HDB Financial investors placed bids for 217.7 crore shares, in comparison to the 13.04 crore shares that were put up for bidding.
At the upper end of the price band of ₹700 – ₹740 per share, HDB Financial received bids worth ₹1.61 lakh crore, marginally higher than the ₹1.56 lakh crore that the Tata Technologies IPO had received back in 2023, but lower than Bajaj Housing Finance’s mega ₹3 lakh crore worth of bids last year.
Institutional Investors led the subscription charts on the final day of bidding. The portion reserved for Qualified Institutional Bidders (QIBs), not only saw full subscription on the final day of the IPO, but ended with a final figure of over 55 times the shares on offer.
The other major bids came from non-institutional investors, existing shareholders of HDFC Bank and existing employees of HDB Financial. Although the retail portion saw full subscription, it was the least subscribed among the other segments of the issue.
Here is a look at the figures that emerged at the close of bidding at 5 PM on the National Stock Exchange:
- QIB: 177 crore shares bid versus 3.21 crore shares reserved (55.47x)
- NII: 24 crore shares bid versus 2.41 crore shares reserved (10x)
- Retail: 7.91 crore shares bid versus 5.61 crore shares reserved (1.41x)
- Employees: 16.33 lakh shares bid versus 2.86 lakh shares reserved (5.72x)
- Shareholders: 7.6 crore shares bid versus 4.15 crore shares reserved (4.26x)
- Overall subscription: 16.7x
With this, HDB Financial has also become the second-most subscribed Indian IPO, whose value has been in excess of ₹10,000 crore. The 16.7x subscription was higher than Coal India (15.28x) but fell short of SBI Cards (26.54x).
| Stock | Size (₹ Cr) | Subscription |
| SBI Card | 10,354 | 26.54x |
| HDB Financial | 12,500 | 16.69x |
| Coal India | 15,200 | 15.28x |
| Swiggy | 11,327 | 3.59x |
| LIC | 21,008 | 2.95x |
Most of the other large IPOs above ₹10,000 crore, including Hyundai Motor India, LIC, Paytm, among others, have seen overall subscription figures between 1.5x to 3x the shares on offer.
HDB Financial’s allotment of shares will take place on Monday, June 30, while the stock will list on Tuesday, July 1.
First Published: Jun 27, 2025 5:35 PM IST
