HDB Financial Services IPO Allotment Status 2025: How to Check Online

Investing in an Initial Public Offering (IPO) like HDB Financial Services Ltd. presents an exciting opportunity to become a shareholder in one of India’s leading non-banking financial companies (NBFCs). The anticipation peaks when checking whether you’ve been allotted shares. The HDB Financial Services IPO allotment is expected to be finalised on June 30, 2025. 

This article provides clear, step-by-step instructions to check the HDB Financial Services IPO allotment status online, ensuring a seamless experience for all investors.

What is the HDB Financial Services IPO?

HDB Financial Services Ltd. was incorporated in 2007 and it is a leading retail-focused NBFC and a subsidiary of HDFC Bank, India’s second-largest private bank by total assets. The company operates across three key verticals.

1. Enterprise Lending (loans to micro, small, and medium enterprises)
2. Asset Finance (secured loans for commercial vehicles, construction equipment, and tractors)
3. Consumer Finance (secured and unsecured loans for personal and consumer purchases). 

It also provides business process outsourcing (BPO) services and distributes insurance products. With a network of 1,772 branches across 1,162 towns in 31 states and Union Territories as of September 30, 2024, HDB Financial Services caters to 17.5 million customers, focusing on underbanked and ‘new to credit’ segments. 

As of March 31, 2025, its assets under management (AUM) reached ₹1,072.6 billion, with a compound annual growth rate (CAGR) of 23.71% from FY23 to FY25. In the Reserve Bank of India (RBI) categorises the company as an upper-layer NBFC.

The IPO, valued at ₹12,500 crore, comprises a fresh issue of 3.38 crore equity shares worth ₹2,500 crore and an offer for sale (OFS) of 13.51 crore shares worth ₹10,000 crore. It opened for subscription from June 25 to June 27, 2025, with a price band of ₹700 to ₹740 per share and a minimum lot size of 20 shares (minimum investment of ₹14,800 for retail investors). The IPO is set to list on both the exchanges BSE and NSE on July 2, 2025.

Why Invest?

HDB Financial Services offers a compelling investment opportunity due to its:

• Strong Parentage: Backed by HDFC Bank, providing credibility and operational support.
• Diversified Portfolio: Balanced loan book across enterprise lending (39.85%), asset finance (37.36%), and consumer finance (22.66%), reducing concentration risk.
• Robust Growth: Revenue grew to ₹16,300.28 crore in FY25 from ₹14,171.12 crore in FY24, with an AUM CAGR of 23.5% from FY23 to FY25.
• Extensive Reach: A “phygital” model combining 1,772 branches with digital onboarding and collection processes, with over 80% of branches outside India’s top 20 cities
• Attractive Valuation: Priced at a price-to-book (P/B) ratio of 3.2x–3.4x, lower than peers like Bajaj Finance (5.7x P/B), making it reasonably valued.
• Regulatory Compliance: Aligns with RBI’s mandate for upper-layer NBFCs to list by September 2025.

Risks

Investors should consider the following risks:

• Profitability Pressure: Profit after tax (PAT) declined to ₹2,175.92 crore in FY25 from ₹2,460.84 crore in FY24 due to interest rate volatility.
• High OFS Component: The ₹10,000 crore OFS means promoters (HDFC Bank) are reducing their stake by about 10%, with no direct benefit to the company from 80% of the proceeds.
• Asset-Liability Mismatches: Potential liquidity concerns due to asset and liability maturity mismatches.
• Legal Proceedings: The company faces litigation involving ₹1,011.7 million, 0.68% of its net worth as of March 31, 2025.
• Market Sentiment: Tepid retail demand in recent IPOs due to aggressive pricing and market corrections
• Competition: Rising competition in the NBFC sector and high operational costs.

What is an IPO Allotment?

An IPO occurs when a company like HDB Financial Services offers its shares to the public for the first time. Investors apply by paying funds, hoping to become shareholders. The allotment process determines who receives shares and how many. Due to oversubscription, where applications exceed available shares, a lottery system is often used for retail investors.

When is HDB Financial Services IPO Allotment Status Out?

The HDB Financial Services IPO subscription period ran from June 25 to June 27, 2025, with the allotment expected to be finalised on June 30, 2025. The registrar, MUFG Intime India Private Limited (formerly Link Intime) manages the allocation process. Investors may receive an email or SMS from NSE, BSE, or the registrar once the allotment status is available.

HDB Financial Services IPO Subscription Status

As of June 27, 2025, the IPO was subscribed 17.65 times, receiving bids for 217.78 crore shares against the 12.33 crore shares offered. The breakdown is:

This high subscription indicates strong demand, potentially leading to a lottery-based allocation for retail investors due to oversubscription.

How to Check HDB Financial Services IPO Allotment Status?

You can check the HDB Financial Services IPO allotment status on three primary platforms NSE, BSE, or the registrar’s website (MUFG Intime India). You’ll need one of the following details:

• PAN Number: Your 10-digit Permanent Account Number.
• Application Number: The unique number from your IPO application, found in your broker’s email/SMS or application form.
• Demat Account Number (DP/Client ID): The ID of your Demat account where shares will be credited.

