Fri Sep 20 13:59:21 UTC 2024: ## HDB Financial Services to Raise Up to ₹2,500 Crore via IPO
**Mumbai, India** – HDB Financial Services, the non-banking financial arm of HDFC Bank, is set to raise up to ₹2,500 crore through an initial public offering (IPO). The board of directors has approved the move, which is subject to shareholder approval.
The IPO will include an option for existing shareholders of the NBFC to offer their shares for sale, subject to regulatory approvals. HDFC Bank, which holds a 94.64% stake in HDB Financial Services, had given in-principle approval for the listing in July.
Established in 2007, HDB Financial provides secured and unsecured loans across India through its network of over 1,747 branches. The company is classified as an upper layer NBFC by the Reserve Bank of India, requiring them to be listed by September 2025.
Industry reports suggest the IPO could fetch a valuation of approximately $7-8 billion, with a target listing by December or the end of the current fiscal year. Shares of HDFC Bank closed 2% higher at ₹1,742 apiece on the BSE today.
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