HDB Financial Services, the non-banking lending unit of HDFC Bank, filed the Draft Red Herring Prospectus (DRHP) with SEBI to raise up to ₹12,500 crore through IPO. HDFC Bank owns a 94.6% stake in HDB Financial Services and will sell shares worth up to ₹10,000 crore. This is the HDFC group's first public float in six years.