If you don’t have these details, contact your broker or bank. Below are detailed steps for each platform, tailored for first-time users.

Checking HDB Financial Services IPO Allotment Status on NSE

1. Visit the NSE Website:

• Open NSE India in your browser.
• Navigate to the “Invest” section on the homepage.
• Click “IPO Bid Verification” or “Check IPO Allotment Status.”

2. Select the IPO:

• Look for a dropdown menu listing active IPOs and select “HDB Financial Services Ltd.”
• If the IPO isn’t listed, the allotment may not be finalised. Check again on or after June 30, 2025.

3. Enter Your Details:

• Choose one option: PAN, Application Number, or DP/Client ID.
• Enter the details accurately and complete the captcha.

4. Check the Status:

• Click “Submit” or “Get Data.”
• The screen will display whether you received shares and how many. If not allotted, it will indicate “No allotment.”
• Save a screenshot or note the details for your records.

Tip: The NSE site may experience high traffic. If it’s slow, try again later or use an alternative platform.

Checking HDB Financial Services IPO Allotment Status on BSE

1. Visit the BSE Website:

• Open BSE India in your browser.
• On the homepage, locate the “Investors” section.
• Click “Status of Issue Application” or “IPO Allotment Status.”

2. Select the IPO:

• Choose “Equity” under “Issue Type.”
• In the “Issue Name” dropdown, select “HDB Financial Services Ltd.”

3. Enter Your Details:

• Enter your Application Number or PAN.
• Complete the captcha and double-check your details.

4. View the Status:

• Click “Search” or “Submit.”
• The page will show whether you received shares, how many, or if no shares were allotted.
• Take a screenshot or note the details.

Tip: The BSE site is mobile-friendly but may load slowly on older devices. Ensure a stable internet connection.

Checking Allotment Status on MUFG Intime India (Registrar’s Website)

1. Visit the Registrar’s Website:

• Open MUFG Intime India in your browser.
• Ensure you’re on the official site.

2. Select the IPO:

• Find a dropdown list of IPOs and choose “HDB Financial Services Ltd.”
• If it’s not listed, the allotment isn’t finalised. Check back on or after June 30, 2025.

3. Enter Your Details:

• Select one option: PAN, Application Number, or DP/Client ID.
• Enter the details and complete the captcha.

4. Check the Status:

• Click “Submit” or “Check Status.”
• The website will display whether you received shares, how many, or if no shares were allotted.
• Save the result for your records.

Tip: MUFG Intime’s website is reliable, and the registrar may send you a direct link via SMS or email.

Alternative Platforms for Checking Allotment Status

Broker’s App or Website:

• Log in to your broker’s platform where you applied for the IPO.
• Navigate to the IPO section or “Order History.”
• Select “HDB Financial Services IPO” to view your application status.
• Some brokers display allotment details directly or provide a link to the registrar’s site.

Bank’s Net Banking:

• Log in to your bank’s net banking portal if you used ASBA.
• Go to “E-Services” or “Demat Services,” then select “IPO History” or “Allotment Status.”
• Choose “HDB Financial Services IPO” and enter your PAN or Application Number.

Depository Websites (NSDL/CDSL):

• Log in to NSDL or CDSL.
• Navigate to the IPO allotment section and select “HDB Financial Services Ltd.”
• Enter your DP/Client ID to check if shares are credited.

Instructions for First-Time Users

Prepare Details in Advance: Keep your PAN, Application Number, and Demat ID ready in a note or on your phone.

Use a Familiar Device: Use a device you’re comfortable with to avoid navigation issues.

Follow Step-by-Step Guides: Proceed one step at a time using the instructions above.

Check Timelines: Allotment status is available only after June 30, 2025. Avoid checking too early.

Ask for Guidance: Contact your broker or bank’s customer care for assistance if unsure.

Troubleshooting Common Issues

• Website Not Loading:
  • Cause: High traffic on NSE, BSE, or MUFG Intime websites.
  • Solution: Try again after a few minutes, use a different platform, or check during off-peak hours (e.g., early morning).
• IPO Not Listed in Dropdown:
  • Cause: Allotment may not be finalized yet.
  • Solution: Wait until the evening of June 30, 2025, or check the IPO prospectus for updates.
• Invalid PAN or Application Number:
  • Cause: Typographical errors or incorrect details.
  • Solution: Verify details from your broker’s email/SMS or application form. Ensure the PAN is linked to your Demat account.
• No SMS/Email Received:
  • Cause: Delayed notifications or incorrect contact details.
  • Solution: Check directly on NSE, BSE, or MUFG Intime websites. Update contact details with your broker for future IPOs.
• App Not Working:
  • Cause: Outdated app, compatibility issues, or network error.
  • Solution: Please ensure a stable internet connection, update the app, or use the official website.

