Daily Brief Financials: Bullish US, Proassurance Corp, Miami International Holdings, Bitcoin, USD, NIFTY Index, NSDL, Pjt Partners, Aruhi Corp, Raffles Medical Group and more

• Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13). 
• BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering. 
• A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand. 

• ProAssurance merger with The Doctors Company faces potential regulatory hurdles, particularly in California, risking a 30-40% stock drop.
• Lifeway Foods and Danone have resumed buyout talks, with confidentiality agreements in place, aiming for a resolution.
• Webjet Group sees increased stake from Helloworld Travel, indicating potential takeover interest following a rejected offer.

• Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
• Wellington has indicated an interest in purchasing up to $40 million in shares of common stock in this offering at the initial public offering price.
• Miami International is scheduled to price on August 13th for a Thursday, August 14th debut. 

• Zach Townsend is the co-founder and CEO of Meanwhile, a company reinventing life insurance by holding reserves in Bitcoin.
• Life insurance is about protection and risk sharing, with term life providing coverage for a specific term and whole life lasting a lifetime.
• Term life is more focused on protection for a specific period, while whole life is an investment product for intergenerational wealth transfer.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Dollar strengthening due to positioning cleanup and various events this week
• Powell’s statement more dovish, payrolls weaker than expected
• Political pressure and potential Fed chair change could impact future Fed policy and dollar strength

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week August 4 – August 8.
• OVERSOLD: China Mobile (941 HK) , NIFTY Index , KOSPI 200 INDEX 
• OVERBOUGHT: NVIDIA Corp (NVDA US) is the only stock clearly overbought. 

• National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its India IPO.
• It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
• We have looked at the past performance in our previous note. In this note, we talk about the demand and trading dynamics.

• PJT Partners reported robust financial performance in the second quarter of 2025, with a record-setting trajectory in revenues, adjusted pretax income, and adjusted EPS.
• Revenues stood at $407 million, marking a 13% yearover-year increase.
• Correspondingly, adjusted pretax income and adjusted EPS surged by 22% and 29%, respectively.

• Operating revenue in Q1 FY03/26 was JPY5.5bn, a decrease of JPY9mn YoY, with origination-related revenue down 9.5%.
• Operating expenses increased by JPY362mn YoY to JPY5.0bn, driven by higher finance and personnel costs.
• Pre-tax profit declined by 45.0% YoY to JPY437mn, with profit attributable to owners down 43.5% YoY.

• Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow.
• iFAST Corporation saw S$50.3 million net institutional inflow, reversing its year-to-date outflow to S$42.9 million inflow.
• Raffles Medical and Keppel led share buybacks, with Raffles purchasing 3.3 million shares and Keppel announcing a S$500 million program.