HDB Financial IPO open date is June 24, 2025 (Tentative) and the IPO will close on June 26, 2025.
The company reported revenue of ₹14,171.12 crores and profit of ₹2,460.84 crores in 2024.
HDB Financial IPO price band is ₹750 to ₹800 per share. HDB Financial IPO to list on BSE, NSE on July 1, 2025. The allotment of HDB Financial IPO date is June 27, 2025.
About HDB Financial IPO
HDB Financial Services, the non-banking finance arm of HDFC Bank. The IPO is anticipated to raise around ₹10,000 crore (approximately $1.2 billion).
The company is currently engaged in discussions with major global investment banks, including Bank of America Securities, Morgan Stanley, and Nomura, to select advisers for the IPO.
About HDB Financial Services Ltd
HDB Financial Services Ltd was founded on June 4, 2007, in Ahmedabad as a non-deposit taking Non-Banking Finance Company (NBFC).
Core Activities: HDB Financial Services is a leading retail-focused Non-Banking Financial Company (NBFC) categorized as “Upper Layer” (NBFC-UL) by the RBI.
Business Verticals:
- Enterprise Lending
- Asset Finance
- Consumer Finance
Products/Services:
- Lending solutions for individuals and businesses
- Asset financing including commercial vehicles and equipment
- Personal and business loans
- Business Process Outsourcing (BPO) services
Revenue Streams:
- Interest income from loans
- Processing fees and penalties
- BPO services revenue
Geographical Reach: Entirely domestic operations, spread across urban, semi-urban, and rural regions in India.
Loan Book: ₹986.2 billion as of Sept 30, 2024, with a 20.93% CAGR since March 2022.
Parent Company: Subsidiary of HDFC Bank Ltd
HDB Financial IPO Details
| IPO Open Date: | June 24, 2025 (Tentative) |
| IPO Close Date: | June 26, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹750 to ₹800 Per Share (Tentative) |
| Issue Size: | Approx 12,500 Crores |
| Fresh Issue: | Approx ₹2,500 Crores |
| Offer for Sale: | Approx ₹10,000 Crores, [.] Equity Shares |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE & NSE |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
IPO Market Lot of HDB Financial
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | – | ₹- |
| Retail Maximum | 13 | – | ₹- |
| S-HNI Minimum | 14 | – | ₹- |
| B-HNI Minimum | 68 | – | ₹- |
HDB Financial IPO Dates
| IPO Open Date: | June 24, 2025 |
| IPO Close Date: | June 26, 2025 |
| Basis of Allotment: | June 27, 2025 |
| Refunds: | June 30, 2025 |
| Credit to Demat Account: | June 30, 2025 |
| IPO Listing Date: | July 1, 2025 |
HDB Financial Company Financial Report
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
| 2022 | ₹11,306.29 | ₹9,958.73 | ₹1,011.40 | ₹62,025.94 |
| 2023 | ₹12,402.88 | ₹9,775.48 | ₹1,959.35 | ₹70,050.39 |
| 2024 | ₹14,171.12 | ₹10,866.45 | ₹2,460.84 | ₹92,556.51 |
| September 2024 | ₹7,890.63 | ₹6,307.83 | ₹1,172.70 | ₹1,01,960.35HDB Financial IPO Valuation – FY2024 |
Objects of the Issue
- Fresh Issue: ₹25,000 million
- Use: 100% for augmenting Tier I capital base (onward lending & regulatory capital requirements)
- Offer Expenses: Covered within the issue size
- Offer for Sale (OFS): Entire proceeds go to Promoter Selling Shareholder (HDFC Bank), not the company
Cash Flow Analysis
- Operating Cash Flow: Negative in FY23 and FY24 due to sharp increases in loans disbursed (working capital outflow)
- Investing Cash Flow:
- FY24: -₹21.5B due to high investment purchases
- FY23: +₹9.7B from sale of investments
- Financing Cash Flow: Positive due to fresh borrowings and debt issuance
- Mismatch: Profits are increasing, but OCF is negative due to aggressive loan growth, which is typical for NBFCs expanding their book
IPO Financials
| Particulars | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
|---|---|---|
| Revenue (in ₹ crore) | 12,402.88 | 11,306.29 |
| Profit After Tax (PAT) (in ₹ crore) | 1,959.35 | 1,011.40 |
