HDB Financial Services IPO: A Major Step Towards Market Expansion

HDB Financial Services Ltd launched its IPO, receiving 18% subscription on the first day. The company aims to raise Rs 12,500 crore, with a price band between Rs 700-740 per share. Proceeds will strengthen its Tier-I capital. Managed by major financial advisors, the IPO concludes on June 27.

The initial public offering (IPO) of HDB Financial Services Ltd, a subsidiary of HDFC Bank, saw an 18% subscription rate on its first day of bidding, Wednesday, according to NSE data.

Bids were placed for 2,35,25,720 shares against the 13,04,42,855 shares available for this Rs 12,500-crore IPO, set within a price band of Rs 700-740 per share.

The funds will be used to bolster the company's Tier-I capital base, and the shares are slated for listing on the BSE and NSE by July 2.

(With inputs from agencies.)