Shares of HDB Financial Services, the NBFC arm of HDFC Bank, are being valued at over Rs 80,000 crore in the grey market. This makes it the country’s fourth most valuable non-bank lender at the existing prices.
“Activity in the HDB Financial counter suddenly increased in the last few days ahead of its AGM on June 21,” said Narottam Dharawat, a Mumbai-based broker who deals in unlisted companies. “The company is currently trading at a huge premium because of the HDFC brand and the last trade was at Rs 1,050 per share.”
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IPO coming soon
HDB is likely to be listed in the current financial year. HDFC Bank is planning to sell part of its stake through an IPO to raise around Rs 10,000 crore.
Financials
HDB’s profit more than tripled in the last four years from Rs 350 crore in FY15 to Rs 1,153 crore in FY19. Revenue grew 245 per cent to Rs 8,725 crore. HDB’s AUM growth moderated in FY19 to Rs 54,700 crore due to challenges in the NBFC sector.
Profile
HDB Financial Services Ltd was incorporated in 2007 by HDFC Bank. HDBFS is engaged in the business of financing, collection, and insurance services. HDBFS also carries a Business Process Outsourcing (BPO) business and provides back-office processing services. The company is also engaged in the business of marketing and promotion of the various financial products. It distributes general and life insurance products for HDFC Ergo General Insurance Company and HDFC Standard Life Insurance Company.
The company has 1151 branches in 815 cities in India and has its data centre at Bengaluru and centralised operations in Hyderabad and Chennai.
Source: Today’s ET article