HDB Financial Services, the non-banking financial unit of HDFC Bank, has filed for an IPO of ₹12,500 crore.

What Happened: The HDFC subsidiary has filed its draft red herring prospectus with the Securities and Exchange Board of India, BSE and NSE, the company said in a statement.

The offer comprises a fresh issue of equity shares aggregating up to ₹2,500 crore and an offer for sale of equity shares aggregating up to ₹1,000 crore by HDFC Bank, which holds a 94.6% stake in the NBFC.

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The offer is subject to receipt of regulatory approvals, market conditions and other considerations, the company added.

In September, HDFC Bank approved the unit’s IPO, marking the group’s first public offering in six years. This was after the Reserve Bank of India‘s 2022 October deadline, which mandated upper-layer NBFCs to be listed on stock exchanges within three years of being notified. 

Back then, media reports said that HDFC Bank was looking for a valuation of ₹78,000 crore to ₹87,000 crore for HDB Financial Services.

Price Action: HDFC Bank was trading flat at ₹1,730.10 on Thursday morning.

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