SEBI approved HDB Financial Services' ₹12,500 crore IPO, comprising ₹2,500 crore fresh issue and ₹10,000 crore offer for sale by parent HDFC Bank, which has a 94.36% stake, reports stated. As an upper-layer NBFC, HDB is required to list by September 2025 as per RBI guidelines. The IPO will be the largest NBFC IPO and fifth-largest to hit domestic markets.