HDB Financial Services IPO: GMP & Live Share Price Update

As HDB Financial Services gears up for its ₹12,500 crore Initial Public Offering (IPO) from June 25 to 27, investors are eagerly tracking the grey-market premium (GMP) and live unlisted share price for clues about listing day performance.

What Is GMP & Why It Matters

Grey Market Premium (GMP) reflects investor sentiment by showing how much more (or less) buyers are willing to pay over the IPO price in unofficial markets. Though unregulated, GMP often predicts listing surprise—positive or negative.

Key reasons GMP is important:

1. Indicates retail and institutional appetite.

2. Helps estimate pre-listing listing gains or losses.

3. Highlights unofficial demand not captured in subscription data.

However, GMP is not foolproof—it can be volatile and don’t always align with actual listing prices.

HDB Financial’s GMP & Unlisted Price Today (June 23, 2025)

According to today’s grey-market data:

• GMP is trading around ₹47–51, translating to a 6.3–7% premium over IPO band .

• In some segments, unlisted shares are around ₹1,200–1,250, a ~70% premium over IPO’s upper band (₹740).

• However, this rally has tempered versus earlier highs of ₹1,295–1,525 pre‑IPO.

Here’s a snapshot:

IPO Facts—HDB Financial Services

1. IPO Size: ₹12,500 crore (₹2,500 cr fresh issuance + ₹10,000 cr OFS) 

2. Price Band: ₹700–740 per share

3. Listing Exchange: NSE (and likely BSE)

4. SEBI Approval: Received June 3, 2025

5. Parentage: HDFC Bank holds ≈94–94.6% stake

6. Branch Network: 1,747–1,772 branches across India

7. Quarterly Net Profit (March 2025): ₹530–531 crore

8. Loan Book (Sept 2024): ₹98,620 crore (~21% CAGR since FY22)

Analysis: Decoding the GMP & Valuation Gap

• Initial enthusiasm drove GMP close to ₹50–51 (~7%).

• Yet, bankers note IPO pricing was based on fundamentals, not GMP—which had risen to 70% above IPO upper band in unlisted markets.

• The significant gap between unlisted (~₹1,250) and IPO upper band means early GMP may be misleading.

• Peer comparisons (e.g., Bajaj, Shriram) suggest HDB's fundamentals support a P/B of ~3.7 at ₹740.

• Analysts warn of moderation: GMP cooled from ~70% to 6–7% indicating more realistic pricing closer to IPO .

What Should Investors Consider?

Before subscribing based on GMP:

• Pros:

  • Positive sentiment (6–7% GMP).

  • Strong parent backing (AAA‑rated, large branch network).

  • Solid financials (CAGR ~21%, NPA-controlled, ROA ~3%, ROE ~19%).

• Risks:

  • GMP may not translate into listing gains (unofficial).

  • Global/regional market slowdown reflects in cooled GMP.

  • Relative valuation vs peers: unlisted price had reached high multiples, perhaps unsustainable.

How To Track GMP & IPO Subscription Live

• Platforms: Finowings, Chittorgarh, IPO Central, brokerage apps (Zerodha, Groww) provide GMP updates.

• Subscription data: Retail/QIB/HNI demand published daily during the IPO.

• Unlisted exchanges: Platforms like Precize list premium/unlisted prices.

Final Take & Live Outlook

Today’s GMP snapshot:

• GMP: ₹47–51 (6.3–7%).

• Unlisted price: ₹1,200–1,250 (reflects strong demand, but tempered from earlier highs).

• IPO priced at ₹700–740, indicating potential listing starting point, though GMP could shift further.

Upcoming timeline:

• Subscription window: June 25–27 (retail, QIB, HNI).

• Allotment & listing: Likely early July. GMP may evolve with retail demand data.

Investor strategy:

• Do subscription, if you align with long-term NBFC growth.

• Expect modest listing gains (~5–10%)—driven by GMP.

• Avoid overpaying: GMP is not a guaranteed earnings metric.

• Monitor subscription updates and market conditions carefully over the next few days.

Conclusion

HDB Financial Services’ IPO is poised to be a marquee listing—the largest NBFC public issue to date—with strong fundamentals and robust backing by HDFC Bank. Today’s grey-market premium (~₹47–51, ~6–7%) reflects healthy demand, but the steep gap with unlisted levels warns of caution. Prospective investors should watch subscription trends and GMP movement through June 27 and consider the IPO’s long-term value, not just pre‑listing buzz.