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

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$1.7 billion. </li>
<li>I had previously discussed the investment case in <strong><em><a href="https://www.smartkarma.com/insights/tata-capital-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:197180" rel="noopener">Tata Capital IPO: The Investment Case</a></em></strong>. </li>
<li>The RHP updates show that the fundamentals remain mixed. Positives include large size, mid-tier growth rates and good asset quality. Negatives include below peer average NIM, interest spread and ROA. </li>
</ul>



Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$1.7 billion. 
I had previously discussed the investment case in Tata Capital IPO: The Investment Case. 
The RHP updates show that the fundamentals remain mixed. Positives include large size, mid-tier growth rates and good asset quality. Negatives include below peer average NIM, interest spread and ROA. 


Tata Capital IPO: RHP Update Points to Mixed Fundamentals

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

<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 looking to list on the exchanges by selling up to INR155bn (US$1.75bn) of stock at a valuation of around INR 1,384bn (US$15.6bn).</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 June 2026.</li>
<li>The stock should be added to the Large Cap segment in the AMFI Classification in January and to the Nifty Next 50 Index in March.</li>
</ul>



Tata Capital Limited (TATACAP IN) is looking to list on the exchanges by selling up to INR155bn (US$1.75bn) of stock at a valuation of around INR 1,384bn (US$15.6bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in June 2026.
The stock should be added to the Large Cap segment in the AMFI Classification in January and to the Nifty Next 50 Index in March.


Tata Capital IPO: Big Listing, Big Valuation, Small Float

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Our earlier insight <a href="https://www.smartkarma.com/insights/tata-capital-ipo-jinxed-by-tata-motors-finance" target="_blank" data-smartkarma-citation="insights:201451" rel="noopener">Tata Capital IPO – Jinxed by Tata Motors Finance</a> describes how post merger with Tata Motor finance,  the finance metrics of the company changed.</li>
<li>In this insight we discuss about updates from Q1FY26 results and key observations on the same.</li>
<li>This also discusses about the IPO valuation, peer comparison and our view.</li>
</ul>


Our earlier insight Tata Capital IPO – Jinxed by Tata Motors Finance describes how post merger with Tata Motor finance,  the finance metrics of the company changed.
In this insight we discuss about updates from Q1FY26 results and key observations on the same.
This also discusses about the IPO valuation, peer comparison and our view.


Tata Capital IPO : Update on Q1FY26 Financials, IPO Valuation, Peer Comparison and View

<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. 


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>NBFCs are consistently delivering higher credit growth than the overall lending industry across most asset classes—driven by demand from underserved segments and enabled by tech-led agility.</li>
<li>From FY20–25, NBFCs saw higher CAGR in 5 of the 7 loan segments, and this trend is projected to continue through FY26—reinforcing their systemic importance in India’s credit landscape.</li>
<li>NBFCs are no longer niche lenders. With higher market share in fast-growing segments like personal loans, MSME, microfinance, and consumer durables, they are outgrowing the systemic pace—indicating stronger tailwinds</li>
</ul>


NBFCs are consistently delivering higher credit growth than the overall lending industry across most asset classes—driven by demand from underserved segments and enabled by tech-led agility.
From FY20–25, NBFCs saw higher CAGR in 5 of the 7 loan segments, and this trend is projected to continue through FY26—reinforcing their systemic importance in India’s credit landscape.
NBFCs are no longer niche lenders. With higher market share in fast-growing segments like personal loans, MSME, microfinance, and consumer durables, they are outgrowing the systemic pace—indicating stronger tailwinds


Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

India

Sundaram Finance Ltd., together with its subsidiaries, provides various financial products and services in India. The Company offers savings products, car and commercial vehicle finance, insurance products, home loans and logistics services. Sundaram is based in Chennai, India.

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Sundaram Finance (SUF IN)

Tata Capital IPO: RHP Update Points to Mixed Fundamentals

Tata Capital, the third-largest non-banking financial company (NBFC), is seeking to raise US$1.7 billion. In this note, I examine the latest...

Arun George

Tata Capital IPO: Big Listing, Big Valuation, Small Float

Tata Cap is looking to raise up to US$1.75bn at a valuation of US$15.6bn. A free float of less than 15% will keep the stock out of one major global...

Brian Freitas

Tata Capital IPO : Update on Q1FY26 Financials, IPO Valuation, Peer Comparison and View

Insight on Tata Capital IPO post-merger with Tata Motors Finance, including Q1FY26 results, IPO valuation, peer comparison, and our view.

Sreemant Dudhoria,CFA

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

Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Capital IPO: RHP Update Points to Mixed Fundamentals

Tata Capital, the third-largest non-banking financial company (NBFC), is seeking to raise US$1.7 billion. In this note, I examine the latest...

Arun George

Tata Capital IPO: Big Listing, Big Valuation, Small Float

Tata Cap is looking to raise up to US$1.75bn at a valuation of US$15.6bn. A free float of less than 15% will keep the stock out of one major global...

Brian Freitas

Tata Capital IPO : Update on Q1FY26 Financials, IPO Valuation, Peer Comparison and View

​Insight on Tata Capital IPO post-merger with Tata Motors Finance, including Q1FY26 results, IPO valuation, peer comparison, and our view.

Sreemant Dudhoria,CFA

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

Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

​NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

Sudarshan Bhandari

Insight on Tata Capital IPO post-merger with Tata Motors Finance, including Q1FY26 results, IPO valuation, peer comparison, and our view.

NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...