The allocated offer amounts to equity shares worth up to Rs 1,250 crore in case of existing shareholders, according to the Red Herring Prospectus (RHP) filed by the company.
As for the retail investors, bids can be placed for a minimum of 20 shares and a maximum of 260 shares.
HDB Financial’s Rs 12,500-crore public issue will open for subscription on Tuesday, June 25 and will close on Thursday, June 27. The company has set the price band at Rs 700–740 per share, marking a steep 42% discount to its current valuation in the unlisted market, which has surprised the Street. At the upper end of the price band, the non-banking financial company’s market capitalisation would stand at approximately Rs 58,889 crore.
The anchor book will open a day earlier, on June 24. The basis of allotment is expected to be finalised on June 30, while refunds and share credit are scheduled for July 1. The stock is slated to list on the exchanges on July 2.
HDB Financial IPO GMP
The shares of HDB Financial are commanding a grey market premium (GMP) of Rs 74 over the upper price band of Rs 740. HDB Financial IPO’s estimated listing price is Rs 814 which is a premium of 10%.
HDB Financial will mark the largest public offering so far in 2025 and the biggest since Hyundai Motor India’s Rs 27,000 crore issue last year.
The offering comprises a Rs 10,000 crore offer for sale (OFS) by parent HDFC Bank and a fresh issue of Rs 2,500 crore. HDFC Bank currently holds a 94.6% stake in the company and is expected to significantly reduce its shareholding post-listing, in line with regulatory and capital optimisation goals.
The high net-worth individual (HNI) categories require a minimum investment of Rs 2,07,200 for small non-institutional investors (14 lots) and Rs 10,06,400 for big non-institutional investors (68 lots).
A consortium of global and domestic investment banks, including BofA Securities India, Goldman Sachs (India), Morgan Stanley India, JM Financial, and Motilal Oswal, are acting as book-running lead managers for the issue. MUFG Intime India (Link Intime) is the registrar.
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