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ANALYSIS-HDFC Bank chairman's sudden exit exposes leadership strains at top Indian lender
Chakraborty resigned as HDFC Bank chairman, citing ethical differences
Differences have persisted between Chakraborty and CEO Jagdishan for some time, sources say
Slow gains from 2023 merger with HDFC Ltd also pressured top management, sources say
HDFC Bank stock has underperformed peers such as ICICI Bank
By Gopika Gopakumar and Ira Dugal
MUMBAI, March 30 (Reuters) - The surprise exit of HDFC Bank's HDBK.NS chairman that led to a $16 billion stock rout in India's biggest private lender has put its CEO in the spotlight amid rumbles of acrimony in top management and unease about its underperformance versus peers.
Atanu Chakraborty resigned from the lender, which the market values at $121 billion, this month citing differences over "values and ethics", triggering a stock selloff and a damage control exercise by the bank.
While Chakraborty did not elaborate on the differences he referred to, nine people, including board members and some current and former staff, told Reuters the bank had been struggling with internal rifts in recent years, including between the former chairman and CEO Sashidhar Jagdishan.
The two clashed over the bank's strategy and its human resources policies, said the sources with knowledge of the matter who declined to be named due to the sensitivity of the matter.
The HDFC Bank management and India's banking regulator denied any governance or financial problems at the lender, but its stock fell 12% over three days after Chakraborty's exit. It recovered briefly after the bank said last week it had appointed external law firms to review the claims, and has weakened again.
Investor concerns about HDFC Bank's management come at a particularly inconvenient time for the lender - the Middle East conflict is set to weigh on the Indian economy and dim the outlook for credit growth in the banking sector.
"Investors will eventually look at longer-term performance but if results and stock prices underperform markets, shareholders will ask questions of management performance and seek change of leadership," said corporate governance research and proxy advisory firm InGovern founder Shriram Subramanian.
BOARDROOM FRICTION
Jagdishan, whose term as CEO ends in October 2026 unless extended, took over the helm from HDFC Bank founder and chief executive Aditya Puri in 2020.
Chakraborty joined as chairman in April 2021 and the former top bureaucrat soon began involving himself closely in operational and management matters, an unusual move for a non-executive director in an Indian corporate boardroom, four of the sources said.
He also intervened in human resources policies as a member of the nomination and remuneration committee and, in at least one instance, changed the performance ratings of some senior executives, a prerogative of the CEO, according to another former senior executive.
HDFC Bank did not respond to a request for comment from Jagdishan sent via the bank's official spokesperson.
Chakraborty also opposed a proposal in 2024 to approve equity investment by Japan's Mitsubishi UFJ Financial Group 8306.T in HDFC Bank's consumer finance arm.
While Jagdishan advocated bringing in a foreign lender as a strategic partner, the former chairman opposed the move, arguing against the involvement of a foreign entity in an Indian company and objecting to the lack of a bidding process in a potential investment, the sources said. The plan ultimately collapsed.
Chakraborty, when asked by Reuters whether there were persistent differences with the CEO and if these had been raised at the board level, said: "There is a structure to handling various governance and accountability issues.
"If the issues need a finality in the Board, then they are placed there. It's a well-laid-out process and it evolves along with changing times," he said via a text message, without elaborating or commenting on other questions.
Besides the differences between the two, the relationship of Jagdishan with some other top executives has also been a concern for investors and staff. That concern came to the fore in an analyst call that the bank held after Chakraborty's resignation.
When asked on the call if there was a power struggle at the management level, especially between the CEO and deputy MD Kaizad Barucha or other top executives, Jagdishan played down those concerns.
"Kaizad is a very dear colleague, and I have the highest regard and respect for him," he said on the call, and added that Barucha, who has the responsibility for the bank's entire loan book, "will only get more responsibilities as we move forward".
Barucha did not respond to Reuters request for comment.
MERGER OVERHANG
The board acrimony also adds to concerns internally about limited gains from the lender's $40 billion merger with its largest shareholder in 2023, and about a stock that has underperformed peers over the past five years, said the sources.
HDFC Bank's absorption of housing financier HDFC Ltd in 2023 added assets of 7.23 trillion rupees ($77 billion) but brought in a relatively small deposit base, squeezing margins, hurting returns and dragging on growth.
The bank's lending margin has dipped to 3.35% now from 4.1% before the merger. It also had to slow asset growth to help steady its loan-to-deposit ratio, which rose to around 110% post merger from 86%–87% prior to it.
While the CEO inevitably bears some responsibility when a stock underperforms, the bank's challenges stem from merger-related execution risks, said Gary Tan, a portfolio manager in the emerging markets equity team at Allspring Global Investments, which owns HDFC shares.
