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HDB Financial Services IPO Allotment GMP Analysis

HDB Financial Services

HDB Financial Services, a leading non-banking financial company (NBFC) and a subsidiary of HDFC Bank, launched its highly anticipated initial public offering (IPO) in June 2025. The Housing Development Board (HDB) Financial Services IPO has garnered significant attention from investors due to its robust fundamentals, strong parentage, and promising growth prospects.

In this article, we delve into the HDB Financial Services IPO allotment GMP, HDB Financial Services share price, HDB listing date, and other key details, providing an objective analysis for investors. We also cover how to check the IPO allotment status and discuss the HDB Financial Services IPO listing price, HDB GMP today, and HDB Financial Services share price target 2025.

Overview of HDB Financial Services

HDB Financial Services, often referred to as HDB Financial or HDB Finance, is a retail-focused NBFC classified as an upper-layer NBFC by the Reserve Bank of India (RBI). With a diversified portfolio spanning enterprise lending, asset finance, and consumer finance, HDB Financial Services serves over 19.2 million customers as of March 31, 2025. The company operates 1,772 branches across 1,162 towns, with over 70% of its branches in Tier 4+ towns, emphasizing its focus on semi-urban and rural markets. Backed by HDFC Bank, HDB Financial Services enjoys a AAA credit rating, ensuring access to cost-effective funding and strong market credibility.

The HDB Financial Services IPO was a landmark event, raising ₹12,500 crore through a combination of a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale (OFS) by HDFC Bank. The IPO, which opened for subscription from June 25 to June 27, 2025, was oversubscribed 16.69 times, reflecting strong investor demand, particularly from Qualified Institutional Buyers (QIBs).

HDB Financial Services IPO Allotment GMP

The HDB Financial Services IPO allotment GMP (Grey Market Premium) is a key indicator of investor sentiment in the unlisted market before the stock’s debut. The GMP of HDB Financial fluctuated during the subscription period, reflecting cautious optimism. As of July 1, 2025, the HDB IPO GMP ranged between ₹57 and ₹76, with the latest recorded GMP at ₹68 on June 30, 2025, at 9:34 PM. This translates to an estimated HDB Financial Services IPO listing price of approximately ₹808 per share, indicating a potential listing gain of 9.19% over the upper price band of ₹740.

The HDB Financial Services GMP saw volatility, starting at ₹74 on June 25, dipping to ₹50.5 on June 26, and climbing back to ₹68–₹76 by the listing date. This fluctuation suggests cautious investor sentiment due to the large issue size and recent market trends affecting big-ticket IPOs. However, the HDB GMP today (July 2, 2025) at ₹68 indicates a modest but positive listing expectation. Investors should note that grey market premium is an unregulated indicator and not a guaranteed predictor of listing performance.

HDB Financial Services IPO Allotment Details

The HDB Financial Services IPO allotment was finalized on June 30, 2025. Investors can check the IPO allotment status through the following platforms:

  1. BSE Website: Visit https://www.bseindia.com/investors/appli_check.aspx, select ‘Equity’ as the issue type, choose HDB Financial Services Ltd. from the dropdown, enter your application number or PAN, and click ‘Search’.
  2. NSE Website: Access https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids, select HDB Financial Services, enter your PAN or application number, and submit.
  3. MUFG Intime India (Link Intime): Go to https://in.mpms.mufg.com/Initial_Offer/public-issues.html, select HDB Financial Services Ltd., input your PAN, application number, or DP/Client ID, and click ‘Submit’.

The MUFG IPO allotment status for HDB Financial Services was made available on June 30, 2025, with shares credited to demat accounts on July 1, 2025, and refunds processed for unsuccessful bidders on the same day.

HDB Financial Services IPO Listing Date and Price

The HDB Financial Services IPO listing date was July 2, 2025, with the stock debuting on both the BSE and NSE at 10:00 AM. The HDB Financial Services listing time marked the start of trading in the secondary market. The stock listed at ₹835 per share, reflecting a 12.84% premium over the HDB IPO price of ₹740, surpassing grey market expectations of a 9–10% gain. By the end of the trading day, the HDB Financial Services share price settled at ₹840.25 on the NSE, up 0.63% from the listing price, and ₹840.90 on the BSE, up 0.71%. This performance positioned HDB Financial Services as the eighth most valuable NBFC in India, with a market capitalization of approximately ₹69,625.50 crore.

