NEW DELHI/MUMBAI (Reuters) – HDFC Bank, India’s largest private lender, announced that its unit, HDB Financial Services, plans to raise up to ?125 billion ($1.5 billion) in its initial public offering (IPO).
HDFC Bank, which owns 94.6% of HDB Financial, will sell shares worth ?100 billion. Details about the IPO price and other specifics will be announced later.
Last month, HDFC Bank approved a ?25 billion share issue as part of the IPO, marking the group’s first public listing in six years.
Established in 2007, HDB Financial Services offers secured and unsecured loans, operating over 1,680 branches across India.
This IPO is in line with new regulations from the central bank introduced in 2022, which require large non-banking financial companies to be listed by September 2025.
So far this year, 269 Indian companies have raised over $12.57 billion through IPOs, surpassing the total of $7.42 billion raised last year. This has elevated India’s share in Asia’s equity market to a record high.
Bajaj Housing Finance also went public in September, benefiting from the new listing requirements and performing well in the current active IPO market.
Recently, Hyundai Motor India’s $3.3 billion IPO was oversubscribed by more than double, gaining significant interest from institutional investors despite retail concerns regarding pricing.
(1 USD = 84.0650 INR)
(Reporting by Sethuraman NR and Siddhi Nayak; Editing by David Holmes)
`
