A primary driver for the recent surge in the stock price of HDFC Bank Ltd was the IPO of HDB Financial Services (HDBFS), a prominent Non-Banking Financial Company (NBFC) in India. As a subsidiary of HDFC Bank, HDBFS offers a broad spectrum of financial services, including secured and unsecured loans across enterprise lending for MSMEs, asset finance, and consumer finance. The company also provides business process outsourcing (BPO) and insurance product distribution. HDBFS's ongoing Initial Public Offering (IPO), which aims to raise Rs 12,500 crore, highlights its robust market position and significant growth potential, further strengthened by its association with HDFC Bank and its extensive network of over 1,770 branches across India.