| Tax Expenses (in ₹ crore) | 668.05 | 336.16 |
| Assets Under Management (in ₹ crore) | 70,084 | 61,444 |
| Total Borrowings (in ₹ crore) | 54,865 | 48,973 |
| Earnings Per Share (₹) | 24.78 | 12.81 |
HDB Financial IPO Valuation – FY2024
| KPI | Values |
| ROE: | 19.55% |
| ROCE: | [.]% |
| EBITDA Margin: | [.]% |
| PAT Margin: | [.]% |
| Debt to equity ratio: | [.] |
| Earning Per Share (EPS): | ₹31.08 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 19.55% |
| Net Asset Value (NAV): | ₹173.3 |
Peer Group
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Bajaj Finance Limited | 236.89 | 29.8 | 22.05% | 1239.0 | 54,969.49 Cr. |
| Sundaram Finance Limited | 130.31 | 36.2 | 17.55% | 997.1 | 7,267.12 Cr. |
| L&T Finance Limited | 9.34 | 15.5 | 10.31% | 94.2 | 13,580.58 Cr. |
| Mahindra & Mahindra Financial Services Limited | 15.66 | 17.8 | 10.10% | 161.3 | 15,796.85 Cr. |
| Cholamandalam Investment and Finance Company Limited | 41.17 | 31.5 | 20.15% | 233.1 | 19,139.62 Cr. |
| Shriram Finance Limited | 196.32 | 16.7 | 16.00% | 1302.5 | 36,379.52 Cr. |
Cash Flow Analysis Of HDB Financial IPO
- Operating Cash Flow: Negative in FY23 and FY24 due to sharp increases in loans disbursed (working capital outflow)
- Investing Cash Flow:
- FY24: -₹21.5B due to high investment purchases
- FY23: +₹9.7B from sale of investments
- Financing Cash Flow: Positive due to fresh borrowings and debt issuance
- Mismatch: Profits are increasing, but OCF is negative due to aggressive loan growth, which is typical for NBFCs expanding their book
Industry & Market Overview
- Industry Position: One of India’s top NBFCs by loan book size.
- Sector Growth: NBFC sector and construction equipment (CE) financing market are growing robustly.
- CE Financing CAGR: ~12-14% expected through FY27; witnessed 25% YoY growth in FY24 to reach ₹1.13 trillion.
- Market Trends:
- Rising demand from power and metal sectors
- Increasing rural participation in CE finance
- Top States in CE Finance: Maharashtra (13%), Gujarat (10%), Rajasthan (9%)
- Competitive Edge: High RoA (3.03%) and RoE (19.55%) in FY24, among best in peer group
Risk Factors Of HDB Financial IPO Registrar
- High credit risk: Due to unsecured and semi-secured retail lending
- Regulatory risk: RBI regulations can impact business model
- Concentration risk: Rapid loan book expansion may create asset quality concerns
- Economic sensitivity: Consumer lending demand and repayment depend on macroeconomic stability
- Reliance on parent: Brand and capital access heavily depend on HDFC Bank.
HDB Financial IPO Registrar
MUFG Intime India Private Limited
Phone: +91 810 811 4949
E-mail: hdbfinancial.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com
Company Address
HDB Financial Services Limited
HDB House, Tukaram
Sandam Marg, ASubhash Road,
Vile Parle (East),
Mumbai – 400057,
Maharashtra, India
Phone: +91 22 4911 6350
E-mail: investorcommunications@hdbfs.com
Website: www.hdbfs.com
HDB Financial IPO FAQs
What is IPO list price?
The IPO listing price is the initial price at which a company’s shares are offered to the public for trading on a stock exchange during its initial public offering (IPO).
Is HDB Financial a HDFC Bank?
HDB Financial Services Ltd, owned by HDFC Bank Ltd.
When HDB Financial IPO will open for subscription?
The IPO is to open on June 24, 2025 for QIB, NII, and Retail Investors. The IPO will close on June 26, 2025.
What is HDB Financial IPO Issue Size?
HDB Financial IPO issue size is ₹12,500 crores.
What is HDB Financial IPO Price Band?
HDB Financial IPO Price Band is ₹750 to ₹800.
What is the HDB Financial IPO Allotment Date?
HDB Financial IPO allotment date is June 27, 2025.
What is the HDB Financial IPO Listing Date?
HDB Financial IPO listing date is July 1, 2025. The IPO is to list on BSE & NSE.
What minimum lot size can retail investors subscribe to?
Retail investors can apply for a minimum of one lot.