NEW DELHI/MUMBAI (Reuters) – HDFC Bank will raise up to ?125 billion ($1.5 billion) through its unit HDB Financial Services’ IPO.
HDFC Bank holds a 94.6% stake in HDB and plans to sell shares worth ?100 billion. Details like pricing will be announced later.
Last month, HDFC Bank also approved raising ?25 billion through new shares, its first IPO in six years.
Founded in 2007, HDB Financial Services offers secured and unsecured loans, with over 1,680 branches in India.
HDB Financial will list as part of new central bank rules requiring large non-banking financial companies to be publicly listed by September 2025.
This year, around 269 Indian companies have raised over $12.57 billion via IPOs, surpassing last year’s total of $7.42 billion and marking a record share in Asia’s equity market.
Bajaj Housing Finance also went public in September due to the new requirement, becoming a significant listing in India’s active IPO market.
This week, Hyundai Motor India’s $3.3 billion IPO received more than twice the bids needed, though retail investors were cautious due to pricing issues.
($1 = ?84.0650)
(Reporting by Sethuraman NR and Siddhi Nayak; Editing by David Holmes)
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