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  3. HDB Financial Services in talks with top global banks to shortlist advi…

HDB Financial Services in talks with top global banks to shortlist advisers for IPO

4 Sept 2024

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Key Takeaways

HDB Financial Services plans a Rs 10,000 crore IPO, with HDFC Bank reducing its stake by 10%.

HDB Financial Services plans a Rs 10,000 crore IPO, with HDFC Bank reducing its stake by 10%.

hdb

HDB Financial Services

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Expert Analysis

HDB Financial Services Mulls IPO, Engages Top Global Banks for Advisers.

Expert Analysis:

  • IPO Preparation: HDB Financial Services, the non-banking finance arm of HDFC Bank, is preparing for an IPO and is talking to several global investment banks to pick advisers.

  • Adviser Selection: The company is discussing with Bank of America Securities, Morgan Stanley, and Nomura to shortlist advisers, with the possibility of additional banks joining in the coming weeks.

  • Fundraising Target: The IPO is projected to raise approximately Rs 10,000 crore ($1.2 billion), with HDFC Bank diluting its stake by nearly 10 percent.

  • Board Approval: HDFC Bank's board approved the listing process for HDB on July 20.

  • Regulatory Deadline: HDB must complete its IPO by September 2025 under RBI regulations.

Publisher:money control