HDB Financial Services Enters Market with Rs 12,500 Crore IPO

HDB Financial Services, a subsidiary of HDFC Bank, announced on Tuesday that it has raised Rs 3,369 crore from anchor investors, setting the stage for its initial public offering (IPO) aimed at public subscription. The financial services firm will open its IPO from June 25 to June 27, offering shares priced between Rs 700 and Rs 740.

Top investors participating in the anchor round include Life Insurance Corporation of India, ICICI Prudential Mutual Fund, and SBI MF, among others. The IPO, valued at Rs 12,500 crore, consists of a fresh issue of Rs 2,500 crore and a Rs 10,000 crore Offer For Sale (OFS) by its parent, HDFC Bank.

The company's IPO marks one of the largest in recent years following Hyundai's multi-billion issue. HDB Financial plans to strengthen its capital base with the proceeds, adhering to the RBI's directive for NBFCs to list. The shares will be listed on BSE and NSE on July 2.

(With inputs from agencies.)