Key Highlights

• HDB Financial Services launches a ₹12,500 crore IPO from June 25–27 at ₹700–740 price band.
• Grey market premium of ₹83 suggests an ~11% listing pop, signaling strong investor demand. 

HDB Financial Services, a non-banking finance subsidiary of HDFC Bank, has announced the launch of its highly anticipated initial public offering (IPO). The Rs 12,500-crore public issue, India's largest by a non-bank lender, will be open for subscription on Wednesday, June 25.

HDB Financial Services has filed its red herring prospectus (RHP) to the Registrar of Companies on Thursday, said an exchange filing devised by HDFC Bank. The IPO would be available three days (June 25, 26 and 27) on which it would be closed and on June 24 anchor investors would bid.

It will be comprised of fully underwritten offer of sale (OFS) of Rs 10,000 crore by the promoter, HDFC Bank, as well as by a fresh issue of shares that is worth Rs 2,500 crore.

The priced issue of Rs 700-740/share with the listing of Hyundai Motor India scheduled on October 2024 at Rs 27,870 crore is projected to be the biggest issue in the Indian market.

Earnings Snapshot

HDB Financial declared a consolidated after-tax profit of Rs 2,175.9 crore in comparison with Rs 2,460.8 crore in the previous comparable financial year that ended in March 2025. However, its total revenue on operations grew up to Rs 16,300.3 crore in FY24, compared to a Rs 14,171.1 crore in FY24.

Also Read: HDFC Bank Hits Record High on Robust Q4 Earnings, 2,200% Dividend Announcement

Technical outlook and reaction of the markets

In the past three months, shares of HDFC Bank hiked up by 11%, and by 16.7 percent last year. However, the week prior to IPO was accompanied by 0.4 percent decrease of the stock.

Relative Strength Index (RSI) shows that the stock is not either overbought or oversold as the RSI value stands at 51.1. Moving Average Convergence Divergence (MACD), however, stands at 6.2, which is under the Signal Line but above the Center Line, which indicates neutrally short-term neutral to cautious forecasts.