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 the largest non-banking financial company (NBFC) IPOs in India. The issue comprised a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale (OFS) by HDFC Bank, which held a 94.3% stake prior to the offering. The IPO was priced in a band of ₹700-740 per share, with a minimum bid lot of 20 shares. Institutional investors subscribed to ₹3,369 crore worth of shares through the anchor book, and the IPO attracted strong demand from qualified institutional buyers (QIBs), non-institutional investors (NIIs), retail investors, and employees. By the close of the final day, the IPO was oversubscribed 17.65 times overall, with QIBs subscribing 55.5 times, NIIs 10 times, retail investors 1.4 times, and employees 5.7 times. The grey market premium (GMP) indicated potential listing gains of around 8-10%. HDB Financial Services shares made their trading debut on July 2, 2025, on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), listing at ₹835 per share, a 12.84% premium over the issue price. The stock surged as much as 15% during the first day of trading, valuing the company at over $8 billion (approximately ₹69,758 crore). HDFC Bank sold 13.51 crore shares in the IPO, netting ₹9,814.5 crore and reducing its stake in HDB Financial Services to 74.19%. Emkay Global initiated coverage of the stock with a buy rating, projecting a 22% upside. The IPO is considered the largest Indian NBFC offering in four years and the second-most subscribed ₹10,000 crore-plus IPO in India after SBI Cards and Coal India.