Largest IPO by an NBFC: CAM, Trilegal, S&R Associates act on HDB Financial Services ₹12,500 crore IPO

HDB Financial Services Limited, a non-banking financial company promoted by HDFC Bank Limited, has made an initial public offering of equity shares, aggregating to ₹12,500 crore.

Cyril Amarchand Mangaldas advised HDB Financial Services on this IPO.

The transaction team was led by Devaki Mankad, Partner (Regional Co-Head - Capital Markets - West); with support from Akash Joshi, Senior Associate; Raksha Raina, Associate; Urmil Shah, Associate; Nayanika Gupta, Associate; Gaurav Lalwani, Associate; Janhavi Deshmukh, Associate; Yashi Gulecha, Associate.

The team was assisted by Yash J. Ashar, Senior Partner; and Gaurav Gupte, Partner.

Trilegal advised HDFC Bank, the promoter and selling shareholder, on its ₹1,000 crore offer for sale as part of the IPO.

The transaction team was led by Richa Choudhary (Partner) and supported by Maitreya Rajurkar (Counsel), Sanya Chaudhari (Senior Associate), Shivayana Balodia (Senior Associate) and Anay Jain (Associate).

S&R Associates represented the book running lead managers - JM Financial Limited, BNP Paribas, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited, Jefferies India Private Limited, Morgan Stanley Indian 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, on this IPO.

The transaction team was led by Sandip Bhagat (Partner), Jabarati Chandra (Partner) and Jitesh Shahani (Partner), and included Associates - Shwetank Sharma, Aarushi Kapoor, Anushka Rungta and Aarush Sharma.

HDB Financial Services is one of the leading, diversified, retail-focused NBFCs in India. HDBFS offers a large portfolio of lending products that cater to a growing and diverse customer base through a wide omni-channel distribution network.

This is the largest IPO by an NBFC till date and the 5th largest IPO ever in India. It is also India’s second-most oversubscribed billion-dollar IPO, and the largest IPO of the year so far.

The net proceeds from the fresh issue are proposed to be utilised by HDBFS for the augmentation of its Tier-I capital base to support future business growth and capital adequacy requirements.

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