HDB Financial Services, a subsidiary of HDFC Bank, launched its initial public offering (IPO) from June 25 to June 27, 2025, raising ₹12,500 crore ($1.5 billion), marking one of India's largest non-banking financial company (NBFC) IPOs. The issue comprised a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale (OFS) by HDFC Bank, which reduced its stake in HDB Financial to 74.19%. The IPO price band was set between ₹700 and ₹740 per share, with a minimum bid lot of 20 shares. Institutional investors subscribed ₹3,369 crore worth of shares via the anchor book prior to the public subscription. The IPO received overwhelming interest, closing with a 16.7 times subscription on the final day, driven by strong demand from qualified institutional buyers (QIBs) with a 55.5 times subscription, non-institutional investors (NIIs) at 10 times, retail investors at 1.4 times, and employees at 5.7 times. The grey market premium (GMP) indicated potential listing gains of around 8-10%. HDB Financial shares debuted on July 2 on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) at a premium of approximately 13%, listing at ₹835 per share against the issue price of ₹740, valuing the company at over $8 billion (₹69,758 crore). The shares surged up to 15% on the first trading day and continued to rise over the following days, with Emkay Global initiating coverage with a buy rating and projecting over 20% upside. HDFC Bank netted approximately ₹9,814.5 crore from the IPO. In its first quarterly results post-IPO for Q1 FY26, HDB Financial reported a 2.4% decline in net profit to ₹568 crore year-on-year, while revenue increased 15% to ₹4,465 crore. The company’s total gross loans reached ₹109,342 crore, a 2.3% increase quarter-on-quarter. This IPO stands as the second-most subscribed ₹10,000 crore-plus offering in India, following SBI Cards and Coal India. The listing and subscription details reflect strong institutional and investor confidence in HDB Financial Services as a key player in India's NBFC sector.