HDB Financial Services, a unit of private lender HDFC Bank, will open its initial public offering for subscription for retail investors on June 25, the non-banking financial company said on Thursday.
The IPO will invite bids from big institutional investors or anchor investors on June 24, the company said in a filing.
In October, HDB Financial filed for an IPO of up to Rs 125 billion ($1.5 billion).
HDFC Bank, which holds a 94% stake in the lender, will sell shares worth up to Rs 100 billion, while fresh shares worth up to Rs 25 billion will be issued.
Its listing follows new norms introduced by the country's central bank in 2022 that require large non-banking financial companies to be listed on stock exchanges by September 2025.
For the quarter ended March 31, HDB Financial Services posted a profit of Rs 5.3 billion, while its net revenue came in at Rs 26.2 billion. The company's total loan book was Rs 1.07 trillion as of March-end.
