HDB IPO Hits the Streets—GMP’s Got That Glow-Up Energy

1. The Big Day: HDB Financial Services Lists on the Bourses

Debut Highlights:

HDFC Bank's subsidiary HDB Financial Services is listing in the public market today, July 2, 2025, with its long-awaited stock market listing.

The shares are being floated in the BSE and NSE in the 'B' Group of Securities.

Trading opens at 10:00 AM under the Special Pre-open Session (SPOS) after a blockbuster IPO which closed on the last day of June 27.

2. Grey Market Buzz: Premium Signs Positive Sentiment

Market Pulse:

Grey market premium (GMP) on HDB shares has increased to ₹75 per share post-issue, indicating a probable listing price of ₹815—about 10% above the issue price of ₹740.

Analysts are expecting a listing increase of 7%-11% on the strength of strong institutional appetite and HDFC legacy of the firm.

3. IPO Snapshot: A Surprising Demand

Subscription Insights:

The ₹12,500 crore IPO was subscribed nearly 27 times overall.

Qualified Institutional Buyers (QIBs): 55.47x

Non-Institutional Investors (NIIs): 10x

Retail Investors: 1.5x

The transaction included a new issue of ₹2,500 crore and an offer-for-sale of ₹10,000 crore by HDFC Bank.

4. Why Investors Are Bullish

Expert Takeaways:

Experts point out HDB's sound parentage, detailed loan book and solid asset quality as major positives.

Company's loan book increased at a CAGR of 23.5% during FY23–25, and the top 20 borrowers represented less than 0.34% of advances.

Analysts think that the listing will strengthen investors' search for quality NBFCs, particularly ones with digital and physical distribution networks.

5. Post-Listing Outlook: Measured Optimism

Forward View:

While the pop in the offering must be solid, credit cost control, earnings transparency, and sector tailwinds will drive sustainable performance.

Investors are urged to regard the listing as a platform for access to long-term participation in India's emerging credit culture, not a short-term trade. 

Sources: Moneycontrol, MSN News, Livemint, News18, Goodreturns, Economic Times, Mehta Equities, INVasset PMS.

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