Mumbai: The initial public offering (IPO) of HDB Financial Services, a company owned by HDFC Bank, received 18 percent subscription on its first day of bidding, June 25.
According to NSE data at 12:57 PM, the IPO got bids for over 2.35 crore shares against the 13.04 crore shares on offer.
Retail and NII investors show interest
The retail investor portion was subscribed 18 percent.
The non-institutional investor (NII) category was subscribed 29 percent.
Bidding will stay open till June 27.
HDB Financial Gets Strong Backing From Anchor Investors, ₹12,500 Crore IPO Opens For Public Bidding
IPO details
IPO Size: Rs 12,500 crore
Price Band: Rs 700 to Rs 740 per share
Fresh Issue: Rs 2,500 crore
Offer for Sale (OFS): Rs 10,000 crore by HDFC Bank
At the upper end of the price band, the company’s valuation stands at around Rs 61,400 crore.
Use of funds
HDB plans to use the fresh issue amount to strengthen its Tier-I capital base. This will help in future business growth and lending activities.
HDB IPO: A Unique Opportunity For Investors To Engage With A Trusted Financial Brand
Anchor investor success
A day before the IPO opened, HDB Financial Services raised Rs 3,369 crore from top anchor investors, including mutual funds, insurance firms, and global institutions.