Parent HDFC Bank, which holds a 94.6% stake in HDB Financial, will sell shares worth 100 billion rupees, the lender saidIndia's HDB Financial to raise up to $1.5 billion in IPOThe headquarters of India's HDFC bank is pictured in Mumbai, India, December 4, 2015. Photo: Economic Times @EconomicTimes via XThe headquarters of India's HDFC bank is pictured in Mumbai, India, December 4, 2015. Photo: Economic Times @EconomicTimes via XIndia's top private lender HDFC Bank said on Saturday its HDB Financial Services unit will raise up to 125 billion rupees ($1.5 billion) in its initial public offering (IPO). Incorporated in 2007, HDB Financial Services provides secured and unsecured loans and has more than 1,680 branches across India. This week, Hyundai Motor India's $3.3 billion IPO was oversubscribed by more than two times, attracting aggressive bidding from institutional investors, even though pricing concerns deterred retail participation.