Steve Lawrence, CIO of U.S.-based Balfour Capital Group, said the current situation at HDFC Bank was one of "cyclical execution pressure rather than structural leadership failure".
"Markets demand clarity - and when execution visibility declines, leadership perception becomes a factor in valuation compression," he said.
($1 = 94.6275 Indian rupees)
India's HDFC Bank stock has lagged peers and broader market benchmarks https://reut.rs/3NAHFeR
India's HDFC Bank has seen key ratios weaken since 2023 merger with HDFC Ltd. https://reut.rs/4t6KXp6
(Reporting by Ira Dugal and Gopika Gopakumar; Additional reporting by Vivek Kumar M in Bengaluru; Editing by Sumeet Chatterjee and Muralikumar Anantharaman)
((Ira.Dugal@thomsonreuters.com; +91-9833024892;))
Chakraborty resigned as HDFC Bank chairman, citing ethical differences
Differences have persisted between Chakraborty and CEO Jagdishan for some time, sources say
Slow gains from 2023 merger with HDFC Ltd also pressured top management, sources say
HDFC Bank stock has underperformed peers such as ICICI Bank
By Gopika Gopakumar and Ira Dugal
MUMBAI, March 30 (Reuters) - The surprise exit of HDFC Bank's HDBK.NS chairman that led to a $16 billion stock rout in India's biggest private lender has put its CEO in the spotlight amid rumbles of acrimony in top management and unease about its underperformance versus peers.
Atanu Chakraborty resigned from the lender, which the market values at $121 billion, this month citing differences over "values and ethics", triggering a stock selloff and a damage control exercise by the bank.
While Chakraborty did not elaborate on the differences he referred to, nine people, including board members and some current and former staff, told Reuters the bank had been struggling with internal rifts in recent years, including between the former chairman and CEO Sashidhar Jagdishan.
The two clashed over the bank's strategy and its human resources policies, said the sources with knowledge of the matter who declined to be named due to the sensitivity of the matter.
The HDFC Bank management and India's banking regulator denied any governance or financial problems at the lender, but its stock fell 12% over three days after Chakraborty's exit. It recovered briefly after the bank said last week it had appointed external law firms to review the claims, and has weakened again.
Investor concerns about HDFC Bank's management come at a particularly inconvenient time for the lender - the Middle East conflict is set to weigh on the Indian economy and dim the outlook for credit growth in the banking sector.
"Investors will eventually look at longer-term performance but if results and stock prices underperform markets, shareholders will ask questions of management performance and seek change of leadership," said corporate governance research and proxy advisory firm InGovern founder Shriram Subramanian.
BOARDROOM FRICTION
Jagdishan, whose term as CEO ends in October 2026 unless extended, took over the helm from HDFC Bank founder and chief executive Aditya Puri in 2020.
Chakraborty joined as chairman in April 2021 and the former top bureaucrat soon began involving himself closely in operational and management matters, an unusual move for a non-executive director in an Indian corporate boardroom, four of the sources said.
He also intervened in human resources policies as a member of the nomination and remuneration committee and, in at least one instance, changed the performance ratings of some senior executives, a prerogative of the CEO, according to another former senior executive.
HDFC Bank did not respond to a request for comment from Jagdishan sent via the bank's official spokesperson.
Chakraborty also opposed a proposal in 2024 to approve equity investment by Japan's Mitsubishi UFJ Financial Group 8306.T in HDFC Bank's consumer finance arm.
While Jagdishan advocated bringing in a foreign lender as a strategic partner, the former chairman opposed the move, arguing against the involvement of a foreign entity in an Indian company and objecting to the lack of a bidding process in a potential investment, the sources said. The plan ultimately collapsed.
Chakraborty, when asked by Reuters whether there were persistent differences with the CEO and if these had been raised at the board level, said: "There is a structure to handling various governance and accountability issues.
"If the issues need a finality in the Board, then they are placed there. It's a well-laid-out process and it evolves along with changing times," he said via a text message, without elaborating or commenting on other questions.
Besides the differences between the two, the relationship of Jagdishan with some other top executives has also been a concern for investors and staff. That concern came to the fore in an analyst call that the bank held after Chakraborty's resignation.
When asked on the call if there was a power struggle at the management level, especially between the CEO and deputy MD Kaizad Barucha or other top executives, Jagdishan played down those concerns.
"Kaizad is a very dear colleague, and I have the highest regard and respect for him," he said on the call, and added that Barucha, who has the responsibility for the bank's entire loan book, "will only get more responsibilities as we move forward".
