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India's Largest NBFC IPO Gets Sebi Nod

Business Standard

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June 04, 2025

HDFC Bank arm, HDB Financial Services, a non-banking financial company (NBFC), on Tuesday received approval from the Securities and Exchange Board of India (Sebi) to launch one of the largest initial public offerings (IPOs).

- SUBRATA PANDA

HDB's offering is set to be the largest NBFC IPO and the fifth-largest to hit the domestic markets.

The lender filed a draft red herring prospectus with the markets regulator in October 2024 for its IPO, which involved an offer for sale of ₹10,000 crore by HDFC Bank and a fresh issue of ₹2,500 crore.

HDFC Bank owns a 94.36 percent stake in HDB Financial Services. After the IPO is completed, HDB Financial Services will continue to remain a subsidiary of HDFC Bank.

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