Details on Refund Process

If you don’t receive shares, the blocked amount from your ASBA/UPI application will be unblocked:

• Timeline: The refunds are expected to be initiated on July 1, 2025, one day after the finalisation of the allotment.
• Process: The registrar (MUFG Intime) releases the blocked funds in your bank account. You’ll receive an SMS or email notification.
• Delay in Refund: If funds aren’t unblocked by July 2, 2025, contact your bank or the registrar.
• Use of Funds: Once unblocked, funds can be used for other investments or future IPOs.

Tip: Check your bank account statement to confirm the unblocking of funds.

Information on Share Listing Process

• Listing Date: HDB Financial Services shares are scheduled to list on BSE and NSE on July 2, 2025, at 10:00 AM IST.
• Share Crediting: Allotted shares will be credited to your Demat account by July 1, 2025.
• Trading: You can sell shares once trading begins on the listing day after 10:00 AM. Monitor the stock price on BSE/NSE apps or websites. 
• Grey Market Premium (GMP): As of June 30, 2025, the GMP is approximately ₹57, suggesting a listing price of ₹797 (7.7% above the upper price band of ₹740). Note that GMP is unofficial and subject to change.

Contact Information for Support

MUFG Intime India Private Limited:

Phone: +91-22-4918 6270

Email: hdb.ipo@linkintime.co.in

Address: C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400083, India

NSE Investor Services:

Phone: +91-22-2659 8100

Email: ignse@nse.co.in

BSE Investor Services:

Phone: +91-22-2272 1233/34

Email: bsehelp@bseindia.com

Explanation of Oversubscription and Lottery Process

Oversubscription occurs when applications exceed available shares, as seen with HDB Financial Services’ 17.65x subscription. For retail investors (35% quota), only a fraction of applicants receive shares due to high demand (1.51x subscription in the retail category).

• Lottery Process: To ensure fairness, shares are allocated via a computerised lottery system for retail investors. With a 1.51x subscription, approximately 1 in 2 applicants may receive shares, depending on the lottery outcome.
• Pro-rata Allocation: For NIIs and QIBs, shares are allocated proportionally based on application size, with priority often given to larger applications.

Clarification on ASBA Process

Application Supported by Blocked Amount (ASBA) is the process which is mandatory for IPO applications in India:

What is ASBA?: ASBA is a process of applying IPO here application amount is blocked in your bank account rather than debited upfront. The funds remain in your account but are unavailable for other use until allotment.

How to Apply Using ASBA:

• Use your bank’s net banking or UPI to apply through ASBA.
• Select “HDB Financial Services IPO” in the IPO section, enter the number of lots (minimum 20 shares), and submit.
• Approve the mandate in your banking app or net banking portal by 5:00 PM on June 27, 2025.

Post-Allotment: If allotted, the required amount is debited for the shares. If not, the blocked amount is released.

Tip: Ensure sufficient funds are available in your account during the subscription period (June 25–27, 2025).

Tax Implications

Capital Gains:

Short-Term Capital Gains (STCG): If sold within 12 months, gains are taxed at 20% (plus surcharge and cess applicable).

Long-Term Capital Gains (LTCG): If held for over 12 months, gains above ₹1.25 lakh are taxed at 12.5% (plus surcharge/cess applicable).

Losses: Losses can be set off against other capital gains, subject to tax rules.

Dividend Income: If HDB Financial Services declares dividends, they are taxable per your income tax slab. The company has not paid dividends in recent years.

Advice: Consult a tax professional to understand your tax obligations.

Post-Allotment Actions for Allotted Investors

If you receive shares:

• Verify Demat Credit: Check your Demat account on July 1, 2025, to confirm the credit of shares.
• Monitor Listing: Track the stock’s performance on BSE/NSE on July 2, 2025, at 09:50 AM IST via your broker’s app/website or BSE/NSE websites.
• Decide on Selling:
  • Short-Term: Sell on the listing day for potential gains if the stock lists at a premium (GMP suggests ₹797).
  • Long-Term: Hold if you believe in the company’s growth potential, given its strong AUM growth and HDFC Bank backing.
• Set Stop-Loss: To manage risks, set a stop-loss order with your broker to limit potential losses if the stock price falls.

Conclusion

Checking the HDB Financial Services Ltd. IPO allotment status using the NSE, BSE, or MUFG Intime websites is straightforward. Keep your PAN, Application Number, or Demat ID ready and check on or after June 30, 2025. If allotted shares, you’re now a part-owner of a leading NBFC with a robust presence in India’s financial sector.If not, don’t be discouraged, there are many IPOs coming in the future.

IPOs offer wealth-building potential but carry risks, including profitability pressures, high OFS components, and competitive pressures. Always consult a certified financial advisor and review the company’s Red Herring Prospectus before investing.

Disclaimer: This article is for informational purposes only and not financial advice. IPO investments carry risks; read the company’s prospectus carefully and consult a certified financial advisor before making investment decisions.

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