cycles, including the pandemic.

The listing journey of HDB Financial Services has not come without significant costs. The total expenditure for taking the company public amounted to ₹227 crore, including ₹104 crore paid to merchant bankers for managing the IPO.

Conclusion

HDB Financial Services' successful IPO and market debut signal growing investor confidence in India's financial sector, particularly in the NBFC space. The company's strong fundamentals, market positioning, and positive brokerage coverage further cement its status as a promising player for long-term investors.