HDB Financial & Kalpataru Ltd IPO – India’s equity market is gearing up for a landmark moment as HDB Financial Services, backed by HDFC Bank, launches the country’s largest-ever NBFC IPO on June 25, 2025. The highly anticipated issue is set to raise around ₹12,500 crore, marking a significant milestone in the non-banking financial services sector. The excitement is further fueled by another major market entrant, Kalpataru Ltd, whose IPO opens on June 24, adding strong momentum to India’s robust primary market pipeline.
HDB Financial IPO: A High-Stakes Play Backed by HDFC Bank
HDB Financial Services, a subsidiary of HDFC Bank, will raise funds through a book-building issue comprising two components:
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Fresh issue of ₹2,500 crore through 3.38 crore equity shares.
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Offer for sale (OFS) of ₹10,000 crore via 13.51 crore existing shares.
The IPO window will remain open for bidding from June 25 to June 27, with share allotment expected on June 30 and the listing tentatively scheduled for July 2 on both the BSE and NSE.
Grey Market Buzz: HDB IPO Trades at a Healthy Premium
As of the latest updates, HDB Financial’s grey market premium (GMP) stood at ₹47.5, suggesting a potential listing price of approximately ₹787.5 — 6.42% above the upper price band of ₹740. While this premium is only indicative, it reflects strong retail and institutional interest in the issue.
IPO Price Band and Investment Details
HDB Financial’s IPO is priced between ₹700 and ₹740 per equity share. The lot sizes differ based on the investor category:
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Retail Investors: Minimum 20 shares per lot, amounting to a ₹14,000 investment.
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Small Non-Institutional Investors (NII): Minimum 280 shares (14 lots) totaling ₹2.07 lakh.
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Large NIIs: At least 1,360 shares (68 lots), amounting to ₹10.06 lakh.
The strong balance sheet, backing by HDFC Bank, and the sectoral growth outlook have made this issue one of the most talked-about in recent times.
Kalpataru Ltd IPO: Real Estate Giant to Tap ₹1,590 Crore
Amid the buzz surrounding HDB Financial, Kalpataru Ltd, a leading real estate developer in the Mumbai Metropolitan Region (MMR), is launching its IPO from June 24 to June 26. The company has completed over 120 projects totaling 25.87 million sq ft across Mumbai, Thane, Pune, Hyderabad, Bengaluru, Indore, and Jodhpur, establishing itself as a prominent name in Indian real estate.
Kalpataru’s IPO will raise ₹1,590 crore through a fresh issue only, with no offer for sale component — indicating that the funds will go directly into the company’s operations and debt reduction strategy.
Kalpataru IPO Key Details
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Price Band: ₹387–₹414 per share
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Lot Size: 36 shares per lot and in multiples thereof
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Anchor Book: Opens June 24
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Use of Proceeds: Loan repayment and general corporate purposes
This offering is being closely watched by analysts as the real estate sector sees renewed investor interest due to a steady rise in urban demand and infrastructure expansion.
Investor Sentiment Remains Bullish Despite Global Headwinds
With two high-profile IPOs entering the market back-to-back, market experts believe this week marks a “decisive phase for India’s primary market resurgence”. The combination of financial sector strength (HDB) and real estate scale (Kalpataru) is expected to attract broad investor classes, from institutional giants to first-time retail participants.
Though global markets remain cautious amid inflation and geopolitical tensions, India’s domestic investor base continues to drive strong IPO oversubscriptions, supported by consistent economic indicators and a favourable regulatory environment.
Final Word
The upcoming HDB Financial and Kalpataru IPOs represent a pivotal moment in India’s capital markets, not just in terms of fundraising but in sectoral diversification and investor confidence. With ₹14,000 crore worth of combined offerings hitting the market in a span of four days, analysts expect a robust response, especially if listing day sentiments remain upbeat.
Both companies bring strong fundamentals and market leadership in their respective industries, and investors will be keenly watching subscription trends from June 24 to June 27 to assess where the real value lies.
