HDB Financial Services Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, concerning the utilization of proceeds from its Initial Public Offer (IPO). The report, issued by CARE Ratings Limited, confirms that there has been no deviation from the objects for which the funds were raised.

The company had raised ₹2,500 crore through its IPO, comprising a fresh issue of ₹2,500 crore and an offer for sale of ₹10,000 crore. The proceeds were primarily allocated for augmenting the company's Tier-I Capital base to meet future capital requirements, including onward lending across its Enterprise Lending, Asset Finance, and Consumer Finance verticals. A smaller portion was allocated for offer expenses.

As of December 31, 2025, HDB Financial Services has utilized ₹2,456.62 crore towards augmenting its Tier-I capital, which represents 99.92% of the net proceeds. The remaining ₹4.27 crore are related to offer expenses, with ₹2 crore held in escrow by the Book Running Lead Managers (BRLMs) pending confirmation of final offer expenses. The company's utilization plan for augmenting its capital base is ongoing, with a target completion date of March 31, 2026. The report confirms that all utilization has been appropriate and in line with the offer document disclosures, with no material deviations or changes in the means of finance observed.