HDFC Bank's arm HDB Financial files papers for Rs 12,500 crore IPO
HDB Financial Services, the non-banking lending unit of HDFC Bank, has filed for an initial public offering of up to Rs 12,500 crore ($1.49 billion), in line with its parent's announcement earlier this month.
HDFC Bank, which holds a 94.6% stake in the lender, will sell shares worth up to Rs 10,000 crore, while HDB Financial will issue fresh shares worth up to Rs 2,500 crore according to draft papers filed late on Wednesday.
HDB Financial said it would use its share of the IPO proceeds for capital requirements, including onwards lending.
Last month, HDFC Bank approved the unit's IPO, marking the group's first public float in six years as it aims to meet the financial regulator's deadline that «upper layer» non-banking financial companies (NBFCs), based on their size, activity and perceived risk levels, be listed by September 2025.
Bajaj Housing Finance went public in September to meet that requirement, in what was one of the best major listings in a red-hot Indian IPO market this year.
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