HDFC Bank announced that its subsidiary, HDB Financial Services, will raise up to 125 billion rupees ($1.5 billion) through its initial public offering (IPO). HDFC Bank, which holds a 94.6% stake in HDB Financial, will divest shares worth 100 billion rupees in the offering. The pricing and other specifics of the IPO will be disclosed in due course.

Last month, HDFC Bank approved the issuance of shares worth 25 billion rupees as part of the IPO, marking the group’s first public listing in six years.

Established in 2007, HDB Financial Services offers both secured and unsecured loans through more than 1,680 branches across India.

The listing follows new guidelines set by India’s central bank in 2022, mandating that large non-banking financial companies (NBFCs) be listed by September 2025. So far in 2024, 269 companies in India have raised over $12.57 billion via IPOs, surpassing last year’s total of $7.42 billion, pushing India to a new record in Asia’s equity capital market.