New Delhi, Jun 24 (PTI) HDB Financial Services, a subsidiary of HDFC Bank, on Tuesday said it has mobilised Rs 3,369 crore from anchor investors, a day ahead of the 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 plc, Copthall Mauritius Investment, APG Asset Management, Baillie Gifford, Norway's Government Pension Fund Global, Goldman Sachs, British multinational Schroder and Fidelity Investments have participated in the anchor round.

Abu Dhabi Investment Authority, Societe Generale and Tata Investment Corporation, among others, have also been allotted shares in the anchor round.

According to a circular uploaded on BSE's website, HDB Financial Services allocated over 4.55 crore equity shares to 141 entities at Rs 740 per equity share, which is the upper end of the IPO price band.

The Rs 12,500-crore initial public offering (IPO) will open for public subscription on June 25 and conclude on June 27. The price band has been set at Rs 700-740 per share for its issue.

At the upper end of the price band, the company is valued at nearly Rs 61,400 crore.

The IPO is a combination of a fresh issue of equity shares worth Rs 2,500 crore and an Offer For Sale (OFS) of Rs 10,000 crore by promoter HDFC Bank.

At present, HDFC Bank holds a 94.36 per cent stake in HDB Financial Services, a non-banking financial company (NBFC) arm of the bank.

The company proposes to utilise the proceeds from the fresh issue to strengthen its Tier-I capital base. This will support future capital needs, including additional lending, to support business growth.

The decision to list HDB Financial Services follows the Reserve Bank of India's mandate in October 2022, requiring NBFCs in the upper layer to list on the stock exchanges within three years.

Last year, HDFC Bank's board approved a share sale worth Rs 12,500 crore, comprising Rs 10,000 crore OFS related to HDB Financial Services.

After the IPO, HDB Financial Services will continue to be a subsidiary of the bank, in compliance with the provisions of the applicable regulations.

The HDB Financial IPO is the second biggest in the last three years after South Korean automaker Hyundai's Rs 27,000-crore issue. Others, including HDB Financial's peer Tata Capital, Korean electronics company LG, and Indian startups PhonePe and Lenskart, are among the other major issues lined up for listing.

As of March 2025, HDB Financial has over Rs 1 lakh crore in assets under management.

Further, investors can bid for 20 shares and multiples thereof.

A dozen book-running lead managers -- JM Financial, BNP Paribas, BofA Securities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India) Pvt Ltd, IIFL Securities, Jefferies India, Morgan Stanley India Company, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management, and UBS Securities India -- are managing the company's IPO.

The company's shares are expected to list on the BSE and NSE on July 2.

Ramesh G, the managing director and chief executive officer of HDB Financial said, "The company has built the business, including enterprise loans, consumer loans, and asset finance from ground-up since 2008 and stressed that it operates independently in such a way that no sourcing is done from the promoter and the technology stack is also different". PTI HG RHL