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HDB Financial Services Ltd IPO

HDB Financial Services Limited is the seventh largest leading, diversified retail-focused non-banking financial company (NBFC) in India in terms of the size of Total Gross Loan book, at Rs. 902.2 billion as at March 31, 2024, amongst our NBFC peers according to the CRISIL Report. The Company is categorized as an Upper Layer NBFC (NBFC-UL) by the RBI pursuant to a certificate of registration (N.01.00477) dated December 31, 2007 and is registered with the IRDAI as a corporate agent (composite) pursuant to a certificate of renewal registration dated March 10, 2025 bearing registration number CA0095. The Upper Layer comprises of NBFCs that are specifically identified by the RBI as warranting enhanced regulatory requirement based on a set of parameters and scoring methodology, as mentioned by the RBI from time to time. Further, the top ten eligible NBFCs in terms of their asset size shall always reside in the upper layer, irrespective of any other factor. The Company offers lending products through its three business verticals: Enterprise Lending, Asset Finance and Consumer Finance. The Company also offers business process outsourcing services such as back-office support services, collection and sales support services to its Promoter as well as fee-based products such as distribution of insurance products primarily to its lending customers. The table below sets forth the loan book for each of its three verticals and the top three products under each of such verticals as at March 31, 2025.

HDB Financial Services Ltd IPO Details

Total Shares Offered

₹ 16,89,18,919

Offer to Public

13,51,35,135

Retail Max (Shares)

₹ 5,31,14,865

Pre Issue Promoters Holding

₹ 75,05,96,670

Exchange

BSE

Issue size

₹ 12500 Cr

IPO Open Date

Jun 25, 2025

Close Date

Jun 27, 2025

Lot Size

Min Investment

₹ 14,000

Issue Type

Book Building

Listing Date

Jul 2, 2025

HDB Financial Services Ltd IPO Dates

Jun 25, 2025

Opening date

Jun 27, 2025

Closing date

Jun 30, 2025

Basis of Allotment

Jul 1, 2025

Initiation of Refunds

Jul 1, 2025

Credit of Shares

Jul 2, 2025

Listing date

Details

Sector	Type
Sector	Finance & Investments
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*	Shares Bid*
QIB	23.45x	75878379	1779682480
NII	10.56x	22763513	240286800
Retail	1.49x	53114865	79159240
Employee	6.04x	270270	1633520
Total	12.89x	168918919	2176766380

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

23.45x

10.56x

1.49x

6.04x

12.89x

75878379

22763513

53114865

270270

168918919

1779682480

240286800

79159240

1633520

2176766380

HDB Financial Services Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	16,300.30	14,171.10	12,402.90
EBITDA	3,316.64	3,594.95	2,851.08
PAT	2,175.92	2,460.84	1,959.35
Total Assets	2,598.50	2,046.66	2,074.01
Share Capital	795.78	793.08	791.40
Total Borrowings	79,557.83	68,947.60	52,829.48
Operating Activities (Net Cash)	2,370.34	2,605.98	2,071.19
Investing Activities (Net Cash)	2,060.13	3,380.33	1,243.25
Financing Activities (Net Cash)	79,557.83	68,947.60	52,829.48
Net Cashflow	984.27	702.51	653.82

About HDB Financial Services Ltd

The Company was incorporated as `HDB Financial Services Limited' under the Companies Act, 1956 pursuant to a certificate of incorporation dated June 4, 2007 issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli at Ahmedabad (RoC) and commenced operations pursuant to a certificate for commencement of business dated July 31, 2007 issued by the RoC. The RBI granted a certificate of registration dated December 31, 2007 to the Company to carry on the business of a non-banking financial institution without accepting public deposits.

NBFCs have evolved in size, operations, technological sophistication and variety of financial services and products, growing from under Rs. 2 trillion AUM in Fiscal 2000 to Rs.48 trillion in Fiscal 2025. In the financial sector ecosystem, NBFCs compete with banks, micro-finance companies, digital lending platforms and informal financiers. During Fiscals 2019 to 2025, NBFC credit grew at an estimated CAGR of 13.2%. CRISIL Intelligence expects NBFC credit to grow at 15-17% between Fiscal 2025 and Fiscal 2028 primarily driven by growth in the retail, MSME and corporate segments.

