HDB Financial Services, backed by HDFC Bank (94% stake), is launching its IPO from June 25–27, 2025, with a price band of ₹700–₹740 per share. It’s India's largest NBFC IPO to date—valued at approximately ₹12,500 crore—with ₹2,500 crore fresh issue and ₹10,000 crore offer-for-sale. A special ₹1,250 crore reservation is set aside for HDFC Bank shareholders under a 20–260 share lot requirement.