Barucha did not respond to Reuters request for comment.
MERGER OVERHANG
The board acrimony also adds to concerns internally about limited gains from the lender's $40 billion merger with its largest shareholder in 2023, and about a stock that has underperformed peers over the past five years, said the sources.
HDFC Bank's absorption of housing financier HDFC Ltd in 2023 added assets of 7.23 trillion rupees ($77 billion) but brought in a relatively small deposit base, squeezing margins, hurting returns and dragging on growth.
The bank's lending margin has dipped to 3.35% now from 4.1% before the merger. It also had to slow asset growth to help steady its loan-to-deposit ratio, which rose to around 110% post merger from 86%–87% prior to it.
While the CEO inevitably bears some responsibility when a stock underperforms, the bank's challenges stem from merger-related execution risks, said Gary Tan, a portfolio manager in the emerging markets equity team at Allspring Global Investments, which owns HDFC shares.
Steve Lawrence, CIO of U.S.-based Balfour Capital Group, said the current situation at HDFC Bank was one of "cyclical execution pressure rather than structural leadership failure".
"Markets demand clarity - and when execution visibility declines, leadership perception becomes a factor in valuation compression," he said.
($1 = 94.6275 Indian rupees)
India's HDFC Bank stock has lagged peers and broader market benchmarks https://reut.rs/3NAHFeR
India's HDFC Bank has seen key ratios weaken since 2023 merger with HDFC Ltd. https://reut.rs/4t6KXp6
(Reporting by Ira Dugal and Gopika Gopakumar; Additional reporting by Vivek Kumar M in Bengaluru; Editing by Sumeet Chatterjee and Muralikumar Anantharaman)
((Ira.Dugal@thomsonreuters.com; +91-9833024892;))
Ambani's Reliance Jio hires banks for IPO, will raise no new funds, sources say
MUMBAI, March 18 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.
The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shareholding to public.
Reliance did not respond to Reuters queries.
Over the past six years, Jio has diversified into artificial intelligence and raised funds from well-known investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.
(Reporting by Vibhuti Sharma and Jayshree P Upadhyay in Mumbai and Aditya Kalra in Delhi; Editing by Sumeet Chatterjee and Joe Bavier)
MUMBAI, March 18 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.
The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shareholding to public.
Reliance did not respond to Reuters queries.
Over the past six years, Jio has diversified into artificial intelligence and raised funds from well-known investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.
(Reporting by Vibhuti Sharma and Jayshree P Upadhyay in Mumbai and Aditya Kalra in Delhi; Editing by Sumeet Chatterjee and Joe Bavier)
HDB Financial Services gains on Q3 earnings jump
** HDB Financial Services Ltd HDBF.NS up 1.4% to 774.35 rupees on upbeat Q3 results
** Co, a unit of India's largest private lender HDFC Bank HDBK.NS, said profit jumped 36%, net interest income climbed 22.1%, assets under management up 12%
** AMBIT expects AUM growth to pick up to 16%/17% Y/Y in FY27/28E and credit cost to reduce to 2%, resulting in 20% EPS CAGR (FY26-28E)
** Emkay downgrades stock to "reduce" from "buy"; trims PT to 750 rupees from 850 rupees
** Expects near-term downside risk if stress in the vehicle and unsecured segments persists
** Says, with growth and profitability not firing together, do not see any scope for a re-rating of the stock
** HDBF down 7.5% since its debut in July
(Reporting by Brijesh Patel in Bengaluru)
((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))
** HDB Financial Services Ltd HDBF.NS up 1.4% to 774.35 rupees on upbeat Q3 results
** Co, a unit of India's largest private lender HDFC Bank HDBK.NS, said profit jumped 36%, net interest income climbed 22.1%, assets under management up 12%
** AMBIT expects AUM growth to pick up to 16%/17% Y/Y in FY27/28E and credit cost to reduce to 2%, resulting in 20% EPS CAGR (FY26-28E)
** Emkay downgrades stock to "reduce" from "buy"; trims PT to 750 rupees from 850 rupees
** Expects near-term downside risk if stress in the vehicle and unsecured segments persists
** Says, with growth and profitability not firing together, do not see any scope for a re-rating of the stock
** HDBF down 7.5% since its debut in July
(Reporting by Brijesh Patel in Bengaluru)
((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))
Japan's MUFG to invest over $4 billion for stake in India's Shriram Finance, sources say
By Aditya Kalra and Miho Uranaka
NEW DELHI/TOKYO, Dec 17 (Reuters) - Japan's Mitsubishi UFJ Financial Group (MUFG) 8306.T is set to invest more than $4 billion for a roughly 20% stake in Indian non-bank financial company Shriram Finance SHMF.NS, with the deal to be closed on Friday, two people with knowledge of the matter said.
