New Delhi/Mumbai: HDFC Bank, India’s largest private lender, announced it will raise up to ?125 billion ($1.5 billion) through its HDB Financial Services unit’s IPO.
HDFC Bank, which owns 94.6% of HDB Financial, plans to sell shares worth ?100 billion. Details about the share price will be announced later.
Last month, HDFC Bank also approved raising ?25 billion through new shares in this IPO, marking its first public offering in six years.
HDB Financial Services, established in 2007, offers secured and unsecured loans and operates over 1,680 branches in India.
The listing comes after a 2022 rule from India’s central bank requiring large non-banking financial companies (NBFCs) to be listed by September 2025.
This year, 269 companies in India have raised over $12.57 billion through IPOs, surpassing last year’s total of $7.42 billion, boosting India’s share in Asia’s equity market.
Bajaj Housing Finance went public in September, benefiting from the listing requirement, and had a strong market debut.
Hyundai Motor India’s $3.3 billion IPO was oversubscribed more than twice this week, indicating high demand from institutional investors, despite lower interest from retail investors.
(Exchange Rate: $1 = ?84.0650)
(Reporting by Sethuraman NR and Siddhi Nayak; Editing by David Holmes)
`
