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SEBI Registered Merchant Banker · Mainboard: 8
8
Total IPOs Managed
+10.6%
Avg Listing Gain
8
Mainboard IPOs
-
SME IPOs
Most people know HDFC Bank as the place where they keep their salary account or swipe their credit card. But there is a completely different side to this bank that operates far from the retail counters its investment banking and merchant banking division, which quietly works behind some of India's biggest IPOs.
HDFC Bank's merchant banking arm has been active since 2001. As a SEBI-registered Category I Merchant Banker, it is licensed to act as a Book Running Lead Manager on public issues meaning it sits at the table when companies decide to go public and helps structure the entire offering, price the shares, build the investor book, and ensure regulatory compliance from start to finish.
In practical terms, when a company like Hero Fincorp lines up HDFC Bank as one of its lead managers, it is not just getting a bank it is getting access to HDFC's vast institutional relationships, its deep understanding of Indian capital markets, and its credibility with both domestic and foreign investors.
Beyond IPOs, the division handles QIPs, private placements, mergers and acquisitions advisory, loan syndication, and structured finance essentially the full menu of corporate finance services.
The fact that HDFC Bank keeps appearing on marquee IPO mandates alongside firms like JM Financial, Kotak, and Axis Capital says a lot. In India's investment banking world, having HDFC Bank on your panel is less about necessity and more about signalling quality to the market.
Registered Office:
HDFC Bank Limited,HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013
Investment Banking Office:
HDFC Bank Limited, Investment Banking Division Process House, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai
| IPO | Segment | Open Date | Issue Size | Issue Price | Subscription | Listing Gain | Listing Date |
|---|---|---|---|---|---|---|---|
GK Energy IPO
Listed
|
Mainboard | ₹464.3 Cr | ₹153 | 89.62× | +11.8% | ||
Tata Capital IPO
Listed
|
Mainboard | ₹15,511.9 Cr | ₹326 | 1.95× | +1.2% | ||
Aegis Vopak Terminals IPO
Listed
|
Mainboard | ₹2,800.0 Cr | ₹235 | 2.09× | -6.4% | ||
Indo-MIM IPO
Listed
|
Mainboard | ₹3,812.1 Cr | ₹485 | 72.37× | +44.3% | ||
Cube Highways Trust InvIT
Listed
|
Mainboard | ₹5,000.0 Cr | ₹152 | 9.35× | +2.0% | ||
Hero Fincorp IPO
Soon
|
Mainboard | - | ₹3,668.0 Cr | - | - | - | - |
Jio Platforms IPO
Soon
|
Mainboard | - | - | - | - | ||
| Mainboard | ₹22,562.0 Cr | ₹1,785 | 5.71× | - |
A lead manager, also known as a merchant banker, is a SEBI-registered financial institution appointed by a company to manage its Initial Public Offering (IPO). The lead manager plays a central role in taking a company from the decision to go public all the way to its listing on BSE or NSE.
Key responsibilities of a lead manager include conducting due diligence on the issuer company, preparing the DRHP (Draft Red Herring Prospectus), filing documents with SEBI, setting the price band, managing the book building process, coordinating with stock exchanges, registrars, and bankers, and ensuring the IPO opens and closes smoothly.
The quality of the lead manager often influences investor confidence in the IPO. Reputed merchant bankers like SBI Capital, Axis Capital, IIFL, and others have a track record of managing successful listings. However, it is always advisable to evaluate the issuer company's fundamentals independently before applying to any IPO.
Disclaimer
IPO data shown on this page is for informational purposes only. Past performance of IPOs managed by a merchant banker does not guarantee future results. Always read the prospectus and consult a SEBI-registered financial advisor before investing.
A lead manager (merchant banker) is a SEBI-registered entity responsible for managing the entire IPO process — from due diligence and DRHP preparation, to filing with SEBI, setting the price band, managing book building, and coordinating the listing on BSE or NSE. They act as the primary intermediary between the issuer company and the investing public.
HDFC Bank Limited has managed 8 IPOs tracked on IPORise. You can view the complete list, subscription data, and listing performance in the table above.
High subscription reflects investor demand, which is shaped by company fundamentals, valuation, grey market sentiment, and broader market conditions. A capable lead manager contributes to better price discovery and institutional interest. However, subscription numbers alone are not a reliable measure of lead manager quality — evaluate the issuer independently.
You can verify the SEBI registration of any merchant banker on the official SEBI website (sebi.gov.in) under the "Intermediaries/Market Infrastructure Institutions" section. All SEBI-registered merchant bankers are listed with their registration number, validity, and contact details.
