HDFC Bank is proposing to go in for an IPO for its non-bank lending unit, HDB Financial Services. The bank hopes to raise around $1 billion from the IPO. HDB, founded in 2007, offers products like personal loans, commercial vehicle loans, gold loans and loans against property. The bank is understood to be finalizing investments banks for the IPO, which is expected to be a mix of primary and secondary share sale. The IPO may happen within this financial year. HDFC Bank holds 95.53% stake in HDB Financial Services, while the rest is held by individual shareholders and employee trusts.
