HDB Financial Services IPO Sees Strong Demand on Day Two

HDB Financial Services Ltd's IPO, a subsidiary of HDFC Bank, saw a subscription rate of 1.16 times on the second day. The offering, worth Rs 12,500 crore, attracted strong interest, with substantial participation from non-institutional investors and anchor investors, raising Rs 3,369 crore. The IPO concludes shortly, with promising listing prospects.

The initial public offering of HDB Financial Services, a subsidiary of HDFC Bank, was oversubscribed 1.16 times by the second day of bidding on Thursday.

According to NSE data, the Rs 12,500-crore IPO garnered bids for 15.11 crore shares, compared to the 13.04 crore shares available. Non-institutional investors showed notable interest, subscribing 2.29 times, while qualified institutional buyers subscribed 90% of their portion. Retail investors subscribed to 64%.

HDB Financial Services secured Rs 3,369 crore from anchor investors, and the IPO offers shares in a price band of Rs 700 to Rs 740 each. The IPO represents a fresh issue of Rs 2,500 crore and an OFS of Rs 10,000 crore by HDFC Bank, which currently owns 94.36% of the company. The offering aims to bolster the company's Tier-I capital base to support future growth.