Consultation by CAM and Trilegal on HDB's $1.5 billion IPO, India's largest of the year 2025
In a significant development, HDFC Bank's ₹1,000 crore offer for sale as part of the $1.5 billion IPO of HDB Financial Services in 2021 was advised by Trilegal. The legal team was headed by Partner Richa Choudhary, with support from Maitreya Rajurkar (Counsel), Sanya Chaudhari (Senior Associate), Shivayana Balodia (Senior Associate), and Anay Jain (Associate).
On the other hand, HDB Financial Services, the issuer of the shares in the IPO, was represented by Cyril Amarchand Mangaldas. The CAM team was led by Partner Devaki Mankad, Regional Co-Head – Capital Markets (West), and included several associates and partners such as Senior Partner Yash J. Ashar and Partner Gaurav Gupte.
This IPO marked one of the largest by an NBFC in India, raising ₹12,500 crore (approximately $1.5 billion). The return on this IPO is attributed to big-ticket block trades, often preceding a recovery in IPOs. It is also noteworthy that foreign investors are returning to invest in Indian stocks.
The success of this IPO underscores the expertise and diligence of both Trilegal and Cyril Amarchand Mangaldas in handling complex capital market transactions. The collaboration between these two prominent law firms highlights the strength of the legal industry in supporting India's growing financial sector.
[1] Source: Business Standard, The Economic Times, Livemint, and other reputable news outlets.
The success of the substantial IPO by HDB Financial Services, which ondisplayed one of the largest fundraisings by an NBFC in India, was underpinned by the expertise and diligence of both Trilegal and Cyril Amarchand Mangaldas, as they managed complex capital market transactions. The collaboration between these two preeminent law firms illuminates the industry's vital role in bolstering India's burgeoning business and finance sector. Furthermore, many foreign investors have resumed investing in Indian stocks, indicating the attractiveness of the country's financial market for external funding.