The HDB Financial Services IPO listing GMP aligned closely with the actual listing price, validating the grey market’s predictive accuracy to an extent. However, investors are advised to focus on the company’s fundamentals rather than relying solely on HDB IPO GMP for investment decisions.

HDB Financial Services Share Price Today

As of July 2, 2025, the HDB Financial Services share price today on the NSE closed at ₹840.25, while on the BSE, it was ₹840.90. The HDB Financial Services share price NSE reflects a strong debut, driven by robust institutional demand and optimism about the company’s long-term growth. The HDB share price performance underscores investor confidence in HDB Financial, backed by its diversified loan portfolio and strong parentage from HDFC Bank.

HDB Financial Services Share Price Target 2025

Analysts are optimistic about the HDB Financial Services share price target 2025. Emkay initiated coverage with a “buy” rating and a June 2026 target price of ₹900, implying a 22% upside from the IPO price of ₹740. This target is based on a FY27 price-to-book (P/B) ratio of 3x, reflecting expectations of a 20% CAGR in Assets Under Management (AUM) over the next three years. The company’s valuation at a FY25 P/B ratio of 3.4x is considered attractive compared to peers like Bajaj Finance (5.7x) and Cholamandalam Investment (5.7x), making HDB Financial Services share a compelling long-term investment.

Financial Performance and Valuation

For FY25, HDB Financial Services reported revenue of ₹16,300 crore and a net profit of ₹2,175 crore, with a Return on Assets (ROA) of 2.2% and Return on Equity (ROE) of 14.7%. The company’s AUM stood at ₹1,07,260 crore, growing at a CAGR of 23.71% since March 2023. Despite a slight decline in profitability due to interest rate volatility, HDB Financial maintains a robust loan book with 71.01% secured loans and a low Gross Stage 3 Assets ratio of 2.26%, outperforming peers like Shriram Finance (4.55%).

The HDB Financial Services IPO price was set at ₹700–₹740 per share, with a minimum lot size of 20 shares, requiring a retail investment of ₹14,800 at the cutoff price. At the upper price band, the IPO was valued at a P/B ratio of 3.4x, which analysts like Geojit and Anand Rathi consider fairly priced compared to peers.

Key Investment Considerations

Strengths

  • Strong Parentage: Backed by HDFC Bank, HDB Financial Services benefits from brand credibility and low-cost funding.
  • Diversified Portfolio: The company’s loan book is balanced across enterprise lending (39.30%), asset finance (38.03%), and consumer finance (22.66%), reducing concentration risk.
  • Robust Growth: AUM and customer base have grown at CAGRs of 23.71% and 25.45%, respectively, since March 2023.
  • Digital Infrastructure: The “phygital” model, combining physical branches with digital platforms like the ‘HDB On-the-Go’ app, enhances customer reach and efficiency.

Risks

  • GMP Volatility: The HDB Financial Services IPO listing GMP fluctuated significantly, indicating cautious market sentiment.
  • Interest Rate Sensitivity: Profitability dipped in FY25 due to interest rate volatility, a risk for NBFCs.
  • Regulatory Risks: RBI’s draft circular from October 2024 may require HDFC Bank to reduce its stake in HDB Financial Services to below 20%, potentially impacting operations.

How to Check HDB Financial Services IPO Allotment Status

To check the HDB Financial Services IPO allotment status, follow these steps:

Conclusion

The HDB Financial Services IPO marked a significant milestone in India’s NBFC sector, with strong subscription and a robust listing performance. The HDB Financial Services IPO allotment GMP and HDB Financial Services listing price indicate positive investor sentiment, though moderated by the large issue size and market dynamics. The HDB Financial Services share price today reflects a strong debut, and the HDB Financial Services share price target 2025 suggests long-term growth potential. Investors are advised to hold HDB Financial share for medium to long-term gains, leveraging the company’s strong fundamentals and HDFC Bank’s backing. However, caution is warranted due to HDB GMP volatility and regulatory risks.

For the latest updates on HDB Financial Services share price NSE, HDB Financial Services IPO listing date, or to check IPO allotment status, visit the BSE, NSE, or MUFG Intime websites. Always consult a financial advisor before making investment decisions.

Disclaimer:

  1. The grey market premium and other data provided are for informational purposes only and should not be considered investment advice. Investors should conduct thorough research before investing.
  2. The Overall Analysis is for Education purposes. Please do consult a professional expert for the investment.
  3. If you find any issue with the data / facts / opinion , Please report with reference attached at editor@savebuddy.in

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