Get ready, Dalal Street—HDB Financial Services, the high-profile arm of HDFC Bank, is gearing up for a blockbuster IPO set to open between June 25 and 27. With a jaw-dropping size of ₹12,500 crore, this isn’t just another listing—it’s India’s largest-ever IPO by a Non-Banking Financial Company (NBFC). And the buzz? It’s electric.
According to an official filing shared on June 19, the anchor investor bidding kicks off a day earlier on June 24. The stage is set, the players are ready, and the numbers are huge.
Targeting a $7.2 Billion Valuation—No Small Dream
Let’s talk numbers. The IPO aims for a post-money valuation of around $7.2 billion (₹62,000 crore) if it hits the upper end of its price band. This valuation would firmly plant HDB Financial among the big leagues, riding on its massive footprint in India’s consumer and business lending space.
The IPO is structured with a ₹2,500 crore fresh issue—money that will go straight to beefing up the firm’s Tier-1 capital. The remaining ₹10,000 crore will come through an offer for sale (OFS) by HDFC Bank, which currently owns a 94.3% stake.
So yes, this is not just a big IPO—it’s also a strategic reshuffling within one of India’s top financial families.
From Boardroom to Bull Ring: A Long Time Coming
The journey to this public debut didn’t happen overnight. The story began way back in July 2024, when HDFC Bank’s board gave the green light to start the listing process. A committee of directors was formed, meetings were held, bankers were called, and gears were set in motion.
The Draft Red Herring Prospectus (DRHP) was filed in October 2024, and as of today, the IPO syndicate includes a dream team of 12 heavyweight investment banks—think Goldman Sachs, Morgan Stanley, Jefferies, BNP Paribas, HSBC, Nomura, and more. Legal duties are being handled by Cyril Amarchand Mangaldas, because of course they are.
That kind of lineup? It screams serious business.
Why Now? A Regulatory Push and a Market Play
There’s also a rulebook reason behind the rush. As an “Upper Layer” NBFC, HDB Financial falls under the RBI’s October 2022 mandate, which requires such entities to go public within three years of classification. That deadline? September 2025. So this IPO isn’t just strategic—it’s mandatory.
But the timing couldn’t be better. With markets rebounding, investor appetite growing, and financial stocks back in favor, HDB’s IPO could catch the wave just right. Add to that parent HDFC Bank’s rock-solid brand, and it’s no surprise this offering is making headlines before it’s even live.
What’s Next?
Once listed, HDB Financial won’t just join the public party—it’ll bring serious weight. The fresh capital is expected to support future lending, expand operations, and push deeper into India’s rapidly growing financial inclusion space.
And for HDFC Bank, this is also a strategic unlock—freeing up capital while shining the spotlight on one of its most valuable subsidiaries.
Bottom Line
India’s IPO scene is heating up again, but HDB Financial’s entry is on a different scale. Big money, big plans, and a clear regulatory nudge—it’s the kind of mix that turns a listing into a landmark.
So, if you’re watching the markets next week, keep your eyes on this one. Will it break records? Will it fly off the shelves? One thing’s for sure: this IPO isn’t just raising capital—it’s raising the stakes.
