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HDB Financial Services Board approves Rs 2,500 crore IPO

HDB Financial Services Limited

Created at 21 Sep 2024 11:50

On September 20, 2024, the Board of HDB Financial Services (a subsidiary of HDFC Bank) approved an initial public offering of equity shares with a face value of Rs 10 each. The offering included a fresh issue of up to Rs 2,500 crore and an offer for sale of equity shares by existing and eligible shareholders.

HDFC Bank, which owns 94.64 percent of HDB Financial Services, is now shortlisting bankers for the offering. Foreign banks such as Morgan Stanley, Bank of America, and Nomura have been shortlisted, as have domestic firms such as ICICI Securities, Axis Capital, and IIFL.

HDFC Bank is seeking a valuation of Rs 78,000-87,000 crore for HDB Finance, implying a price-to-book ratio of 4.5 to 5 times. This IPO could see the bank sell 10-15% of its stock, potentially raising Rs 7,800-8,700 crore and increasing its capital adequacy. As of June 2024, HDFC Bank's capital adequacy ratio was 19.3%.

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