Cyril Amarchand Mangaldas advised HDB Financial Services Limited on its landmark IPO
Cyril Amarchand Mangaldas advised HDB Financial Services Limited (“Company”), acting as Indian legal counsel, in connection with its initial public offering of 168,918,917 equity shares, aggregating to ₹ 125,000.0 million (“Offer”).
The Offer comprised a fresh issue of 33,783,782 equity shares aggregating to ₹ 25,000.0 million, and an offer for sale of 135,135,135 equity shares aggregating to ₹ 100,000.0 million by HDFC Bank Limited (“Promoter”). This Offer marks the largest public issue by a non-banking financial company in India to date and was subscribed 16.69 times, with the portion reserved for qualified institutional buyers subscribed 55.47 times.
The book running lead managers to the Offer were JM Financial Limited, BNP Paribas, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited (Formerly IIFL Securities Limited), Jefferies India Private Limited, Morgan Stanley India Company Private Limited, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory and Securities (India) Private Limited, Nuvama Wealth Management Limited, and UBS Securities India Private Limited.
The Cyril Amarchand Mangaldas team was led by Devaki Mankad (Partner & Regional Co-Head – Capital Markets – West) with support from Akash Joshi (Senior Associate), Raksha Raina (Associate), Urmil Shah (Associate), Nayanika Gupta (Associate), Gaurav Lalwani (Associate), Janhavi Deshmukh (Associate), and Yashi Gulecha (Associate), and further supported by Yash J. Ashar (Senior Partner) and Gaurav Gupte (Partner).
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