Target to bring IPO before December-end: Keki Mistry, HDFC

In a chat with ET Now, Keki Mistry, VC & CEO, HDFC, says While going ahead with the IPO, HDFC recognises the synergy that Max brings to the table and therefore if structure can be arrived at which is also accepted by the regulators, then happy to look at it.

Edited excerpts:


Since IRDA rejection of the proposed merger between HDFC and Max Group of companies, there has been lack of clarity on the markets regarding the stance of HDFC post the rejection from the regulator. Now, the decks have been cleared for an IPO. How confident are you about market appetite?

Extremely confident. HDFC is largely held by institutional investors and a number of these investors have approached us over time and expressed an interest in subscribing to equity shares. I am sure this is going to be a big success.

The official statement from HDFC also says that no structure prior to the IPO of HDFC Life has been identified which also satisfies the shareholders’ requirements?

I do not know about that. I do not know how long it will take for a new structure to announce. That is why we have said that we would also look at doing an IPO. So, the IPO has been announced. Now we will start working on it as soon as possible and we will target to do it in the current calendar year.

Is a proposed merger between both the companies still alive?

We have already announced in the press release that we are looking to do an IPO. However, we have recognised the synergy that Max brings on the table and therefore if we can arrive at a structure which can be accepted by the regulators, then that is something we are happy to look at.