HDB Financial Services, the non-banking financial arm of HDFC Bank, has announced the launch of its highly anticipated Rs. 12,500-crore initial public offering (IPO). The company has set a price band of Rs. 700-740 per share, valuing it at nearly Rs. 61,400 crore at the upper end. The IPO, comprising a fresh issue of Rs. 2,500 crore and an offer for sale of Rs. 10,000 crore by HDFC Bank, will open for subscription on June 25 and close on June 27. Proceeds will be used to bolster HDB’s Tier-I capital, supporting future lending and growth initiatives.