MUFG declined to comment, while Shriram Finance did not respond to Reuters' queries.
It would be the latest in a string of overseas expansion deals by Japanese banks, which are looking for stronger growth than is available in a domestic market where the population is ageing and declining. India has become a popular destination due to its fast-growing economy.
Larger Japanese rival Sumitomo Mitsui Financial Group 8316.T bought 24.2% of Indian lender Yes Bank YESB.NS this year, starting with a 20% stake for $1.6 billion in May.
Japan's Mizuho Securities said on Wednesday it would buy a majority stake in Indian investment bank Avendus from U.S. investment firm KKR KKR.N for up to 81 billion yen ($523 million).
Bloomberg reported on Monday that MUFG may invest more than $3.2 billion in the Shriram Finance deal, but the two sources said the amount will be much higher.
While both said the amount will be in excess of $4 billion, one of the sources put the number at about $4.3 billion, or 390 billion Indian rupees. They declined to be named because the details are confidential.
Shriram Finance late on Tuesday told Indian stock exchanges that its board would meet on Friday to discuss and approve a proposal to raise funds, without elaborating.
Shriram Finance is one of India's biggest retail non-banking financial entities, offering credit solutions for commercial vehicles, cars, scooters and personal loans. Its assets under management stood at 2.8 trillion Indian rupees, or $31 billion, as of the end of September.
(Reporting by Aditya Kalra in New Delhi and Miho Uranaka in Tokyo; Additional reporting by Vibhuti Sharma and Gopika Gopakumar; Editing by Jamie Freed)
((kane.wu@thomsonreuters.com; +85228436590; Reuters Messaging: kane.wu.thomsonreuters.com@reuters.net))
By Aditya Kalra and Miho Uranaka
NEW DELHI/TOKYO, Dec 17 (Reuters) - Japan's Mitsubishi UFJ Financial Group (MUFG) 8306.T is set to invest more than $4 billion for a roughly 20% stake in Indian non-bank financial company Shriram Finance SHMF.NS, with the deal to be closed on Friday, two people with knowledge of the matter said.
MUFG declined to comment, while Shriram Finance did not respond to Reuters' queries.
It would be the latest in a string of overseas expansion deals by Japanese banks, which are looking for stronger growth than is available in a domestic market where the population is ageing and declining. India has become a popular destination due to its fast-growing economy.
Larger Japanese rival Sumitomo Mitsui Financial Group 8316.T bought 24.2% of Indian lender Yes Bank YESB.NS this year, starting with a 20% stake for $1.6 billion in May.
Japan's Mizuho Securities said on Wednesday it would buy a majority stake in Indian investment bank Avendus from U.S. investment firm KKR KKR.N for up to 81 billion yen ($523 million).
Bloomberg reported on Monday that MUFG may invest more than $3.2 billion in the Shriram Finance deal, but the two sources said the amount will be much higher.
While both said the amount will be in excess of $4 billion, one of the sources put the number at about $4.3 billion, or 390 billion Indian rupees. They declined to be named because the details are confidential.
Shriram Finance late on Tuesday told Indian stock exchanges that its board would meet on Friday to discuss and approve a proposal to raise funds, without elaborating.
Shriram Finance is one of India's biggest retail non-banking financial entities, offering credit solutions for commercial vehicles, cars, scooters and personal loans. Its assets under management stood at 2.8 trillion Indian rupees, or $31 billion, as of the end of September.
(Reporting by Aditya Kalra in New Delhi and Miho Uranaka in Tokyo; Additional reporting by Vibhuti Sharma and Gopika Gopakumar; Editing by Jamie Freed)
((kane.wu@thomsonreuters.com; +85228436590; Reuters Messaging: kane.wu.thomsonreuters.com@reuters.net))
India New Issue-HDB Financial Services accepts bids for bond issues, bankers say
MUMBAI, Nov 11 (Reuters) - India's HDB Financial Services has accepted bids worth 4.60 billion rupees ($52.3 million) for the reissue of 7.3274% August 2028 bond and 7.3268% October 2030 bond, three bankers said on Tuesday.
The company had invited commitment bids for the issues on Monday, they said.
HDB Financial Services did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on November 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial Aug 2028 reissue | 2 years and 10 months | 7.20 (yield) | 2.75 | November 10 | AAA (Crisil, Care) |
HDB Financial Oct 2030 reissue | 24years and 11 months | 7.3250 (yield) | 1.85 | November 10 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.8950 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
MUMBAI, Nov 11 (Reuters) - India's HDB Financial Services has accepted bids worth 4.60 billion rupees ($52.3 million) for the reissue of 7.3274% August 2028 bond and 7.3268% October 2030 bond, three bankers said on Tuesday.
