HDB Financial Services the non-banking financial services subsidiary of HDFC Bank is looking set for a ₹2,500 crore IPO.

What Happened: The IPO will consist of a fresh issue of equity shares worth ₹2,500 and an offer for sale for existing investors in the company. 

The company said the IPO will be subject to the approval of the company shareholders, market conditions, receipt of applicable approvals, regulatory clearances, and other considerations. 

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Media reports said that HDFC Bank is looking for a valuation of ₹78,000 crore to ₹87,000 crore for HDB Financial Services. India's largest private lender is reportedly looking to offload around 10% to 15% of its stakes in the company and raise ₹7,800 to ₹8,700 crore. 

HDFC Bank holds a 94.64% stake in HDB Financial Services. HDB Financial Services is getting listed following the Reserve Bank of India's 2022 October mandate that upper-layer NBFCs need to be listed on stock exchanges within 3 years of being notified. 

Price Action: Shares of HDFC Bank rose 0.60% to ₹1,751.65 on Monday morning. 

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