HDB Financial Services IPO worth Rs 12,500 crore launched: Price band, key dates and subscription status
At around 4 PM, the issue was subscribed 32 per cent, with bids for 4.18 crore shares being received as against 13.04 crore shares offered. The retail investors applied for 1.59 crore shares against the total retail quota of 5.62 crore shares. The qualified institutional buyers (QIB) portion saw 3.01 crore bid against 3.21 crore shares offered. The non-institutional investors portion was subscribed 6 per cent.
The employees' quota was subscribed 1.51 times. The category received 4.31 lakh bids as against 2.86 crore shares offered. The shareholders' quota got subscribed 60 per cent.
The issue consists of a fresh issuance aggregating up to Rs 2,500 crore and an offer for sale of up to Rs 10,000 crore by the parent company HDFC Bank.
After the IPO, HDFC Bank's stake in HDB Financial Services will be reduced to 75 per cent from the current 94 per cent. The issue will close on June 27.
Ahead of the IPO opening, HDB Financial Services raised Rs 3,368.99 crore from anchor investors, which included Life Insurance Corporation of India, ICICI Prudential Mutual Fund (MF), Nippon Life India MF, BlackRock, Axis MF, Aditya Birla Sun Life MF, UTI MF, Schroder International Selection Fund, Goldman Sachs Funds, among others.
Geojit Investments Ltd in a note said at the upper price band of Rs 740 apiece, HDB Financial Services is available at a price-to-book (P/B) ratio of 3.4x (FY25-post issue basis), which appears to be fairly priced compared to its peers.
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