S&R Associates has acted as legal counsel to the bookrunning lead managers for HDB Financial Services Limited’s proposed ₹125 billion initial public offering (IPO) — which will be India’s largest IPO by a non-banking financial company (NBFC) to date.
HDB Financial Services is part of the HDFC Group, one of India’s most trusted financial services conglomerates. The landmark offering aims to strengthen HDB’s capital base and support its retail loan expansion strategy.
Deal Overview
| Feature | Details |
|---|---|
| Issuer | HDB Financial Services Limited |
| Issue Size | ₹125 billion IPO |
| Bookrunners | JM Financial, BNP Paribas, BofA Securities, Goldman Sachs, HSBC, IIFL Capital, Jefferies, Morgan Stanley, Motilal Oswal, Nomura, Nuvama, UBS |
| Legal Counsel to Bookrunners | S&R Associates |
| Issuer Counsel | Not disclosed publicly |
| Sector | Non-Banking Financial Company (NBFC) |
Parties Involved
Issuer: HDB Financial Services Limited is one of India’s leading retail-focused NBFCs, providing a range of secured and unsecured loans, asset finance, and consumer lending products.
Bookrunning Lead Managers: The syndicate of global and domestic banks backing this IPO includes JM Financial, BNP Paribas, BofA Securities, Goldman Sachs, HSBC, IIFL Capital, Jefferies, Morgan Stanley, Motilal Oswal, Nomura, Nuvama and UBS.
Legal Counsel to Bookrunners: S&R Associates acted for all lead managers, advising on Indian legal aspects, due diligence, offer structuring, regulatory filings and disclosures.
Issuer-side Counsel: No issuer counsel has been disclosed publicly for this filing.
S&R Associates Deal Team
The S&R Associates team advising the syndicate of bookrunners included:
Sandip Bhagat – Partner
Jabarati Chandra – Partner
Jitesh Shahani – Partner
Shwetank Sharma – Associate
Aarushi Kapoor – Associate
Anushka Rungta – Associate
Aarush Sharma – Associate
The team handled Indian law due diligence, compliance with SEBI’s IPO norms and coordinated the transaction documentation for the joint lead managers.
Key Transaction Highlights
The IPO is expected to be India’s largest-ever by an NBFC at ₹125 billion, unlocking significant shareholder value for the HDFC Group.
The fresh capital will be used to bolster HDB’s balance sheet and expand its growing retail loan portfolio across secured and unsecured products.
The offering comes at a time of robust investor interest in India’s well-governed retail lending businesses.
Strategic Significance
This deal adds depth to India’s financial services IPO pipeline, which has seen multiple large NBFCs and retail finance players tapping public markets to fuel growth and capitalise on improving macroeconomic tailwinds.
The IPO is strategically important for the HDFC Group, which continues to consolidate and realign its businesses in the wake of its landmark merger between HDFC Ltd. and HDFC Bank. For HDB, the listing will provide permanent equity capital and expand its visibility with domestic and international investors.
Why It Matters
India’s retail credit market remains one of the world’s fastest-growing, supported by strong demand for personal finance, SME loans and consumer lending. A large IPO from an established NBFC like HDB signals continuing market confidence and deep institutional appetite for well-run, compliant financial services firms.
HDB Financial’s proposed IPO marks a milestone for India’s NBFC sector, demonstrating robust investor appetite and the importance of well-capitalised retail finance institutions.
Also Read: S&R Associates Advises Oswal Pumps on ₹1,387 Crore IPO
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
