Published: July 1, 2025
India’s primary market is witnessing a wave of excitement as the mega IPO of HDB Financial Services has lifted investor sentiment. With strong institutional demand, strong movement in the grey market and a slew of upcoming public issues, this week could be a defining moment for equity market participants – both large and small.
💰 HDB Financial Services IPO: India’s biggest NBFC listing ever
The much-awaited IPO of HDFC Bank subsidiary HDB Financial Services has turned out to be a blockbuster. The ₹12,500 crore offering – comprising both fresh issue and offer for sale – received an overwhelming response from all categories of investors.
Total subscription: 16.7 times oversubscribed
Qualified Institutional Buyers (QIBs): 55 times oversubscribed
Non-Institutional Investors (NIIs): 10 times oversubscribed
Retail segment: ~1.4 times oversubscribed
Anchor investors, including leading global funds and insurance giants, lent strong credibility to the offering even before the public bidding began. This is one of India’s biggest IPOs this year, underscoring the market’s growing appetite for a fundamentally strong financial sector.
📅 Allotment and listing: What investors can expect
With the allotment finalised on June 30, all eyes are now on the listing scheduled for July 2 on both NSE and BSE. The grey market premium (GMP) for HDB shares has consistently indicated strong demand, hovering around ₹70 per share above the issue price. This indicates potential listing gains of 9-11%, which could further drive post-listing interest.
Despite the retail sector’s response being slightly subdued compared to institutions, the strong interest from QIBs and HNIs reflects confidence in the company’s growth story and financial stability.
📈 Not just HDB: IPO tsunami rocks markets
HDB’s headline-making debut is just the beginning. A total of 10 IPOs are hitting the markets this week, including two major mainboard listings:
Crizac Limited – ₹860 crore issue
Travel Food Services – ₹2,000 crore issue
Meanwhile, the SME segment dominated with 8 new listings across diverse sectors such as logistics, textiles and specialty chemicals. Overall, 7 public issues will open and 19 listings will take place this week, making it the busiest period of the year for IPO activity.
📊 Key trends to watch
🔍 Trends 📌 Why it matters
Institutional strength drives valuations and long-term sustainability in large IPOs
Strong grey market sentiments signal short-term listing gains and retail optimism
Expanding SME segment signals depth and diversity in India’s equity landscape
Regulatory oversight SEBI’s focus on transparency may boost high-quality IPOs
✅ A dynamic market
The Indian IPO market is increasingly bustling. HDB Financial’s success shows there is plenty of room for well-run, fundamentally strong companies to raise capital and create wealth for investors. At the same time, the influx of SME IPOs is making the public markets more accessible and inclusive.
For investors, the key is to remain selective – backing companies with solid business models, growth visibility and clear governance. With a mix of short-term opportunity and long-term potential, this IPO season is worth watching closely.