The company had invited commitment bids for the issues on Monday, they said.
HDB Financial Services did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on November 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial Aug 2028 reissue | 2 years and 10 months | 7.20 (yield) | 2.75 | November 10 | AAA (Crisil, Care) |
HDB Financial Oct 2030 reissue | 24years and 11 months | 7.3250 (yield) | 1.85 | November 10 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.8950 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
State Bank of India to sell 6.3% stake in SBI Funds Management via IPO
Adds details throughout
Nov 6 (Reuters) - State Bank of India SBI.NS, the country's largest lender by assets, said on Thursday it will sell a 6.3% stake in SBI Funds Management via the latter's initial public offering.
SBI Funds Management, a joint venture between SBI and French fund management firm Amundi, oversees mutual funds and investment portfolios for retail and institutional investors.
The french company will sell a 3.7% stake via the IPO, which will likely be completed in 2026, according to the Indian lender.
SBI currently holds a 61.9% stake in SBI Funds Management, while Amundi has a 36.4% stake.
The divestment plan comes at a time of intense activity in India's IPO market.
The country is expected to see a record year for IPO fundraise in 2025 - surpassing previous year's $20.5 billion proceeds - with offerings from firms including Tata Capital TATC.NS, LG Electronics India LGEL.NS and HDB Financial HDBF.NS making India the third biggest venue for primary market fundraising.
(Reporting by Nishit Navin; Editing by Sonia Cheema)
Adds details throughout
Nov 6 (Reuters) - State Bank of India SBI.NS, the country's largest lender by assets, said on Thursday it will sell a 6.3% stake in SBI Funds Management via the latter's initial public offering.
SBI Funds Management, a joint venture between SBI and French fund management firm Amundi, oversees mutual funds and investment portfolios for retail and institutional investors.
The french company will sell a 3.7% stake via the IPO, which will likely be completed in 2026, according to the Indian lender.
SBI currently holds a 61.9% stake in SBI Funds Management, while Amundi has a 36.4% stake.
The divestment plan comes at a time of intense activity in India's IPO market.
The country is expected to see a record year for IPO fundraise in 2025 - surpassing previous year's $20.5 billion proceeds - with offerings from firms including Tata Capital TATC.NS, LG Electronics India LGEL.NS and HDB Financial HDBF.NS making India the third biggest venue for primary market fundraising.
(Reporting by Nishit Navin; Editing by Sonia Cheema)
HDB Financial Services Dividend 2 Rupees Per Share
Oct 15 (Reuters) - HDB Financial Services HDBF.NS:
DIVIDEND 2 RUPEES PER SHARE
Source text: ID:nNSE5nNMKv
Further company coverage: HDBF.NS
Oct 15 (Reuters) - HDB Financial Services HDBF.NS:
DIVIDEND 2 RUPEES PER SHARE
Source text: ID:nNSE5nNMKv
Further company coverage: HDBF.NS
FACTBOX-Listing performance of India's billion dollar IPOs since 2020
BENGALURU, Oct 14 (Reuters) - LG Electronics India LGEL.NS made a stellar stock market debut on Tuesday, listing at a premium of 50% to its issue price of 1,140 rupees per share.
This is the best listing for a billion-dollar Indian initial public offering since Eternal ETEA.NS, the parent company of food delivery and restaurant-listing platform Zomato, debuted in 2021.
Here's a look at how India's other billion-dollar IPOs have done this decade:
SBI CARDS AND PAYMENT SERVICES (MARCH 2020)
The credit card arm SBIC.NS of India's largest lender, State Bank of India SBI.NS, slid about 13% in market debut, as the COVID-19 pandemic worries dampened enthusiasm for one of the country's largest public listings.
ETERNAL, FORMERLY KNOWN AS ZOMATO (JULY 2021)
The food and grocery delivery platform listed at a premium of 51.3% to its issue price, giving the startup a valuation of about $13 billion and setting the stage for other domestic startups waiting in the wings with listing plans of their own.
ONE97 COMMUNICATIONS (NOVEMBER 2021)
The parent of digital payments start-up, Paytm PAYT.NS, made one of the worst major Indian stock market debuts as its shares listed at a 9% discount and closed the first day 27% below its offer price due to concerns over profitability and lofty enterprise value.
LIFE INSURANCE CORPORATION OF INDIA (MAY 2022)
Shares of India's biggest insurer LIFI.NS slid nearly 9% in market debut amid broader market volatility and concerns over its market share loss to rivals.
