IPO Process of HDB Financial Services

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The CFO of HDFC Bank has indicated that the process to initiate the IPO of HDB Financial Services is expected to commence in the coming months

HDB Financial Services Limited

Created at 11 Mar 2024 05:56

The Chief Financial Officer of HDFC Bank, Srinivasan Vaidyanathan, has indicated that the initial public offering (IPO) process for its non-banking arm, HDB Financial Services, could begin in the coming months. He mentioned that the IPO listing requirement is targeted for September 2025, and preparations are underway to initiate the necessary activities to have flexibility in timing. Vaidyanathan also stated that the bank will proceed with filing the requisite paperwork with the Securities and Exchange Board of India (SEBI) and securing approval.

As of December 31, 2023, HDFC Bank holds a 94.7 percent stake in HDB Financial Services. In the October-December quarter of the financial year 2023-24, HDB Financial Services reported a profit of Rs 640 crore, an increase from Rs 500 crore in the previous year. The total loan book size of HDB Financial Services grew to Rs 84,000 crore from Rs 65,100 crore in the corresponding quarter last year.

In July 2022, the CEO of HDFC Bank, Sashidhar Jagdishan, mentioned that the IPO plans for HDFC Securities and HDB Financial Services would be contingent on the merger process. He stated that decisions regarding the IPOs would be considered after absorbing the merger directives from regulators, emphasizing that the timing would be evaluated post-merger completion. Jagdishan made these remarks during the bank's 28th annual general meeting.

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