HDB Financial Services IPO Lists Today: GMP Signals Strong Debut

 Shares of HDB Financial Services Ltd, the non-banking finance subsidiary of HDFC Bank, are scheduled to list on the BSE and NSE today, after a highly successful IPO that witnessed robust demand across investor categories.

The stock is set to debut during the Special Pre-Open Session (SPOS) at 10:00 AM, amid high investor anticipation and positive grey market cues.

HDB Financial Services IPO GMP Today 
As of the latest update at 6:30 AM on July 2, the grey market premium (GMP) for HDB Financial Services IPO stands at Rs 68, according to market tracker websites. With the IPO priced at Rs 740, the estimated listing price is around Rs 808, suggesting a potential gain of 9.19% per share on debut.

IPO Receives Overwhelming Response
The public issue, which opened for subscription on June 25 and closed on June 27, raised Rs 12,500 crore at a price band of Rs 740 per share. According to NSE data, the IPO was subscribed 16.69 times overall:
Qualified Institutional Buyers (QIBs): 55.47 times
Non-Institutional Investors (NIIs): 9.99 times
Retail Investors: 5.72 times

What the Exchanges Say
A formal notice from the Bombay Stock Exchange (BSE) confirmed the listing, stating that HDB Financial Services made its official entry into the stock market today, July 2, 2025, with its shares listed under the ‘B’ Group on the Bombay Stock Exchange (BSE). The listing is among the most anticipated debuts of the year, owing to the company’s strong backing from HDFC Bank—one of India’s leading financial institutions.

HDB Financial Services Share Price Target
In a report initiating coverage on HDB Financial Services, brokerage house Emkay Global maintained a bullish stance:
“We initiate coverage on HDB Financial Services (HDBFS) with BUY and Jun-26E target price of Rs 900 (+22% upside), on FY27E P/B of 3.0x,” the note said.

What Makes HDB Financial Services Stand Out
Emkay cited three key reasons for its optimism:
Diversified and Granular Lending Book: The company has a vast lending franchise with 19 million customers, and the top 20 accounts form only 0.34% of AUM.
Focused Business Strategy: HDBFS primarily targets low-to-mid income groups in remote areas—70% of its branches are in Tier-4 towns and beyond.
Experienced Leadership: A consistent top management team, with most executives having over a decade-long tenure, adds to business continuity and strategic focus.

Broader Implications
HDB Financial Services’ debut is being closely watched as a bellwether for the NBFC sector and investor sentiment post a flurry of mid-sized IPOs in 2025. Its listing is also significant as HDFC Bank’s first major subsidiary to go public after the mega-merger with HDFC Ltd last year.

What to Watch
With the stock hitting the bourses at 10:00 AM, investors will be watching for early price discovery, intraday volatility, and volume trends. Given the backing of HDFC Bank, seasoned management, and extensive market reach, HDBFS is widely expected to enjoy a smooth listing day—though broader market cues may still influence its debut.

Stay tuned as HDB Financial Services officially steps into the public markets today.