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HDB Financial Services Limited is the non-banking subsidiary company of HDFC Bank.
The IPO of HDFC Bank’s non-banking subsidiary company HDB Financial Services Limited may come to the end of June. Sources in Moneycontrol have given this information. The country’s largest NBFC has also received approval from SEBI for IPO. HDB wants to raise Rs 12,500 crore through financial IPO.
This offer of the company includes both fresh issue and offer for cell. In October last year, HDB Financial filed a draft red herring prospectus ie DRHP for the market regulator SEBI for IPO.
The company’s target is to open the issue between June 25 to 27
Sources in Moneycontrol said that the company has filed UDRHP (updated draft Red Herring Prospectus) and its plan is that the red hering prospectus will be deposited in a few days.
After that the company will submit anchor porsion on 24 June. Currently, the company’s target is to open this issue for public subscription between June 25 and June 27.
Company’s target of valuation of Rs 62,000 crore
The source said that HDB Financial Services is keeping a post-money valuation target on the higher price band, $ 7.2 billion, or about 62,000 crore rupees.
The HDB, established in 2007, provides the Secure and Unsecured Loan.
HDB’s 10,000 crore shares will sell HDFC Bank
In the issue, the company will release new shares worth Rs 2,500 crore. Promoter HDFC Bank will sell the company’s Rs 10,000 crore shares through offer for sale (O.S). HDFC Bank holds 94.64% in the company.
Apart from HDB, A-One Steels India Limited, Shanti Gold International Limited, Doorf-Callee Chemicals India Limited and Shreeji Shipping Global Limited have also received approval for IPO from SEBI. 8 months ago, the board of HDB Financial approved the IPO plan.
Apart from this, there will also be a shareholder quota in the IPO of HDB Financial. A report in September said that the company has also shortlisted domestic firms such as ICICI Securities, Axis Capital and IIFL for the IPO as well as foreign banks like Morgan Stanley, Bank of America and Nomura.
HDB market cap about 1.01 lakh crore rupees
Right now, the market cap of HDB Financial Services is around Rs 1.01 lakh crore. Its non -listed shares are priced at Rs 1,275. After the list, the company will be one of the largest listed finance companies according to the market cap.
It is necessary to list HDB before September 2025
The bank needed to bring the IPO of HDB because the company is to list before September 2025 to follow the norms of the Reserve Bank of India. The RBI ordered in September 2023 that the NBFCs, known as part of the ‘Upper Layer’, would have to be listed on the stock exchange within 3 years.
HDB’s more than 1,680 branches across India
The HDB, established in 2007, provides the Secure and Unsecured Loan. It has more than 1,680 branches across India. HDB Financial Services- Personal Loans, Gold Loans, Business Loans and Auto Loans also provide financial services. HDB Financial Services recorded a net worth of about Rs 13,300 crore in the June quarter.
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