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>I discussed the fundamentals in <strong><em><a href="https://www.smartkarma.com/insights/hdb-financial-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:191077" rel="noopener">HDB Financial IPO: The Investment Case</a></em></strong>. The shares will be listed on 2 July.</li>
<li>My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.</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).
I discussed the fundamentals in HDB Financial IPO: The Investment Case. The shares will be listed on 2 July.
My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.


<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. 


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>During rate cut cycle, NBFCs with a higher proportion of floating-rate liabilities &amp; a relatively lower proportion of floating-rate assets are poised to experience an expansion in their profitability.</li>
<li>This insight analyzes the asset-liability profiles of select Vehicle Financiers, Prime HFCs, and Affordable HFCs to identify their sensitivity to interest rate movements</li>
<li>Overall, NBFCs expect the benefit of the rate cut to have a lagged effect from H2FY26, leading  expansion in NIM and overall profitability</li>
</ul>


During rate cut cycle, NBFCs with a higher proportion of floating-rate liabilities &amp; a relatively lower proportion of floating-rate assets are poised to experience an expansion in their profitability.
This insight analyzes the asset-liability profiles of select Vehicle Financiers, Prime HFCs, and Affordable HFCs to identify their sensitivity to interest rate movements
Overall, NBFCs expect the benefit of the rate cut to have a lagged effect from H2FY26, leading  expansion in NIM and overall profitability


Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sundaram Finance (SUF IN)

HDB Financial IPO: Valuation Insights

My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.

Arun George

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

Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...

Nimish Maheshwari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HDB Financial IPO: Valuation Insights

My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.

Arun George

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

Thematic Report : Impact of Rate Cuts on Profitability of NBFCs and HFCs in India

​NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...

Nimish Maheshwari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

NBFCs with more floating-rate liabilities and less floating-rate assets set to profit from rate cuts, with increased profitability expected in...