HDB Financial IPO to Shower ₹9,373 Crore Gain on Parent HDFC Bank

HDB Financial IPO: The non-banking financial company (NBFC) is set to make its primary market debut next week, on Wednesday, June 25, 2025. HDB Financial's public offering is one of the most anticipated IPOs of 2025. Riding the wave of investor interest, HDFC Bank is poised to pocket a hefty ₹9,373 crore windfall from its subsidiary's much-anticipated IPO.

The NBFC has set the price band between the range of ₹700 to ₹740 per share. Investors need to apply for at least 20 shares or in multiples thereof to participate in the bidding.

Having acquired a stake in HDB Financial at an average of ₹46.6 per share, HDFC Bank stands to gain ₹9,373 (on the upper price band) at its initial investment by offloading shares through the OFS.

In the grey market, investor interest seems decent if not surprising. At 4:32 pm, the shares of HDB Financial Services were trading at a grey market premium (GMP) of ₹88, commanding a premium of over 11.8%, as per InvestorGain.

GMP reflects the price level at which the shares of the company trade before hitting the official bourses. Morgan Stanley India Company Pvt. Ltd., Motilal Oswal Investment Advisors Ltd., Jefferies India Pvt. Ltd.,  BNP Paribas, JM Financial Ltd., HSBC Securities & Capital Markets Pvt Ltd., Bofa Securities India Ltd., Goldman Sachs (India) Securities Pvt. Ltd., IIFL Capital Services Ltd., Nomura Financial Advisory and Securities (India) Pvt. Ltd., Nuvama Wealth Management Ltd. and UBS Securities India Pvt. Ltd. are the book running lead managers of the HDB Financial IPO.

However, profit levels took a minor hit. In FY25, the profit after tax (PAT) figure stood at ₹2,175.92 crore as against ₹2,460.84 crore reported in the year-ago period.