HDB Financial Services Ltd, the non-banking finance arm of HDFC Bank, officially debuted on the Indian stock exchanges today, with its shares listing at ₹815 apiece — a premium of over 10% from its IPO issue price of ₹740. The listing took place on both BSE and NSE, following the conclusion of its highly subscribed initial public offering on June 27.
The IPO received an overwhelming response, attracting bids worth more than ₹1.61 lakh crore. The offering was subscribed nearly 27 times overall, with the Qualified Institutional Buyers (QIBs) category leading the charge at 55.47 times. The Non-Institutional Investors (NII) segment saw a subscription of 9.99 times, while the retail investor portion was subscribed 5.72 times.
The company raised ₹12,500 crore through the public issue, and shares were allotted at the fixed price of ₹740 per unit. Today’s listing price reflects the optimism seen in the grey market ahead of the debut. As of listing day morning, HDB Financial Services was commanding a grey market premium (GMP) of ₹75, hinting at a strong debut.
The Bombay Stock Exchange (BSE) in its notification confirmed that HDB Financial Services’ equity shares were admitted to dealings under the ‘B’ Group of Securities and participated in the Special Pre-open Session (SPOS) before official trading began at 10:00 AM.
Market analysts had anticipated a listing gain of around 7%–10%, driven by the company’s strong fundamentals, its parentage under the HDFC group, and its positioning in the growing NBFC sector.
Prashanth Tapse, Research Analyst at Mehta Equities Ltd, commented, “HDB Financial’s strong IPO response highlights investor confidence in its scalable business model and the credibility of its parent. A healthy listing gain validates the market’s appetite for high-quality financial services plays.”
Echoing this sentiment, Bhavik Joshi, Business Head at INVasset PMS, said, “The IPO’s grey market activity indicated a 9%–11% listing premium. Going forward, the stock’s performance will hinge on earnings visibility, credit cost management, and the broader NBFC sector trends amid a softening interest rate environment.”
As the stock begins its journey in the secondary market, analysts suggest investors approach it with a long-term view, considering India’s expanding credit demand and the strength of HDFC’s financial ecosystem.
The listing marks a significant milestone for HDB Financial Services, positioning it among India’s prominent listed NBFCs and opening the door for long-term capital market participation.