HDB Financial IPO Gets SEBI Nod – Set to Become 2025’s Largest Listing

HDB Financial Services,the NBFC arm of HDFC Bank, is gearing up to launch a blockbuster ₹12,500 crore IPO, which is poised to become the largest listing of 2025, overtaking Hexaware Technologies’ ₹8,750 crore issue earlier this year. With regulatory approval from SEBI now secured, the IPO is expected to hit the markets in the coming weeks, pending final nods from the board and shareholders.

The public issue will include a fresh equity issuance of ₹2,500 crore, along with an offer for sale (OFS) worth ₹10,000 crore by parent HDFC Bank. This mega listing is being viewed as a signal of strong revival in India’s IPO market, which had seen relatively low activity in the previous year.

What’s fueling this IPO move? The listing is aligned with RBI’s 2022 mandate, which requires "upper layer" NBFCs—such as HDB Financial Services—to go public within a stipulated timeframe. Following the merger of HDFC Ltd and HDFC Bank, HDB became a “material subsidiary,” making its market debut a regulatory necessity.

Founded in 2007, HDB Financial Services has emerged as one of India’s top-performing NBFCs, offering a wide range of financial products including personal loans, gold loans, business loans, and consumer durable financing. The company also operates a successful BPO division through the HDB Contact Centre. With assets under management (AUM) of over ₹70,000 crore, strong profitability, and stable asset quality, the company is well-positioned for public investment.

Backed by HDFC Bank’s deep distribution and underwriting strength, the IPO has already sparked significant interest among investors. Market watchers are now eagerly awaiting key IPO details such as price band, lot size, and timeline, expected to be announced soon.

Stay tuned — HDB’s IPO could be your next big investment opportunity in India’s roaring primary market!