HDB Financial Services, a subsidiary of HDFC Bank, on Tuesday said it has mobilised Rs 3,369 crore from anchor buyers, a afternoon before launch of its initial share sale for public subscription.
Life Insurance Corporation of India, ICICI Prudential Mutual Fund (MF), SBI MF, Nippon India MF, ICICI Prudential Life Insurance, BlackRock, Royal Bank of Canada, Allianz Global Investors, Morgan Stanley, Prudential %, Copthall Mauritius Investment, APG Asset Management, Baillie Gifford, Norway’s Government Pension Fund Global, Goldman Sachs, British multinational Schroder and Fidelity Investments participated in the anchor round. Abu Dhabi Investment Authority, Societe Generale and Tata Investment Corporation, and others allocated stocks in the anchor round.
HDB Financial Services allotted 4.55 crore
According to a round uploaded on BSE’s site, HDB Financial Services allotted over 4.55 crore equity shares to 141 entities at Rs 740 per fairness share. It is the top cease of the IPO fee band.
The Rs 12,500-crore preliminary public imparting (IPO) will open for public subscription on June 25 and finish on June 27. The price band set at Rs 700-740 per share for its issue. At the higher end of the price band, the company valued at nearly Rs 61,400 crore.
The IPO is a mixture of a difficulty of equity stocks worth Rs 2,500 crore and an Offer For Sale (OFS) of Rs 10,000 crore by promoter HDFC Bank.
Bank mobilised Rs 3,369 crore, holds 94.36% stake
HDFC Bank holds a 94.36 % stake in HDB Financial Services, a non-banking financial enterprise (NBFC) hand of the bank. The company aim to use the proceeds from the sparkling issue to reinforce its Tier-I capital base. This will guide future capital needs, which include additional lending, to guide business growth.
The decision to list HDB Financial Services follows the Reserve Bank of India’s mandate in October 2022. It requires NBFCs in the higher layer to list at the trade exchanges in three years.
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