HDFC Bank Approves $1.5 Billion IPO for HDB Financial Services, ₹10,000 Crore OFS

Oct 19, 2024, 02:16 PM

HDFC Bank, India's largest private sector lender, has approved an initial public offering (IPO) for its subsidiary, HDB Financial Services. The IPO aims to raise up to 125 billion rupees ($1.5 billion). This move is expected to generate significant capital for HDFC Bank. The board has approved the Offer for Sale (OFS) of equity worth up to ₹10,000 crore from HDB Financials during the IPO. The issue size is anticipated to surpass that of Reliance Power and Zomato. HDFC Bank's CFO mentioned that the bank sees a pre-merger loan-to-deposit ratio in 2-3 years.