HYUNDAI MOTOR INDIA (OCTOBER 2024)
The automaker's shares HYUN.NS fell 1.5% on listing after retail investors gave a lukewarm reception to the country's biggest-ever IPO amid concerns about a lofty valuation and an auto industry slowdown.
SWIGGY (NOVEMBER 2024)
The SoftBank-backed food and grocery delivery platform SWIG.NS listed at a 5.6% premium and extended gains through the day, signaling growing investor confidence in the segment.
NTPC GREEN ENERGY (NOVEMBER 2024)
The renewable energy firm's shares NTPG.NS jumped as much as 14% on their debut, as investors bet on the country's growing clean energy needs and the company's diversified portfolio.
HDB FINANCIAL SERVICES (JULY 2025)
Non-banking financial lending arm HDBF.NS of the country's largest private lender HDFC Bank HDBK.NS jumped about 13% on listing, notching a valuation of $8.2 billion, as investors bet on long-term growth prospects in the world's most populous country.
TATA CAPITAL (OCTOBER 2025)
India's third-largest non-bank lender TATC.NS made a muted debut, listing slightly higher than its issue price at a $15.78 billion valuation, with investors seemingly not that keen on the Tata Group's first IPO in two years due to a crowded IPO market and lack of valuation discount to listed peers.
Performance of India's billion dollar IPOs https://reut.rs/47tRYYb
Listing performance of India's billion-dollar IPOs since 2020 https://reut.rs/4n3A9Vy
(Reporting by Vivek Kumar M; Editing by Rashmi Aich)
BENGALURU, Oct 14 (Reuters) - LG Electronics India LGEL.NS made a stellar stock market debut on Tuesday, listing at a premium of 50% to its issue price of 1,140 rupees per share.
This is the best listing for a billion-dollar Indian initial public offering since Eternal ETEA.NS, the parent company of food delivery and restaurant-listing platform Zomato, debuted in 2021.
Here's a look at how India's other billion-dollar IPOs have done this decade:
SBI CARDS AND PAYMENT SERVICES (MARCH 2020)
The credit card arm SBIC.NS of India's largest lender, State Bank of India SBI.NS, slid about 13% in market debut, as the COVID-19 pandemic worries dampened enthusiasm for one of the country's largest public listings.
ETERNAL, FORMERLY KNOWN AS ZOMATO (JULY 2021)
The food and grocery delivery platform listed at a premium of 51.3% to its issue price, giving the startup a valuation of about $13 billion and setting the stage for other domestic startups waiting in the wings with listing plans of their own.
ONE97 COMMUNICATIONS (NOVEMBER 2021)
The parent of digital payments start-up, Paytm PAYT.NS, made one of the worst major Indian stock market debuts as its shares listed at a 9% discount and closed the first day 27% below its offer price due to concerns over profitability and lofty enterprise value.
LIFE INSURANCE CORPORATION OF INDIA (MAY 2022)
Shares of India's biggest insurer LIFI.NS slid nearly 9% in market debut amid broader market volatility and concerns over its market share loss to rivals.
HYUNDAI MOTOR INDIA (OCTOBER 2024)
The automaker's shares HYUN.NS fell 1.5% on listing after retail investors gave a lukewarm reception to the country's biggest-ever IPO amid concerns about a lofty valuation and an auto industry slowdown.
SWIGGY (NOVEMBER 2024)
The SoftBank-backed food and grocery delivery platform SWIG.NS listed at a 5.6% premium and extended gains through the day, signaling growing investor confidence in the segment.
NTPC GREEN ENERGY (NOVEMBER 2024)
The renewable energy firm's shares NTPG.NS jumped as much as 14% on their debut, as investors bet on the country's growing clean energy needs and the company's diversified portfolio.
HDB FINANCIAL SERVICES (JULY 2025)
Non-banking financial lending arm HDBF.NS of the country's largest private lender HDFC Bank HDBK.NS jumped about 13% on listing, notching a valuation of $8.2 billion, as investors bet on long-term growth prospects in the world's most populous country.
TATA CAPITAL (OCTOBER 2025)
India's third-largest non-bank lender TATC.NS made a muted debut, listing slightly higher than its issue price at a $15.78 billion valuation, with investors seemingly not that keen on the Tata Group's first IPO in two years due to a crowded IPO market and lack of valuation discount to listed peers.
