04 November 2024, 12:42 PM
HDB Financial Services, a subsidiary of HDFC Bank, has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 12,500 crore through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares worth Rs 2,500 crore and an Offer-for-Sale (OFS) of Rs 10,000 crore by promoter HDFC Bank.
The company proposes to utilize the proceeds from the fresh issue to strengthen its Tier-I capital base. This will support future capital needs, including additional lending, to support business growth. A dozen book-running lead managers -- JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India) Pvt Ltd, IIFL Securities, Jefferies India, Morgan Stanley India Company, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management, and UBS Securities India -- will manage the company's IPO.
HDB Financial Services (HDBFS) is a leading Non-Banking Financial Company (NBFC) that caters to the growing needs of an Aspirational India, serving both Individual & Business Clients.