NEW DELHI/MUMBAI (Reuters) – India’s largest private bank, HDFC Bank, announced that its HDB Financial Services will raise up to 125 billion rupees ($1.5 billion) in its upcoming initial public offering (IPO).
HDFC Bank, which owns 94.6% of HDB Financial, plans to sell shares worth 100 billion rupees. Details about the price and other aspects of the IPO will be shared later.
Last month, HDFC Bank also approved raising 25 billion rupees through this IPO, marking its first public offering in six years.
Founded in 2007, HDB Financial Services provides both secured and unsecured loans and operates over 1,680 branches across India.
HDB Financial’s IPO comes as part of new regulations from the central bank, requiring large non-banking financial companies 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.
One notable IPO last month was Bajaj Housing Finance, which performed well amid a booming market.
Additionally, Hyundai Motor India’s $3.3 billion IPO was oversubscribed more than twofold, although retail investor interest was limited due to pricing concerns.
($1 = 84.0650 Indian rupees)
(Reporting by Sethuraman NR and Siddhi Nayak; Editing by David Holmes)
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