Trilegal Advised HDFC Bank On Successful INR 125 Billion IPO Of HDB Financial Services

Trilegal Advised HDFC Bank On Successful INR 125 Billion IPO Of HDB Financial Services

Trilegal advised on the landmark initial public offering (IPO) of HDB Financial Services Limited (“HDBFS”), a non-banking financial company (NBFC) promoted by HDFC Bank Limited (“HDFC Bank”), marking one of the most significant capital markets transactions in India this year.

The INR 125 billion IPO of equity shares by HDBFS is the largest IPO by an NBFC to date, the fifth-largest IPO in India’s history, and the most oversubscribed billion-dollar IPO in 2025, reinforcing the strong investor appetite for high-quality financial sector issuances.

HDBFS is a leading, retail-focused NBFC offering a wide portfolio of lending products through an extensive omni-channel distribution network, serving a diverse and growing customer base across India.

Trilegal advised HDFC Bank, the promoter and selling shareholder, in connection with its INR 10 billion offer for sale component of the IPO. The proceeds from the fresh issue are earmarked by HDBFS to augment its Tier-I capital base, enabling future business expansion and continued regulatory compliance on capital adequacy.

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

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