HDB Financial Services IPO GMP, Launch Date, Price and Important Details Review (2025)

India’s NBFC space is about to witness a historic moment; the HDB Financial Services IPO is finally here! Slated for June 2025, the retail and MSME-focused lending arm of HDFC Bank is going public with a massive issue size of ₹12,500 crore, making it the largest-ever IPO by an Indian NBFC.

Founded in 2007, HDB Financial Services has grown steadily by offering loans across personal, business, gold, and asset financing. With HDFC Bank holding over 94%, the brand already carries a strong legacy and financial backbone.

But this IPO isn’t just about going public; it’s also about ticking off a regulatory milestone. As per the RBI’s 2022 guidelines, all “Upper Layer” NBFCs must get listed by September 2025. This makes HDB Financial IPO a compliance move and a strategic market entry.

Plus, with NBFCs riding high on investor interest—thanks to phygital models and rising loan demand, this IPO couldn’t have been better timed.

It’s a big step for HDB and a major moment for India’s financial ecosystem.

Let’s dive into the details and explore what the commotion is all about.

HDB Financial Services IPO Key Details

The HDB Financial Services IPO price is expected to fall in the ₹750-₹800 range. While the exact HDB Financial Services IPO date is yet to be confirmed, it is expected to hit the markets in the last week of June 2025.

The company recently filed the DRHP with SEBI and will be entering the IPO arena soon enough.

This public issue is one of the largest NBFC listings in Indian stock market history. With strong brand equity, solid fundamentals, and regulatory tailwinds, the HDB Financial Services Ltd IPO is already making waves.

You can check the presently available details in the table below:

Data available is updated as of 17.06.25.

Suggested Read: Oswal Pumps IPO GMP, Date, Price & Important Details Review (2025)

HDB Financial IPO GMP (Grey Market Premium) Update

As of June 17, 2025, the HDB Financial IPO GMP stands at ₹93. This figure suggests that investors in the unofficial grey market are expecting the IPO to list at a premium. Although the exact price band is still under wraps, the estimated listing price based on the GMP is ₹93.

You can have a clearer look over the changing GMP of the IPO:

Data available is updated as of 17.06.25.

Over the past five sessions, the grey market activity has pointed upwards, indicating growing interest in the IPO.

While the GMP remained flat for a few days, it surged to ₹93 on June 16 and held steady the next day. This signals a potentially strong listing sentiment, even though the estimated gain per share is currently shown as 0.00% (due to unknown issue price).

However, it’s important to remember: GMP is speculative and highly volatile. It should not be the sole factor for investment decisions. Always consider fundamentals, risks, and official offer details before investing.

About HDB Financial Services Limited: Company Overview

HDB Financial Services Ltd, set up in 2007, is one of India’s top NBFCs (non-banking financial companies). It’s backed by none other than HDFC Bank, which holds a majority stake.

With its HQ in Mumbai, HDB offers a wide mix of loans: both secured and unsecured, to individuals and businesses across the country.

What does HDB do?

• Consumer Lending: Think personal loans, gold loans, or financing that new fridge.
  
  
• Commercial Lending: Loans for business, working capital, or even loans against property.
  
  
• Asset Finance: Auto loans, loans for construction equipment, etc.
  
  
• BPO & Back-Office Services: Handles finance-related processing work for third parties.
  
  

How big is it?

• Branch presence: 1,700+ branches in 1,100 cities across 31 states/UTs
  
  
• Customers: Over 17.5 million
  
  
• Employees: More than 22,000 people across different teams
  
  

It runs on a smart “phygital” model (yes, physical + digital), helping it reach both metros and smaller towns efficiently while keeping its loan book strong and healthy.

Now that the HDB Financial Services IPO is making headlines, all of this gives the company a solid backstory. They’ve already filed the HDB Financial Services IPO DRHP, marking the start of their listing journey, in line with SEBI’s norms for NBFCs in the upper layer.

