#HDBFinancialServices #HDBIPO #HDB12500crIPO #HDBFIN #HDBFINSERVIPO
Mumbai: HDB Financial Services, a subsidiary of HDFC Bank, is set to launch its highly awaited initial public offering (IPO) by the end of June, industry sources confirmed. The ₹12,500-crore IPO is poised to become the largest-ever listing by a non-banking financial company (NBFC) in India.
According to sources familiar with the matter, the company has already filed its Updated Draft Red Herring Prospectus (UDRHP) and plans to submit the Red Herring Prospectus (RHP) in the coming days. The anchor investor portion is scheduled for June 24, with the public issue expected to open between June 25 and June 27, subject to market conditions.
“The current timeline is tight but on track. If market sentiment remains stable, the IPO will proceed as scheduled,” a source stated.
₹62,000 Crore Valuation Targeted
HDB Financial is aiming for a post-money valuation of around $7.2 billion (₹62,000 crore) at the upper end of the price band, making it one of the most significant listings in the Indian financial services sector this year.
The IPO comprises a fresh issue of ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by parent HDFC Bank, which currently holds a 94.3% stake in the NBFC. Proceeds from the fresh issue will be used to augment Tier-1 capital, supporting future growth and lending capacity.
Regulatory Push Behind the Listing
The IPO follows a regulatory mandate. As an “Upper Layer” NBFC under the Reserve Bank of India’s October 2022 circular, HDB Financial is required to list on stock exchanges by September 2025. The move was formally approved by HDFC Bank’s board in July 2024, which also formed a dedicated committee to oversee the listing process.
Massive Syndicate of Investment Banks
The size and profile of the issue have attracted a 12-member syndicate of top-tier investment banks, including:
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JM Financial
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BNP Paribas
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BofA Securities
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Jefferies
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Goldman Sachs
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HSBC Securities
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Nomura
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IIFL Securities
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Morgan Stanley
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Nuvama
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Motilal Oswal
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UBS
Legal counsel for the IPO is being provided by Cyril Amarchand Mangaldas.
About HDB Financial Services
HDB Financial Services is one of India’s leading NBFCs, offering a wide range of secured and unsecured loan products to individuals and businesses. A significant player in the lending space, it has been a key part of HDFC Bank’s non-banking strategy.
Neither HDFC Bank nor HDB Financial Services have officially responded to media queries at the time of publication.
If successful, this IPO could pave the way for more regulatory-led listings in India’s NBFC sector and significantly deepen the domestic financial market.
