India’s Largest NBFC IPO Is Here: HDB Financial Hits the Market
It’s not every day you see an IPO this size. HDB Financial Services, one of India’s heavyweight non-banking financial companies, is about to start its public offer—set to become the country’s biggest NBFC IPO ever. Backed by HDFC Bank, the deal opens for bids on June 25, 2025, and everyone from first-timers to seasoned market watchers is keeping a close eye.
The company wants to raise a massive ₹12,500 crore. That’s split between a fresh issue of ₹2,500 crore and an offer-for-sale (OFS) by HDFC Bank, which will offload ₹10,000 crore of its stake. So, while HDB will get new capital, some of the money also goes into the pockets of its widely known parent, HDFC Bank.
The price range for each share stands at ₹700 to ₹740, with shares holding a face value of ₹10 each. If you’re planning to apply as a retail investor, you’ll need to pick up at least one lot, which is 20 shares. That makes your minimum investment ₹14,000—no small sum, but not a bank-breaker either for regular participants in the IPO game.
Investors will have a brief window to apply: June 25 through June 27. After that, the share allotment is expected by June 30, and the tentative listing date on the BSE and NSE is July 2. Already, the IPO is drawing a lot of gossip in market circles, with a grey market premium (GMP) of ₹50.5. If this holds, it suggests initial trading could start at ₹790.5 per share—a possible 6.82% pop over the upper end of the price band.
What Sets HDB Financial Apart in the NBFC Space?
HDB Financial isn’t just any financial lender. Its focus is clear: it specializes in loans for micro, small, and medium enterprises (MSMEs), commercial vehicles, two-wheelers, and personal loans. The company’s presence isn’t limited to lending money—their business process outsourcing (BPO) arm helps them manage operations, collections, and customer service at scale. Together, these lines keep revenue flowing in both good times and bad.
A key point of interest is the IPO management itself. Names like JM Financial, Morgan Stanley, and Goldman Sachs are leading the process, which always boosts confidence in the books, pricing, and promotion. These aren’t just big names—they’re specialists at handling huge, oversubscribed IPOs, the type that can attract both Indian and overseas investors.
For retail investors, the offer is tempting, but everyone knows these IPOs can heat up quickly. Bidding in the first hours sometimes helps, but subscription trends can swing hard in the last moments. Markets insiders are watching the ongoing updates on the GMP and the actual subscription figures in each investor category—retail, high net worth individuals, and institutional buyers.
So, why all this hype? India’s NBFC sector is booming as demand for loans to small businesses and vehicles grows across cities and towns. HDB Financial is positioned right at the heart of this growth. Its parentage by HDFC Bank doesn’t hurt either—giving the company instant credibility and access to best-in-class risk management systems.
If you’re leaning towards an application, keep your eyes peeled for the regular updates on grey market rates and subscription status as the window draws close. For the ever-curious retail crowd, this listing is likely to spark lively discussions both on Dalal Street and in living rooms around the country.
