HDB Financial Services raises ₹3,369 crore through anchor allotment

HDB Financial Services, a subsidiary of HDFC Bank, raised ₹3,369 crore through an anchor allotment on Tuesday, a day ahead of its IPO.

 

The prominent institutional investors who participated in the anchor allotment included Life Insurance Corporation, ICICI Prudential Mutual Fund, Nippon Life, and Goldman Sachs Funds, among others.

 

The ₹12,500 crore IPO has been priced between ₹700- ₹740 per share.

 

The IPO comprises a fresh issue of ₹2,500 crore and an offer for sale of ₹10,000 crore. 

 

At the upper end of the price band, HDB Financial will be valued at over ₹61,000 crore, placing it among the top 10 listed pure-play private-sector finance companies in India.

 

HDFC Bank, which is the promoter of HDB, currently holds a 94.04 per cent stake, which will drop to 75 per cent after the issue.

 

HDFC Bank may be required to reduce its stake to below 20 per cent if a draft circular issued by the Reserve Bank of India (RBI) is implemented. The proposed rule aims to prevent overlapping lending activities between banks and their affiliated entities.

 

HDB Financial’s IPO will be the fifth-largest ever, following Hyundai India, Life Insurance Corporation of India (LIC), Paytm, and Coal India. It is also the first from HDFC group’s stable after the issue of HDFC Life Insurance, which hit the markets in November 2017.

 

HDB is a diversified, upper-layer non-bank financial company (NBFC) offering loans through three key verticals- enterprise lending, asset finance, and consumer finance. As of March 31, 2025, secured loans accounted for 73 per cent of the total loan book. In FY25, the company reported a net profit of ₹2,180 crore on a total loan book of ₹1.06 trillion.