Financial Institutions Group

Jefferies Served as Joint Bookrunner to HDB Financial Services (NSE/BSE: HDBFS) on $1.4 Billion Initial Public Offering

• Jefferies served as Joint Bookrunner to HDB Financial Services Limited, a subsidiary of HDFC Bank Limited, on the company’s $1.4 billion initial public offering.
• This is the largest IPO of a non-banking financial company and the 5th largest IPO ever in India. It also garnered the highest QIB subscription ever for a $1 billion+ IPO in India, and saw the largest mobilization of funds for an India-based IPO of this size in the last 4 years.
• Jefferies ranked #1 in a 12-bank syndicate in terms of anchor procurement on this transaction, securing interest from domestic and global investors. This marks our 5th transaction with HDFC Group (NYSE: HDB).

Jefferies Served as Joint Lead Bookrunner on Bullish’s $1.1 Billion Initial Public Offering (NYSE: BLSH)

• Jefferies is pleased to have served as Joint Lead Bookrunner on Bullish’s $1.1 billion Initial Public Offering.
• Bullish is the 12th tech IPO to price this year and represents one of the earlier digital asset/crypto-related companies to tap the public markets.
• The transaction was upsized 48% on a share basis due to strong investor demand. This upsize represents the largest tech IPO upsize ever, per Dealogic.
• This transaction underscores Jefferies’ ability to identify leading companies in the crypto sector. It is the 124th announced transaction advised by the Jefferies Market Structure & Technology team since 2015, and the 7th digital assets-related transaction the team has completed in 2025.

Jefferies Served as a Lead Bookrunner on eToro’s $713 Million Initial Public Offering

• Jefferies served as a Lead Bookrunner on eToro’s upsized $713 million Initial Public Offering, marking the first tech IPO since March and the recent market volatility. This also marks the first Fintech IPO since 2021 and the largest IPO of an Israeli company since October 2022.
• The deal was multiple times oversubscribed, anchored by a $100m cover order from BlackRock and saw participation from top-tier long-only and mutual fund institutional investors. Extensive pre-IPO investor education, track record of fundamental outperformance and a thoughtful IPO execution strategy helped drive momentum.  
• Extensive pre-IPO investor education, track record of fundamental outperformance and a thoughtful IPO execution strategy helped drive momentum.
• Jefferies has served as a trusted advisor to the eToro management team over many years.