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In a resounding vote of investor confidence, HDB Financial Services Ltd. has pulled off one of India’s most eagerly awaited IPOs in recent years. The shadow banking subsidiary of HDFC Bank saw its $1.5 billion share sale subscribed over 15 times, making it the most in-demand large IPO in India since 2021.
By Friday afternoon, the IPO had attracted bids for over 2 billion shares, compared to just 130.4 million shares on offer, according to data from the Bombay Stock Exchange (BSE). The lion’s share of this demand came from:
High-net-worth individuals, including those bidding for more than ₹1 million, contributed significantly, and retail investor quotas were also fully booked.
📊 Subscription Snapshot:
- Overall subscription: 15x
- QIB (Qualified Institutional Buyers) portion: 55x
- HNI (High Net-worth Individuals): Strong participation
- Retail investors: Fully subscribed
This IPO marks the highest demand for a billion-dollar offering in India since the $1.4 billion Eternal Ltd. (Zomato parent) IPO in 2021, which was subscribed over 29 times.
The timing of HDB’s IPO aligns with a resurgence in the Indian equity market. The Nifty 50 Index is just 5% away from its all-time high set last September. A buoyant market combined with positive economic momentum has renewed investor appetite for large-cap equity offerings.
"The strong performance of the HDB IPO could set the tone for a wave of large Indian listings in 2025," said one market analyst.
Ahead of the public subscription, ₹33.7 billion was raised from anchor investors, including: - Life Insurance Corporation (LIC) – India’s largest insurer - Top domestic mutual funds - Global investment giants like Morgan Stanley and Allianz SE
The success of HDB Financial’s listing could signal a boom in capital market activity. Major IPOs lined up for later in 2025 include: - Tata Capital Ltd. - LG Electronics India
India has already emerged as one of the world’s most dynamic capital-raising markets in 2024. With block deals, institutional placements, and IPOs gaining momentum, 2025 could mark a golden period for Indian equity markets.
The overwhelming response to HDB Financial’s IPO showcases robust investor sentiment, both domestic and international. As the Indian capital markets continue to deepen, such mega listings reflect growing confidence in the country’s economic growth and financial innovation.
Disclaimer: Investment in securities is subject to market risk. Readers should consult financial experts before investing.
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