IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services Ltd (0117739D IN)</a> is India's seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion). </li>
<li>The proposed IPO comprises a primary raise of Rs25 billion (US$388 million) and a secondary raise of  Rs100 billion (US$1.2 billion) by the parent. </li>
<li>The fundamentals are average at best, as HDB does not outperform its NBFC peers on key performance indicators. </li>
</ul>



HDB Financial Services Ltd (0117739D IN) is India's seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion). 
The proposed IPO comprises a primary raise of Rs25 billion (US$388 million) and a secondary raise of  Rs100 billion (US$1.2 billion) by the parent. 
The fundamentals are average at best, as HDB does not outperform its NBFC peers on key performance indicators. 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

HDB Financial Services Ltd / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services Ltd (0117739D IN)</a> is looking to list on the exchanges by selling up to INR125bn (US$1.46bn) of stock at a valuation of around INR 620bn (US$7.2bn).</li>
<li>The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in December.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services Ltd</a>'s peers have traded well over the last 6 months and that could spill over into demand for the stock. Grey market premium is pretty high.</li>
</ul>



HDB Financial Services Ltd (0117739D IN) is looking to list on the exchanges by selling up to INR125bn (US$1.46bn) of stock at a valuation of around INR 620bn (US$7.2bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in December.

HDB Financial Services Ltd's peers have traded well over the last 6 months and that could spill over into demand for the stock. Grey market premium is pretty high.


HDB Financial IPO: Offer Details & Index Entry Timing

Tata Capital Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion. </li>
<li>On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.</li>
<li>The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE. </li>
</ul>



Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion. 
On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.
The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the not-so-positive aspects of the deal.


HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the positive aspects of the deal.


HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

India

HDB Financial Services Limited provides financial services. The Company offers personal, gold, auto, business, durable, and commercial vehicle finance, as well as loan against property. HDB Financial Services serves customers in India.

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HDB Financial Services Ltd (0117739D IN)

HDB Financial IPO: The Investment Case

HDB Financial, India's seventh-largest non-banking financial company (NBFC), is seeking to raise Rs125 billion (US$1.4 billion). In this note, we...

Arun George

HDB Financial IPO: Offer Details & Index Entry Timing

HDB Financial is looking to raise INR 125bn (US$1.46bn) at a rumored valuation of INR 620bn (US$7.2bn). No Fast Entry to global index due to low...

Brian Freitas

Tata Capital IPO: The Investment Case

Tata Capital has begun investor roadshows for an IPO to raise US$2.0 billion. In this note, I examine the fundamentals of the business.

Arun George

HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

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