Jaipur, June 23, 2025 – HDB Financial Services Limited (“HDB Financial” or “The Company”) today announced the opening of its Initial Public Offer (IPO) of Equity Shares on Wednesday, June 25, 2025. The Anchor Investor Bidding Date is scheduled for Tuesday, June 24, 2025, and the Bid/Offer will close on Friday, June 27, 2025.
The price band for the IPO has been fixed at ₹700 to ₹740 per Equity Share of face value of ₹10 each. The Floor Price is 70 times the face value of Equity Shares, and the Cap Price is 74 times the face value of the Equity Shares. Bids can be made for a minimum of 20 Equity Shares and in multiples of 20 Equity Shares thereafter.
Offer Details
The total offer size aggregates up to ₹125,000 million (₹12,500 crore). This comprises:
- Fresh Issue: Equity shares aggregating up to ₹25,000 million (₹2,500 crore).
- Offer for Sale (OFS): Equity shares aggregating up to ₹100,000 million (₹10,000 crore) by HDFC Bank Limited (“Promoter Selling Shareholder”).
Objects of the Offer
HDB Financial Services Limited proposes to utilize the net proceeds from the fresh issue towards augmenting the Company’s Tier-I Capital base. This capital will support the Company’s future requirements, including onward lending under its business verticals: Enterprise Lending, Asset Finance, and Consumer Finance. A portion of the proceeds from the Fresh Issue will also be used to meet Offer Expenses.
Listing and Offer Structure
The Equity Shares are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). For the purposes of the Offer, NSE is the Designated Stock Exchange.
The Offer is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations. Key allocations include:
- Qualified Institutional Buyers (QIBs): Not more than 50% of the Net Offer. Up to 60% of the QIB Portion may be allocated to Anchor Investors on a discretionary basis, with one-third reserved for domestic Mutual Funds.
- Non-Institutional Bidders: Not less than 15% of the Net Offer, with specific allocations for different application sizes.
- Retail Individual Bidders: Not less than 35% of the Net Offer.
- Eligible Employees and Eligible HDFC Bank Shareholders will also have reservation portions.
All potential Bidders (except Anchor Investors) must participate in this Offer only through the Application Supported by Blocked Amount (ASBA) process. Anchor Investors are not permitted to participate through the ASBA process.
Book Running Lead Managers (BRLMs)
The Book Running Lead Managers to the offer are:
- JM Financial Limited
- BNP Paribas
- BofA Securities India Limited
- Goldman Sachs (India) Securities Private Limited
- HSBC Securities and Capital Markets (India) Private Limited
- IIFL Capital Services Limited (Formerly known as IIFL Securities Limited)
- Jefferies India Private Limited
- Morgan Stanley India Company Private Limited
- Motilal Oswal Investment Advisors Limited
- Nomura Financial Advisory and Securities (India) Private Limited
- Nuvama Wealth Management Limited
- UBS Securities India Private Limited
Red Herring Prospectus
For more details, please refer to the Red Herring Prospectus (RHP) of the Company dated June 19, 2025, filed with the Registrar of Companies, Gujarat, Dadra and Nagar Haveli at Ahmedabad.
RHP Link: https://www.jmfl.com/Common/getFile/5011
Disclaimer: This document is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration or in transactions not subject to the registration requirements under the U.S. Securities Act of 1933, as amended. There will be no public offering of these securities in the United States.