Performance of India's billion dollar IPOs https://reut.rs/47tRYYb
Listing performance of India's billion-dollar IPOs since 2020 https://reut.rs/4n3A9Vy
(Reporting by Vivek Kumar M; Editing by Rashmi Aich)
India New Issue-HDB Financial Services accepts bids for bond reissue, bankers say
MUMBAI, Sept 24 (Reuters) - India's HDB Financial Services has accepted bids worth 2.75 billion rupees ($30.99 million), for the reissue of its 7.3274% August 2028 bond, three bankers said on Wednesday.
It will offer a yield of 7.3150%, and had invited commitment bids for the issue earlier in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial Aug 2028 reissue | 2 years and 11 months | 7.3150 | 2.75 | September 24 | AAA (Crisil, Care) |
Godrej Seeds and Genetics | STRPP | 7.99 | 10 | September 24 | AA (Icra) |
NABARD | 3 years, 3 months and 25 days | 6.85 | 40.40 | September 24 | AAA (India Rating, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 88.7388 Indian rupees)
(Reporting by Dharamraj Dhutia)
MUMBAI, Sept 24 (Reuters) - India's HDB Financial Services has accepted bids worth 2.75 billion rupees ($30.99 million), for the reissue of its 7.3274% August 2028 bond, three bankers said on Wednesday.
It will offer a yield of 7.3150%, and had invited commitment bids for the issue earlier in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial Aug 2028 reissue | 2 years and 11 months | 7.3150 | 2.75 | September 24 | AAA (Crisil, Care) |
Godrej Seeds and Genetics | STRPP | 7.99 | 10 | September 24 | AA (Icra) |
NABARD | 3 years, 3 months and 25 days | 6.85 | 40.40 | September 24 | AAA (India Rating, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 88.7388 Indian rupees)
(Reporting by Dharamraj Dhutia)
India New Issue-HDB Financial Services to issue near 3-year bonds, bankers say
MUMBAI, Sept 11 (Reuters) - India's HDB Financial Services HDBF.NS plans to raise 5 billion rupees ($56.7 million) through the sale of bonds maturing in two years and 11 months, three bankers said on Thursday.
It has invited coupon and commitment bids for the issue later in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 2 years and 11 months | 7.3274 | 5 | September 11 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 88.1200 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)
MUMBAI, Sept 11 (Reuters) - India's HDB Financial Services HDBF.NS plans to raise 5 billion rupees ($56.7 million) through the sale of bonds maturing in two years and 11 months, three bankers said on Thursday.
It has invited coupon and commitment bids for the issue later in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 2 years and 11 months | 7.3274 | 5 | September 11 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 88.1200 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)
India New Issue-HDB Financial Services to raise 5 billion rupees via bonds, bankers say
MUMBAI, Aug 28 (Reuters) - India's HDB Financial Services HDBF.NS plans to raise 5 billion rupees ($57.08 million), including a greenshoe option of 3.75 billion rupees, through the sale of bonds maturing in three years and one month, three bankers said on Thursday.
It has invited coupon and commitment bids for the issue on Friday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 28:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial Services | 3 years and 1 month | To be decided | 1.25+3.75 | August 29 | AAA (Crisil) |
Tata Power Renewable Energy | 15 years | 7.65 | 15 | August 29 | AA+ (Icra, India Ratings) |
Aditya Birla Capital | 3 years, 8 months and 27 days | zero coupon | 1+4 | August 29 | AAA(Crisil, Icra) |
Delhi International Airport | 15 years | 8.75 (quarterly) | 10 | August 29 | AA- (Icra, India Ratings) |
* Size includes base plus greenshoe for some issues
($1 = 87.60 Indian rupees)
(Reporting by Khushi Malhotra, Dharamraj Dhutia; Editing by Harikrishnan Nair)
MUMBAI, Aug 28 (Reuters) - India's HDB Financial Services HDBF.NS plans to raise 5 billion rupees ($57.08 million), including a greenshoe option of 3.75 billion rupees, through the sale of bonds maturing in three years and one month, three bankers said on Thursday.
It has invited coupon and commitment bids for the issue on Friday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 28:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial Services | 3 years and 1 month | To be decided | 1.25+3.75 | August 29 | AAA (Crisil) |
Tata Power Renewable Energy | 15 years | 7.65 | 15 | August 29 | AA+ (Icra, India Ratings) |
Aditya Birla Capital | 3 years, 8 months and 27 days | zero coupon | 1+4 | August 29 | AAA(Crisil, Icra) |
Delhi International Airport | 15 years | 8.75 (quarterly) | 10 | August 29 | AA- (Icra, India Ratings) |
* Size includes base plus greenshoe for some issues
($1 = 87.60 Indian rupees)
(Reporting by Khushi Malhotra, Dharamraj Dhutia; Editing by Harikrishnan Nair)
India New Issue-HDB Financial to reissue Aug 2027 bonds, bankers say
MUMBAI, Aug 20 (Reuters) - India's HDB Financial Services HDBF.NS plans to raise 10 billion rupees ($114.90 million), through the reissue of 8.33% August 2027 bonds, three bankers said on Wednesday.
