HDB Financial raises Rs 3,369 crore from anchor investors ahead of IPO
HDB Financial Services has raised Rs 3,369 crore from anchor investors ahead of its initial public offering (IPO), which opens today and closes on June 27. The company allocated 4.55 crore shares at Rs 740 apiece, the upper end of the price band, to anchor investors.
ADVERTISEMENT India's largest insurer, the Life Insurance Corporation of India (LIC), received the largest allocation, securing 6.53% of the anchor portion, valued at around Rs 220 crore.
The company also allotted 1.93 crore shares to 22 domestic mutual funds through 65 schemes, representing 42% of the anchor book. Participants included ICICI Prudential, SBI Mutual Fund, Kotak Mahindra AMC, Axis Mutual Fund, Aditya Birla Sun Life, Motilal Oswal, and HSBC MF, among others.
Major global investors such as BlackRock, Goldman Sachs, Baillie Gifford Pacific Fund, Government Pension Fund Global, Templeton, and the Abu Dhabi Investment Authority (ADIA) also participated.
Also read: Catch all latest updates on HDB Financial Services IPO
ADVERTISEMENT The IPO comprises a fresh issue of Rs 2,500 crore and an offer for sale (OFS) of Rs 10,000 crore by HDFC Bank, which currently holds a 95.5% stake in the company. The price band is set at Rs 700–740 per share. The grey market premium (GMP) ahead of the issue was around Rs 74, indicating a 10% premium.At the upper band, the issue values the company at 3.7 times FY25 post-issue book value. Analysts consider the valuation reasonable, given HDB Financial's performance and HDFC Bank's backing.
ADVERTISEMENT HDB Financial is one of the leading NBFCs in the country with a loan book of Rs 1.06 lakh crore as of March 31, 2025. The company reported a net profit of Rs 2,176 crore for FY25, a significant rise from Rs 1,359 crore a year earlier.Its gross non-performing assets (GNPA) stood at 2.49%, while net NPA came in at 1.38%, showing healthy asset quality for a retail-focused NBFC.
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The company has a pan-India presence with over 1,700 branches across 1,200 cities and towns, and serves over 1.9 crore customers. Its business spans secured and unsecured personal loans, gold loans, and lending to small and medium enterprises (SMEs).
ADVERTISEMENT At the upper end of the price band, the IPO values HDB Financial at a post-issue price-to-book value of 3.7 times FY25 estimates. Analysts view this as reasonable, considering its performance and HDFC Bank's brand backing.Brokerage houses have given a thumbs up to the IPO. SBI Securities, Ventura Securities, and Anand Rathi all issued 'Subscribe' calls, citing strong fundamentals, stable asset quality, and long-term growth prospects. 'We believe the IPO is fairly priced given the company's improving profitability, robust risk management and capital adequacy,' Ventura said in its report.Anand Rathi added, 'The IPO offers an opportunity to invest in a high-quality, retail-focused NBFC that benefits from HDFC Bank's reach, reputation and systems. The improving return ratios and earnings visibility make it a compelling long-term bet.'
Read more: HDB Financial plans to raise Rs 12,500 crore amidst rising loan growth and regulatory challenges
The proceeds from the fresh issue will be used to augment HDB Financial's capital base and support its future lending activities. The OFS component will go to the selling shareholder, HDFC Bank. Post the IPO, the parent bank's stake will reduce significantly, aligning with regulatory norms.The company is expected to list on both NSE and BSE in the first week of July.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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