16 Apr 2026
Deal: Trilegal advised on the successful listing of HDB Financial Services
02 Jul 2025
02 Jul 2025
Trilegal advised on the successful listing of HDB Financial Services Limited (“HDBFS”), a non-banking financial company (“NBFC”) promoted by HDFC Bank Limited (“HDFC Bank”), pursuant to an INR 125 billion initial public offering (“IPO”) of equity shares.
HDBFS is one of the leading, diversified, retail-focused NBFCs in India. HDBFS offers a large portfolio of lending products that cater to a growing and diverse customer base through a wide omni-channel distribution network.
This is the largest IPO by an NBFC till date and the 5th largest IPO ever in India. It is also India’s second-most oversubscribed billion-dollar IPO, and the largest IPO of the year so far.
Trilegal advised HDFC Bank, the promoter and selling shareholder, on its INR 10 billion offer for sale as part of the IPO. The net proceeds from the fresh issue are proposed to be utilised by HDB Financial Services for the augmentation of its Tier-I capital base to support future business growth and capital adequacy requirements.
The Trilegal team was led by Partner: Richa Choudhary; and supported by Counsel: Maitreya Rajurkar; Senior Associates: Sanya Chaudhari and Shivayana Balodia; and Associate:Anay Jain.
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About Trilegal
Trilegal is a leading full-service law firm in India with over 25 years of experience, trusted for its in-depth expertise and client-centric approach. The firm advises a diverse set of clients, including Fortune 500 companies, global investment funds, major Indian conglomerates, domestic and international banks, technology and media giants, family offices, and high-net-worth individuals. With more than 140 partners operating under a distinctive lockstep model, Trilegal is the largest equity partnership in the country. The firm retains over 1,100 professionals across Mumbai, Delhi, Bengaluru, and Gurugram offices.
Trilegal has consistently been recognised among India’s top-tier firms in leading legal directories such as Chambers & Partners (Asia Pacific and Global), Legal 500 Asia Pacific, and Benchmark Litigation. It has also earned several prestigious accolades, including being named Best Overall Law Firm by India Business Law Journal (IBLJ) 2025, Innovative Lawyers in Disputes & Crisis Management by the Financial Times (FT) Innovative Lawyers Asia-Pacific Awards in 2025, M&A Firm of the Year by IFLR Asia-Pacific in 2024, Law Firm of the Year by Deal Volume at the VCCircle Awards in 2024, India Deal Firm of the Year at the Asian Legal Business (ALB) India Law Awards in 2023, and Best Law Firm to Work by Vahura in 2022.
For more information, please get in touch with Prakruti Jani | Mob: +91-9867868976 | BD@trilegal.com
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