HDB Financial Services IPO

IPO Details

About HDB Financial Services

HDB Financial Services Limited is the Seventh largest leading, diversified retail-focused non-banking financial company (“NBFC”) in India in terms of the size of Total Gross Loan book, at ₹902.2 billion, as at March 31, 2024, amongst its NBFC peers, according to the CRISIL Report. It is categorized by RBI as an Upper Layer NBFC.

Its lending portfolio is organized into 3 verticals: Enterprise lending (loans to micro, small and medium enterprises), asset finance (secured loans for commercial vehicles, construction equipment and tractors) and consumer finance (secured and unsecured loans for personal and consumer goods). The company also provides business process outsourcing services and distributes insurance products to its lending customers.

HDB Financial Services has:

• Over 19.2 million customers* and growing
• 1,771 branches in 1,170 towns and cities across 31 States & UTs*
• Digitally powered omni-channel sourcing
• Diversified loan book supported by AAA Stable rating by CRISIL and CARE
• Robust Credit Underwriting and Strong Asset Quality

*as on March 31, 2025

Disclaimer

One of our subsidiaries, HDB Financial Services Limited (“HDBFS”) is proposing, subject to, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offer (the “Offer”) of its equity shares (the “Shares”) and has filed a red herring prospectus dated June 19, 2025 (“RHP”) with the Registrar of Companies, Gujarat, Dadra and Nagar Haveli at Ahmedabad (“RoC”). The RHP is available on the websites of SEBI, BSE Limited and National Stock Exchange of India Limited at www.sebi.gov.in, www.bseindia.com and www.nseindia.com, respectively, on the website of HDBFS at www.hdbfs.com and on the websites of the BRLMs, i.e., JM Financial Limited, BNP Paribas, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Bidding Dates : 25th June to 27th June 2025 Minimum Investment Rs 14000/-. Lot Size of 20 Price Range : Rs 700-Rs740 Issue Size : Rs 12500 Cr [RHP Document Link][Note: We assume this will redirect to the RHP uploaded on HDBFSL’s website. Please ensure that any link from this page to the RHP on HDBFSL’s website has to go the click-through filter on HDBFSL’s website for the RHP.] Capital Markets (India) Private Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Jefferies India Private Limited, Morgan Stanley India Company Private Limited, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory and Securities (India) Private Limited, Nuvama Wealth Management Limited and UBS Securities India Private Limited at www.jmfl.com, www.bnpparibas.co.in, http://www.ml-india.com, http://www.goldmansachs.com/, www.business.hsbc.co.in, http://www.iiflcap.com, www.jefferies.com, www.morganstanley.com/india, http://www.motilaloswalgroup.com, www.nomuraholdings.com/company/group/asia/india/index.html, www.nuvama.com and http://www.ubs.com/indiaoffers, respectively. Potential investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the RHP including the section titled “Risk Factors” on page 29 of the RHP. Potential investors should not rely on the draft red herring prospectus filed with SEBI and the Stock Exchanges on October 30, 2024 for making any investment decision and should only rely on the RHP filed with the RoC in connection with the Offer.
The Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any other applicable law of the United States (or any state or other jurisdiction therein) and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Shares are being offered and sold (i) within the United States only to persons reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from or not subject to the registration requirements of the U.S. Securities Act, and (ii) outside the United States in "offshore transactions" as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Shares in the United States. The Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction except in compliance with the applicable laws of such jurisdiction.