Peer Comparison:

HDB Financial Services Limited
Bajaj Finance Limited
Sundaram Finance Limited
L&T Finance Limited
Mahindra & Mahindra Financial Services Limited
Cholamandalam Investment & Finance Company Limited
Shriram Finance Limited

HDB Financial Services Ltd Key Points

Strengths

Highly granular retail loan book, bolstered by a large and rapidly growing customer base with a focus on serving the underbanked customer segments.

Large, diversified and seasoned product portfolio with a sustainable track record of diversification, growth and profitability through the cycles.

Tailored sourcing supported by an omni-channel and digitally powered pan-India distribution network.

Comprehensive systems and processes contributing to robust credit underwriting and strong collections.

Advanced technology tools driving enhanced customer experience and efficiency across each stage of the customer lifecycle.

Risk

Its Promoter may be required to significantly reduce its ownership in the Company, i.e., to less than 20% (or any such higher percentage with prior RBI approval) on account of overlapping business with its Promoter and one of the members of its Promoter Group if the draft circular issued by the RBI on October 4, 2024 is implemented in its current form, which may have a material adverse impact on its business operations, financial position and share price.

Its Gross Stage 3 Loans amounted to 2.26% of Total Gross Loans as at March 31, 2025, which was an increase from 1.90% as at March 31, 2024. Non-payment or default by its customers, the company inability to provide adequate provisioning coverage for non-performing assets or change in regulatorily mandated provisioning requirements may adversely affect its financial condition and results of operations.

As at March 31, 2025, unsecured loans comprised 26.99% of its Total Gross Loans, which is a decrease from 28.66% as at March 31, 2024. The company unsecured loan portfolio is not supported by any collateral that could help ensure repayment of the loan, and in the event of non-payment by a borrower of one of these loans, its may be unable to collect the unpaid balance.

Strategy

Diversify and expand its addressable customer segments by widening and enhancing its product offering.

Continue to expand its pan-India omni-channel distribution network

Continue to invest in technology, data analytics and artificial intelligence to further improve customer experience, increase organisational productivity and decrease costs.

Continue to diversify its borrowing profile to optimise borrowings costs.

Further strengthen and improve its robust risk management framework as well as underwriting and collections capabilities to minimise the risk of credit losses

How To Apply for HDB Financial Services Ltd IPO Online?

Step 1:

Step 2:

From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the HDB Financial Services Ltd IPO?

HDB Financial Services Ltd's IPO offers shares for up to 2,500 It begins on Jun 25, 2025 and ends on Jun 27, 2025.

What is the price of the HDB Financial Services Ltd IPO?

The price of HDB Financial Services Ltd IPO ranges between ₹700 to ₹740 per share.

What are the open and close dates for the HDB Financial Services Ltd IPO?

The HDB Financial Services Ltd IPO opens on Jun 25, 2025 and closes on Jun 27, 2025.

When will the HDB Financial Services Ltd IPO be allotted?

The allotment for the HDB Financial Services Ltd IPO will be finalised on Jun 30, 2025. The shares will be listed on BSE and NSE on Jul 2, 2025.

What is the minimum lot size required for HDB Financial Services Ltd IPO?

The minimum lot size for HDB Financial Services Ltd IPO is 20 shares, priced between ₹700 to ₹740 per share.

What is the GMP of HDB Financial Services Ltd IPO?

The GMP (Grey Market Premium) of HDB Financial Services Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of HDB Financial Services Ltd IPO?

To check the allotment status of HDB Financial Services Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the HDB Financial Services Ltd IPO getting listed?

The HDB Financial Services Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Jun 25, 2025, and closes on Jun 27, 2025. The allotment is finalised on Jun 30, 2025.

How do you apply for the HDB Financial Services Ltd IPO?

To apply for the HDB Financial Services Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.