HDB Financial Services, the non-banking financial subsidiary of HDFC Bank, is poised to debut on Indian stock exchanges on July 2, with a premium listing anticipated based on grey market indicators. The Rs. 12,500 crore initial public offering (IPO)—comprising both fresh issuance and an offer for sale—garnered exceptional interest from institutional investors, who oversubscribed their allocation by over 55 times. Despite subdued retail enthusiasm, the IPO's overall subscription stood at an impressive 16.69 times.