HDB Financial IPO - Day 3 Subscription at 17.65 Times

HDB Financial Services' initial public offering (IPO) has demonstrated exceptional investor demand through its third and final day of subscription, with HDB Financial's stock price set at ₹700-740 per share and HDB Financial's share price reflecting overwhelming market reception. The ₹12,500.00 crore IPO has witnessed remarkable progress, with subscription rates opening at 0.40 times on day one, improving to 1.23 times on day two, and surging dramatically to 17.65 times by 4:54:34 PM on day three, indicating extraordinary investor interest in this retail-focused non-banking financial company incorporated in 2007.

HDB Financial Services IPO subscription  reached an exceptional 17.65 times on day three, led by QIB (58.64x), NII (10.55x), and Retail (1.51x). Total applications reached 42,45,233.

Subscription Status of HDB Financial Services IPO:

Here are the subscription details for HDB Financial IPO as of Day 3 (June 27, 2025, 4:54:34 PM):

Key Highlights - Day 3: 

• Overall subscription reaching an exceptional 17.65 times, a massive surge from day two's 1.23 times 
• QIB segment leading with extraordinary demand at 58.64 times, a phenomenal increase from day two's 0.93 times 
• NII segment demonstrating robust participation at 10.55 times, a significant jump from day two's 2.43 times 
• Retail segment showing steady improvement at 1.51 times, building from day two's 0.69 times 
• The final day witnessed exceptional institutional participation with overwhelming QIB response driving overall subscription 
• Employee segment showing strong interest at 6.03 times, reflecting internal confidence in the company 
• Total applications reached 42,45,233, indicating massive investor participation for this mainboard IPO 
• The cumulative bid amount reached ₹1,61,138.16 crores against the issue size of ₹12,500.00 crores

HDB Financial IPO - Day 2 Subscription at 1.23 Times

Key Highlights - Day 2:

• Overall subscription reaching a modest 0.48 times, a slight improvement from day one's 0.40 times
• Employee segment leading with solid demand at 2.06 times, an increase from day one's 1.86 times
• NII segment showing limited participation at 0.98 times, improvement from day one's 0.81 times
• The other category demonstrating modest interest at 0.89 times, an increase from day one's 0.74 times
• Retail segment showing cautious participation at 0.38 times, a slight increase from day one's 0.33 times
• QIB segment showing minimal participation at 0.01 times, remaining unchanged from day one
• Total applications reached 8,86,039, indicating moderate investor participation
• The cumulative bid amount reached ₹4,347.60 crores against the issue size of ₹12,300.00 crores

HDB Financial IPO - Day 1 Subscription at 0.40 Times

Key Highlights - Day 1:

• Overall subscription is extremely weak at 0.13 times, indicating very poor investor reception
• QIB segment showing virtually no interest at 0.00 times, reflecting complete institutional rejection
• The retail segment is demonstrating very weak participation at 0.14 times, showing poor individual investor interest
• NII segment showing very weak interest at 0.18 times across both categories
• Employee segment showing modest participation at 0.90 times, relatively better than public categories
• Total applications reached 2,87,145, indicating massive rejection despite a large issue size
• The cumulative bid amount reached only ₹1,167.153 crores against a massive issue size of ₹12,500 crores
• Opening day demonstrates a complete lack of confidence in a large NBFC at the current valuation

About HDB Financial Services IPO

Incorporated in 2007, HDB Financial Services Limited is a retail-focused, non-banking financial company and subsidiary of HDFC Bank Limited. The company also offers business process outsourcing (BPO) services such as back-office support services, collection and sales support services to their Promoter as well as fee-based products such as the distribution of insurance products primarily to lending customers.

Financial performance shows moderate growth with revenue increasing 15% from ₹14,171.12 crores in FY2024 to ₹16,300.28 crores in FY2025, but profit after tax declined 12% from ₹2,460.84 crores to ₹2,175.92 crores. The company maintains moderate profitability metrics with 14.72% ROE, operates with a high debt-to-equity ratio of 5.85, typical for NBFC business, and has a massive market capitalisation of ₹61,253.30 crores. Post-IPO P/E ratio of 28.15x appears expensive for an NBFC with declining profitability.

Highlights of the HDB Financial Services IPO:

• IPO type: Book Building IPO
• IPO size: ₹12,500 crores (India's largest NBFC IPO)
• Fresh Issue: ₹2,500 crores (3.38 crore shares)
• Offer for Sale: ₹10,000 crores (13.51 crore shares)
• Face value: ₹10 per share
• Issue price band: ₹700 to ₹740 per share
• Lot size: 20 shares
• Minimum investment for retail investors: ₹14,800 (1 lot, 20 shares)
• Minimum investment for sNII: ₹2,07,200 (14 lots, 280 shares)
• Minimum investment for bNII: ₹10,06,400 (68 lots, 1,360 shares)
• Anchor investor allocation: ₹3,369 crores
• Multiple book-running lead managers: BNP Paribas, JM Financial, BofA Securities, Goldman Sachs India, HSBC Securities, IIFL Capital, Jefferies India, Morgan Stanley India, Motilal Oswal, Nomura Financial, Nuvama Wealth, UBS Securities
• Registrar: Link Intime India Private Limited
• Listing at: BSE, NSE
• IPO opens: June 25, 2025
• IPO closes: June 27, 2025
• Allotment date: June 30, 2025
• Listing date: July 2, 2025