NBFC/Lending - Listed on 02 July 2025
HDB Financial Services (NBFC/Lending) closed its IPO window in 2025 and listed on NSE and BSE on 02 July 2025 at an upper band issue price of Rs 740, opening at Rs 835 for a listing gain of +12.8% and closing day one at Rs 840.95 (+13.6% on closing basis). The IPO was subscribed 16.69x overall - QIB 55.47x, HNI/NII 9.99x, Retail 1.41x. The total issue size was Rs 12,500 Cr (Fresh Issue Rs 2500 Cr, OFS Rs 10000 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
NBFC/Lending
HDB Financial Services operates in the NBFC/Lending space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The HDB Financial Services issue was offered at an upper price of Rs 740 and raised approximately Rs 12,500 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 50 | +6.76% |
| Day 2 | Rs 70 | +9.46% |
| Day 3 | Rs 75 | +10.14% |
| Day 4 | Rs 75 | +10.14% |
| Day 5 | Rs 55 | +7.43% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the HDB Financial Services IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
HDB Financial Services IPO listed at +12.8% versus the upper issue price of Rs 740 on 02 July 2025.
HDB Financial Services IPO was subscribed 16.69x overall. QIB portion was subscribed 55.47x, HNI / NII 9.99x and Retail 1.41x.
IPO GMP started at Rs 50 on Day 1 and moved to Rs 55 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.