HDFC Bank Ltd. has completed the sale of 13.5 crore shares through newly listed subsidiary HDB Financial Services Ltd.'s maiden offer, raising Rs 9,814 crore through the offer-for-sale route. The shares were sold at Rs 740 apiece, according to the bank's exchange filing on Wednesday.
With this divestment, HDFC Bank's stake in HDB Financial reduced to 74%.
"Today, HDB Financial Services stands ready to start a new chapter as a publicly traded entity. Our kid has become an adult," said HDFC Bank Chief Executive Officer and Managing Director Sashidhar Jagdishan.
"The listing will provide HDB with the independent capital and visibility it needs to accelerate its growth trajectory, pursue new opportunities and further solidify its position in the market... The ringing of the bell today brings the company to a larger scale with new milestones to aim for and to achieve," he also said.
HDB Financial Services made a strong debut on Wednesday, listing at Rs 835 on both the NSE and BSE at a nearly 13% premium over its IPO price.
The Rs 12,500-crore issue, which opened on June 25, was subscribed close to 17 times, making it one of the most successful and anticipated IPOs by a non-banking financial company in recent years.
In fact, HDB's offering is the largest public issue so far in 2025 and now ranks as India's fifth-largest IPO ever, trailing only Hyundai Motor India, LIC, Paytm-owner One97 Communications, and Coal India.
A subsidiary of HDFC Bank, HDB Financial Services is a prominent non-banking financial company offering a range of services, including lending and business process outsourcing.
The company boasts AAA ratings from CARE and Crisil for its long-term debt and bank facilities, and an A1+ rating for its short-term debt and commercial papers.
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