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HDB Financial aims to IPO for $9-10 billion by March

HDB Financial Services Limited

Created at 04 Sep 2024 17:33

HDFC Bank intends to list HDB Financial Services by December, or at the latest, the end of the current fiscal year.
According to persons familiar with the issue, HDFC Bank Ltd. is proceeding with plans to list its non-banking subsidiary, HDB Financial Services, on a public exchange, with a possible date of December or, at the latest, the end of the current fiscal year. It is anticipated that the initial public offering (IPO), which is probably going to be a mix of secondary sales and new funding, will bring in a valuation of about $7–8 billion.

The bank is in the midst of shortlisting bankers for the offering and may finalize the names this month. The bank owns 94.64 percent of the non-banking finance company. Notable international bankers like Morgan Stanley, Bank of America, Nomura, and USB Securities have made the short list, and domestic companies like ICICI Securities, Axis Capital, and IIFL are anticipated to be involved in the process as well, according to sources. The insider stated, "Draft offer document filings should happen in a month or so of appointing bankers." "Work is moving quickly, and the company should be ready to go public as soon as the market regulator approves the filings."

HDFC Bank, which as of the June quarter had a net worth of about Rs 13,300 crore, is reportedly looking for a valuation of Rs 78,000–87,000 crore, or $9–10 billion, for the subsidiary. The business can be looking for an estimated value of 4.5–5 times the price to book in this range. According to sources, HDFC Bank might discharge 10–15% through the offering, increasing the bank's capital adequacy by Rs 7,800–8,700 crore. HDFC Bank's capital adequacy ratio was 19.3 percent as of the June quarter.

It is unclear whether HDFC Bank will pursue an off-market sale of HDB Financial's shares after talks with Mitsubishi UFJ Financial Group (MUFG) fell down.

"About two months ago, there was a proposal to entice a few investors with pre-IPO placements. However, with IPO timelines moving forward and work on the same at full throttle, management is keen to ensure that there is no delay in the process for the purpose of value discovery," a banker familiar with the developments told Moneycontrol on condition of anonymity.

https://www.moneycontrol.com

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