Smartkarma Daily Briefs

• Canara Robeco AMC has raised US$150m in its India IPO.
• Canara Robeco has demonstrated strong growth registering a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24. 
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• Exzeo Group (XZO US) is to offer 8 million shares at $20-$22 equating to a valuation of $1.8b-$2.0b and can go public as early as November 5th.
• The underwriters have reserved up to 5% of the shares of common stock offered through a directed share program.
• This company is a technology arm of HCI and revenue for this company is growing at a very strong pace (80% in 1H 2025). 

• Cumulative Q3 FY11/25 revenue was JPY24.4bn (-9.7% YoY), with operating profit at JPY2.2bn (-49.8% YoY).
• Full-year forecast revised: revenue JPY32.0bn (-2.0%), operating profit JPY2.5bn (+19.8%), net income JPY1.7bn (+25.0%).
• Dividend forecast unchanged at JPY94 per share, with a year-end dividend of JPY47 per share.

• FT Intermediate (FIGR US) went public on 11 September on Nasdaq and has since surged by ~60%, resulting in a company valuation of ~$8.5bn.
• Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
• Inclusion in Global indices is expected in February and March 2026, with a slight risk that the float cap may fall short of the threshold, resulting in exclusion.

• The debate around the government shutdown has shined a spotlight on the need for access to affordable healthcare, which we believe also highlights the benefits of reducing costs & timelines to obtain quotes for employers of all sized orgs.
• With the recent upgrade of the eDIYBS platform, brokers who work with organizations with 150 or more employees can upload claims files easily and HIT’s AI technology capabilities processes the data quickly to generate bindable quotes for both small and large-employer segments.

• Western Alliance Bancorporation (WAL) is a well-positioned regional bank with a diversified business model focused on high-growth markets in the Western and Sun Belt regions of the United States. The bank’s strategy of specializing in niche commercial sectors, combined with a strong track record of loan and deposit growth, provides a solid foundation for future performance.
• The company’s financial performance has been robust, characterized by strong revenue growth and a consistent ability to generate returns above the industry average. While recent market volatility and concerns over commercial real estate have created headwinds, the bank’s prudent risk management and strong capital position should enable it to navigate these challenges effectively.
• Looking ahead, WAL is focused on leveraging its scalable platform and digital initiatives to enhance operational efficiency and expand its market share. The recent launch of its Private Client Group and a significant share repurchase program underscore management’s commitment to driving shareholder value. However, investors should remain mindful of the potential risks associated with a rising interest rate environment and increased competition from both traditional banks and fintech companies.

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