The biggest initial public offer of 2025 by issue size from HDB Financial Services, the non-bank finance (NBFC) subsidiary of HDFC Bank, is set to open for public subscription next Wednesday. The lender is looking to raise ₹12,500 crore.
The IPO comprises a fresh issue of ₹2,500 crore and an offer for sale of ₹10,000 crore from HDFC Bank, which holds a 94.3 per cent stake in the NBFC. The price band of the IPO is yet to be declared.
HDFC Bank in a stock exchange filing on Thursday said that HDB Financial has filed the red herring prospectus with the Registrar of Companies at Ahmedabad. “The bid/offer opens on Wednesday, June 25, and closes on Friday, June 27. The anchor investor bidding date shall be June 24,” the exchange filing said.
The unlisted shares of the company were trading at a grey market premium (GMP) — the unofficial price at which IPO shares are traded before they are officially listed on a stock exchange — of nearly ₹103 per share as of June 19, according to data on Investor gain. The grey market estimates have seen a jump amid a buzz over the company’s IPO launch.
The company, in its draft IPO papers, stated that it aims to utilise the net proceeds from the fresh issue to augment its Tier 1 capital base and meet its future capital requirements, including onward lending.
HDB Financial Services, which started its operations in 2007, offers loans through three business verticals — enterprise lending, asset finance and consumer finance. As of March 31, 2025, the loan book of the NBFC stood at ₹1,06,900 crore, up 18.5 per cent year on year and 4.7 per cent sequentially. Net profit during Q4FY25 was ₹530 crore compared with ₹660 crore in Q4FY24. The earnings per share as of March 31, 2025, has seen a decline to ₹6.7 compared with ₹8.3 as of March 31, 2024, according to quarterly earnings disclosures from HDFC Bank.
HDB Financial serves 19.2 million customers through a network of 1,771 branches across 1,170 cities/towns as of March 31, 2025.
Once the issue goes live, it will be the largest IPO of the year, ahead of Hexaware Technologies’ public offer that had an issue size of ₹8,750 crore and was listed on February 19, 2025.
Ellenbarrie IPO
Calcutta-based Ellenbarrie Industrial Gases has fixed a price band of ₹380-400 per share for its IPO. At the upper price band, the total issue size is ₹852.53 crore, which includes a fresh issue of ₹400 crore and an offer for sale of ₹452.53 crore.
The company plans to utilise ₹210 crore from the fresh issue for debt repayment and ₹104.5 crore for setting up an air separation unit at Uluberia with a capacity of 220 tonnes per day.
Ellenbarrie is one of the oldest operating industrial gas companies in the country and operates nine plants across east, south and central India, of which five are located in Bengal.
