HDB Financial Services Limited is not just another NBFC — it’s a dynamic force driving retail finance deep into the heart of India. A proud subsidiary of HDFC Bank, HDB has grown into a financial powerhouse with a pan-India presence and a sharp focus on empowering individuals and enterprises alike.
🧩 Three Core Pillars of Lending:
HDB’s offerings are structured across three strong verticals, tailored to meet India’s diverse credit needs:
- 🏢 Enterprise Lending – Fueling MSMEs with working capital and term loans
- 🚛 Asset Finance – Financing commercial vehicles, construction equipment, and more
- 👨👩👧👦 Consumer Loans – Personal, gold, and consumer durable loans for everyday aspirations
💼 Beyond Lending – Smart Financial Ecosystem
HDB doesn’t stop at lending. It also delivers:
- BPO Services: Collections, back-office support, and sales enablement
- Fee-based Products: Distribution of insurance and financial solutions to its lending clients
🌐 Phygital Distribution: Best of Both Worlds
In an age where digital meets physical, HDB shines with a phygital strategy — blending deep personal connections with powerful tech infrastructure.
📍 Branch Network:
- 1,772 branches in 1,162 towns
- Active in 31 States & UTs
- 80% of branches located outside top 20 cities
🔗 Channel Network:
- 140,000+ retailers and dealer touchpoints
- Strategic tie-ups with 80+ OEMs and brands
📞 In-house Tele-calling Teams and tech-driven operations further enhance customer reach and service delivery.
👥 Trusted by Millions
With a customer base of 15.5 million+ and a committed team of 88,000+ employees, HDB is creating financial inclusion stories every day — from metro cities to remote towns.
HDB Financial Services IPO – Details
| IPO Opening Date | 2025 |
| IPO Closing Date | 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: [] Shares Worth ₹12,500.00 Crore Fresh Issue: [] Shares Worth ₹2,500.00 Crore Offer For Sale: [] Shares Worth ₹10,000.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹[] – ₹[] per share |
| Market Lot | – |
| Min Order | – |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Private Limited ((Link Intime) |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
HDB Financial Services IPO – Date Schedule
| IPO Open Date | 2025 |
| IPO Close Date | 2025 |
| Basis of Allotment | 2025 |
| Initiation of Refund | 2025 |
| Credit of Shares to Demat Account | 2025 |
| IPO Listing Date | 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on [], 2025 |
HDB Financial Services IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | – | – | ₹ |
| Retail (Max) | – | – | ₹ |
| S-HNI (Min) | – | – | ₹ |
| S-HNI (Max) | – | – | ₹ |
| B-HNI (Min) | – | – | ₹ |
Competitive Strength
- Strong execution capabilities across lending and support services.
- Expanding AUM and growing customer base enhance market positioning.
- Consistent financial growth with strong profitability metrics.
- Experienced leadership backed by the trust of HDFC Bank.
Company Promoters
- HDFC Bank Limited
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | ₹11,306.29 Cr | ₹9,958.73 Cr | ₹1,011.40 Cr | ₹48,973.08 Cr |
| 31 March 2023 | ₹12,402.88 Cr | ₹9,775.48 Cr | ₹1,959.35 Cr | ₹54,865.31 Cr |
| 31 March 2024 | ₹14,171.12 Cr | ₹10,866.45 Cr | ₹2,460.84 Cr | ₹74,330.67 Cr |
| 30 September 2024 | ₹7,890.63 Cr | ₹6,307.83 Cr | ₹1,172.70 Cr | ₹82,681.10 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| Return on Assets (ROA) | 2.41% |
| Return on Equity (ROE) | 16.39% |
| Net Interest Margin (NIM) | 7.63% |
| Operating Expense to Average Total Assets | 5.02% |
| Gross NPA (FY24) | 1.90% |
| Net NPA (FY24) | 0.63% |
| Provision Coverage Ratio | 66.82% |
| Cost of Borrowings | 7.88% |
| Credit Cost | 1.79% |
| Employees (FY24) | 88,824 |
| Customers (FY24) | 15.5 Million |
| Branches (FY24) | 1,682 |
| AUM per Branch | ₹536.5 Million |
| AUM per Employee | ₹10.2 Million |
| Pre IPO | Post IPO | |
| EPS (₹) | – | – |
| P/E (x) | – | – |
Object Of The Issue
| S.No. | Objects of the Issue | Expected Amount (Rs. in crores) |
|---|---|---|
| 1 | Augmenting the Company’s Tier – I Capital base to meet future capital requirements, including onward lending | 2,500.00 |
| 2 | Meeting offer-related expenses | To be finalized |
HDB Financial Services IPO Peer Comparison
| S. No. | Face Value | Company Name | P/E |
|---|---|---|---|
| 1 | 2 | Bajaj Finance Limited | 29.8 |
| 2 | 10 | Sundaram Finance Limited | 36.2 |
| 3 | 10 | L&T Finance Limited | 15.5 |
| 4 | 2 | Mahindra & Mahindra Financial Services Limited | 17.8 |
| 5 | 2 | Cholamandalam Investment and Finance Company Limited | 31.5 |
Strengths
- Strong pan-India presence with 1,772 branches across 31 states/UTs.