HDB Financial Services Ltd. Company Financials

The potential performance of an IPO as it enters the market can be assessed by how dominant its parent company is in areas like no. of assets, revenue, etc.; some of which are displayed in the table below:

Data available is updated as of 17.06.25.

Observations from HDB Financial Service’s financials

• Strong asset growth: Total assets jumped from ₹62,025 Cr in FY22 to over ₹1 lakh Cr by Sep 2024, showing rapid expansion.
  
  
• Consistent profitability: Profit After Tax more than doubled in two years—from ₹1,011 Cr in FY22 to ₹2,460 Cr in FY24.
  
  
• Rising borrowings with healthy net worth: Borrowings increased significantly, but so did net worth and reserves—indicating balanced leverage and financial strength.
  
  

IPO Objectives: How Funds Will Be Used

The proceeds from the fresh issue of ₹2,500 crore will be primarily used for:

• Augmenting the Tier-I capital base to meet future business requirements.
  
  
• Onward lending to grow its loan book.
  
  
• Supporting operational and digital infrastructure growth
  
  

These objectives align with the company’s expansion plan and regulatory requirements as a top-tier NBFC.

Strengths & Opportunities of HDB Financial IPO

• Backed by HDFC Bank, ensuring credibility and stable funding.
  
  
• Strong presence in Tier-2 and Tier-3 markets.
  
  
• A wide physical network complemented by digital expansion (“phygital” model).
  
  
• Diversified loan portfolio including MSME, consumer, and asset finance.
  
  
• Growing revenue, high ROE, and improved asset quality.
  
  

Risks & Challenges of Investing in HDB Financial IPO

• Interest rate sensitivity impacting borrowing costs.
  
  
• Regulatory risk from RBI’s evolving guidelines for NBFCs.
  
  
• Intense competition from fintech lenders and established NBFCs.
  
  
• Asset quality risks if credit demand weakens in target segments.
  
  
• Heavy reliance on the parent brand for trust and credibility.
  
  

Valuation & Peer Comparison

Exact HDB Financial IPO price is yet to be declared, making direct P/E comparisons difficult. However, the company’s strong ROE (19.55%) and growing profitability position it well against competitors.

Have a look for yourself:

Note: Estimated based on recent financials; subject to change upon IPO pricing announcement.

Who can Apply for the HDB Financial Services IPO

• Long-term investors looking for stability and growth, especially given the HDFC Bank backing and proven profitability.
  
  
• Retail investors interested in exposure to the NBFC space through a diversified and well-run player.
  
  
• Investors seeking India consumption play, especially with HDB’s strong footprint in Tier-2 and Tier-3 markets.
  
  
• Those tracking listing gains, as the positive GMP hints at strong debut demand (though speculative).
  
  

Who May Want to Avoid Applying for HDB Financial Services IPO

• Short-term traders purely eyeing massive day-one profits; listing gains aren’t guaranteed, and GMP can change quickly.
  
  
• Risk-averse investors concerned about rising interest rates or future regulatory tightening in the NBFC space.
  
  
• Those uncomfortable with high leverage, as the company’s debt/equity ratio is higher than some peers.
  
  

Bottom Line

HDB Financial Services IPO isn’t just another public issue; it’s a landmark event in India’s NBFC history. With a solid ₹12,500 Cr issue size, RBI’s compliance nudge, and HDFC Bank’s rock-solid legacy backing it, the IPO checks a lot of the right boxes.

From Tier-2 towns to buzzing metros, HDB’s phygital model, strong asset growth, and diversified loan book give it serious street cred. The numbers back it up too; profits are climbing, borrowings are balanced, and the brand is already a household name in lending.

Of course, like every IPO, there are risks. Regulatory changes, interest rate swings, and rising competition can play spoilsport. But if you’re someone who believes in India’s credit boom story and wants a piece of a growing NBFC with deep roots; this IPO might be worth a look.

Just remember: don’t jump in just because the GMP looks hot. Dive into the fundamentals, understand your risk appetite, and then take the call.

HDB is making headlines for all the right reasons.

The real question is: will you be a part of this chapter?

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