HDB Financial Services IPO GMP: The initial public offerings (IPOs) of HDB Financial Services and Kalpataru Projects International are set to open this week, attracting significant investor attention in the primary market.
HDB Financial Services will launch its maiden IPO on June 25, 2025, while Kalpataru’s public issue will open a day earlier, on June 24.
Ahead of the IPO openings, both companies are showing activity in the grey market, which investors often monitor to gauge market sentiment. The grey market premium (GMP) serves as an unofficial indicator of potential listing gains. As per platforms tracking GMP trends, shares of HDB Financial Services are trading at a premium of ₹53 in the grey market. This translates to an estimated listing gain of around 7.16 percent, reflecting strong demand for the offering. The company, a subsidiary of HDFC Bank, has set a price band of ₹700 to ₹740 per share for its ₹12,500 crore IPO. At the upper end of this price band, HDB Financial Services is valued at approximately ₹61,400 crore. The IPO will remain open for subscription until June 27, with the anchor investor bidding window opening a day earlier on June 24.
HDB Financial Services IPO
- IPO Opening Date: June 25, 2025
- IPO Closing Date: June 27, 2025
- Anchor Investor Bidding: June 24, 2025
- Price Band: ₹700 to ₹740 per share
- IPO Size: ₹12,500 crore
- Valuation: Around ₹61,400 crore at the upper price band
- IPO Type: Likely a mix of fresh issue and OFS (detailed structure not disclosed in this article)
Ahead of the IPO launch, HDB Financial Services’ shares are commanding a grey market premium (GMP) of ₹53, according to data from IPO tracking platforms such as Investorgain. This suggests a potential listing gain of 7.16%, reflecting strong investor interest in the HDFC Bank subsidiary.
Kalpataru Projects International IPO
Meanwhile, Kalpataru Projects International has fixed a price band of ₹387 to ₹414 per share for its ₹1,590 crore IPO, which consists entirely of a fresh issue of equity shares. The company’s public issue will open for subscription on June 24 and close on June 26, while anchor investors will be able to place their bids on June 23. Kalpataru’s IPO shares are reportedly commanding a grey market premium of about 2 percent, indicating relatively modest investor interest compared to HDB Financial Services. At the upper end of its price band, Kalpataru is expected to be valued around ₹8,500 crore.
- IPO Opening Date: June 24, 2025
- IPO Closing Date: June 26, 2025
- Anchor Investor Bidding: June 23, 2025
- Price Band: ₹387 to ₹414 per share
- IPO Size: ₹1,590 crore
- Valuation: Approx. ₹8,500 crore at the upper price band
- IPO Type: Entirely fresh issue; no Offer for Sale (OFS)
Kalpataru Projects’ shares are showing a GMP of around 2%, indicating a modest premium ahead of listing. The proceeds from the IPO will likely be used for business expansion and reducing debt, as per standard practice with fresh issues.
Grey Market Trends & Investor Sentiment
The grey market premium (GMP) is a strong early indicator of how IPOs might perform upon listing. HDB’s stronger GMP reflects greater investor enthusiasm compared to Kalpataru’s modest interest.
(Disclaimer: GMP is an unregulated indicator and does not guarantee listing performance. Investors are advised to consult certified financial experts before making any investment decisions.)