- Diversified product portfolio across enterprise, consumer, and asset finance.
- Support from parent HDFC Bank enhances market credibility.
- Robust risk management and underwriting framework.
- Significant growth in AUM and profitability (PAT CAGR 55.98% from FY22 to FY24).
Risks
- High dependency on HDFC Bank for business outsourcing revenue.
- Sensitive to interest rate changes impacting lending margins.
- Asset quality risks due to exposure to unsecured lending.
- Competitive pressure from banks and fintechs in retail finance.
- Regulatory risks as an NBFC-UL under RBI’s stricter framework.
HDB Financial Services IPO Promoter Holding
| Pre Issue Share Holding | 94.36% |
| Post Issue Share Holding | – |
HDB Financial Services IPO Prospectus
- HDB Financial Services IPO DRHP
- HDB Financial Services IPO RHP
Company Contact Information
| HDB Financial Services Limited Radhika, 2nd Floor, Law Garden Road Navrangpura Gujarat, India Ahmedabad, Gujarat, 380009 Phone: +91 22 4911 6350 Email: investorcommunications@hdbfs.com Website: http://hdbfs.com/ |
HDB Financial Services IPO Registrar
| MUFG Intime India Private Limited ((Link Intime) Phone: +91-22-4918 6270 Email: hdbfinancial.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
HDB Financial Services IPO Lead Manager(s)
| 1. JM Financial Limited 2. BNP Paribas 3. BofA Securities India Limited 4. Goldman Sachs (India) Securities Private Limited 5. HSBC Securities and Capital Markets (India) Private Limited 6. IIFL Securities Limited 7. Jefferies India Private Limited 8. Morgan Stanley India Company Private Limited 9. Motilal Oswal Investment Advisors Limited 10. Nomura Financial Advisory and Securities (India) Private Limited 11. Nuvama Wealth Management Limited 12. UBS Securities India Private Limited |
HDB Financial Services IPO FAQs
| What is HDB Financial Services IPO? HDB Financial Services IPO is a main-board IPO. The issue is priced at ₹[] to ₹[] per equity share. The IPO is to be listed on BSE & NSE. |
| When HDB Financial Services IPO will open? The IPO is to open on 2025 for QIB, NII, and Retail Investors. |
| What is HDB Financial Services IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the HDB Financial Services IPO? You can apply HDB Financial Services IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the HDB Financial Services IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “HDB Financial Services IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the HDB Financial Services IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “HDB Financial Services IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the HDB Financial Services IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “HDB Financial Services IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the HDB Financial Services IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “HDB Financial Services IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is HDB Financial Services IPO Size? HDB Financial Services IPO size is ₹12,500.00 Crore. |
| What is the HDB Financial Services IPO Price Band? HDB Financial Services IPO Price Band is ₹[] to ₹[]. |
| What is HDB Financial Services IPO Minimum and Maximum Lot Size for Retail? The minimum bid is [] Shares with ₹[] while the maximum bid is [] Shares with ₹[]. |
| What is the HDB Financial Services IPO Allotment Date? HDB Financial Services IPO allotment date is 2025. |
| What is the HDB Financial Services IPO Listing Date? HDB Financial Services IPO listing date is 2025. The IPO is to be listed on BSE and NSE. |
