HDB Financial Services, a unit of the country's largest private lender HDFC Bank Ltd, has filed for an initial public offering (IPO) of up to Rs 12,500 crore.
"In continuation to earlier intimations made in this regard, we wish to inform you that HDBFS has filed a Draft Red Herring Prospectus (DRHP) dated October 30, 2024, with the Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited in connection with its Initial Public Offer (IPO) of equity shares," the private lender stated in a BSE filing on Thursday.
The IPO remains subject to receipt of necessary regulatory approvals, market conditions and other considerations, HDFC Bank added.
The initial share sale comprises a fresh issue of equity shares aggregating up to 25,000 million and an offer for sale (OFS) of equity shares aggregating up to 10,000 million by certain existing and eligible shareholders of the company, HDB Financial said. HDFC Bank holds a 94.6 per cent stake in the non-banking lending unit.
HDB Financial said it would use its share of the IPO proceeds for capital requirements, including onward lending.
HDFC Bank approved the unit's IPO in September this year, marking the group's first public float in six years.
Incorporated in 2007, HDB Financial provides secured and unsecured loans and has more than 1,680 branches across India.
Jefferies, Goldman Sachs, and BofA Securities are among the book-running lead managers for the IPO.
According to LSEG data, about 270 companies in India have raised more than $12.57 billion through IPOs so far this year, much higher than the $7.42 billion raised last year.