It has invited coupon and commitment bids for the issue on Thursday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 2 years | To be decided | 10 | August 21 | AAA(Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.0350 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, Aug 20 (Reuters) - India's HDB Financial Services HDBF.NS plans to raise 10 billion rupees ($114.90 million), through the reissue of 8.33% August 2027 bonds, three bankers said on Wednesday.
It has invited coupon and commitment bids for the issue on Thursday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 2 years | To be decided | 10 | August 21 | AAA(Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.0350 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
India New Issue-HDB Financial to issue over 3-year bonds, bankers say
MUMBAI, Aug 12 (Reuters) - India's HDB Financial Services HDBF.NS plans to raise 5 billion rupees ($57 million), including a greenshoe option of 3 billion rupees, through the sale of bonds maturing in three years and 40 days, three bankers said on Tuesday.
It has invited coupon and commitment bids for the issue on Wednesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 12:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 3 years and 40 days | To be decided | 2+3 | August 13 | AAA( Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.6530 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Sumana Nandy)
MUMBAI, Aug 12 (Reuters) - India's HDB Financial Services HDBF.NS plans to raise 5 billion rupees ($57 million), including a greenshoe option of 3 billion rupees, through the sale of bonds maturing in three years and 40 days, three bankers said on Tuesday.
It has invited coupon and commitment bids for the issue on Wednesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 12:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 3 years and 40 days | To be decided | 2+3 | August 13 | AAA( Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.6530 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Sumana Nandy)
HDB Financial Services June-Quarter Net Profit 5.68 Bln Rupees
July 15 (Reuters) - HDB Financial Services Ltd HDBF.NS:
JUNE-QUARTER NET PROFIT 5.68 BILLION RUPEES
JUNE-QUARTER TOTAL REVENUE FROM OPERATIONS 44.65 BILLION RUPEES
Source text: [ID:]
Further company coverage: HDBF.NS
July 15 (Reuters) - HDB Financial Services Ltd HDBF.NS:
JUNE-QUARTER NET PROFIT 5.68 BILLION RUPEES
JUNE-QUARTER TOTAL REVENUE FROM OPERATIONS 44.65 BILLION RUPEES
Source text: [ID:]
Further company coverage: HDBF.NS
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What does HDB Financial Services do?
HDB Financial Services is a retail-focused, non-banking financial company. It has large, diversified and seasoned product portfolio with a sustainable track record of diversification, growth and profitability through the cycles. It also has tailored sourcing supported by an omni-channel and digitally powered Pan-India distribution network.
Who are the competitors of HDB Financial Services?
HDB Financial Services major competitors are Bajaj Finance, Sundaram Finance, L&T Finance, Mah & Mah Finl. Serv, Chola Invest & Fin., Shriram Finance. Market Cap of HDB Financial Services is ₹48,043 Crs. While the median market cap of its peers are ₹87,931 Crs.
Is HDB Financial Services financially stable compared to its competitors?
HDB Financial Services seems to be less financially stable compared to its competitors. Altman Z score of HDB Financial Services is 0.92 and is ranked 4 out of its 7 competitors.
Does HDB Financial Services pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. HDB Financial Services latest dividend payout ratio is 10.97% and 3yr average dividend payout ratio is 8.36%
How strong is HDB Financial Services balance sheet?
Latest balance sheet of HDB Financial Services is strong. Strength was visible historically as well.
Is the profitablity of HDB Financial Services improving?
The profit is oscillating. The profit of HDB Financial Services is ₹2,265 Crs for TTM, ₹2,176 Crs for Mar 2025 and ₹2,461 Crs for Mar 2024.
Is HDB Financial Services stock expensive?
HDB Financial Services is not expensive. Latest PE of HDB Financial Services is 22.08 while 3 year average PE is 28.57. Also latest Price to Book of HDB Financial Services is 2.48 while 3yr average is 3.58.
Has the share price of HDB Financial Services grown faster than its competition?
There is not enough historical data for the companies share price.
Is the promoter bullish about HDB Financial Services?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in HDB Financial Services is 74.15% and last quarter promoter holding is 74.19%
Are mutual funds buying/selling HDB Financial Services?
The mutual fund holding of HDB Financial Services is increasing. The current mutual fund holding in HDB Financial Services is 10.4% while previous quarter holding is 10.01%.