In today’s briefing:
- GF Securities (1776 HK): Global Index Inclusion as Sector Rallies
- NSDL IPO Analysis: India’s First & Largest Depository
- NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline
- Indian Banking’s Longest-Serving, Highest-Paid HR-Head Quits IndusInd Bank
- Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes
- National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing
- Assura: Bid Floor in Place, Upside Optionality Hinges on Revised PHP Terms or Auction Outcome
- Miami International Holdings (MIAX): Peeking at the IPO Prospectus of Financial Exchange Operator
- Pudgy Penguins: From Web3 Icon to Social Currency
- OMH: Terminating Coverage
GF Securities (1776 HK): Global Index Inclusion as Sector Rallies
- Following a rally in the stock over the last 4 months, GF Securities (H) (1776 HK) could be added to a global index in August.
- GF Securities (H) (1776 HK)‘ peers have also rallied over the same time frame and the stock trades in line with its peers on various valuation metrics.
- Positioning in the stock is in line with its peers and shorts have continued to increase as the stock price has moved higher.
NSDL IPO Analysis: India’s First & Largest Depository
- NSDL (NSDL IN)‘s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
- As India’s pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
- Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.
NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline
- NSDL (NSDL IN) is looking to list on the exchanges by selling up to INR 40bn (US$464m) of stock at a valuation of up to INR 160bn (US$1.85bn).
- The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in November.
- Central Depository Services (CDSL IN)‘s stock price has dropped following the announcement of NSDL‘s IPO price band and the muted results could lead to further downside in the stock.
Indian Banking’s Longest-Serving, Highest-Paid HR-Head Quits IndusInd Bank
- Zubin Mody, Chief Human Resources Officer (CHRO) abruptly quits Indusind Bank (IIB IN)
- His resignation adds to the leadership vacuum at the top as the bank has no CEO or any executive directors on the board
- Apparently the board of directors wants to reboot the bank with a clean senior executive slate
Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes
- In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
- We see two M&A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.
- Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 2025 rebalance.
National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing
- NSDL (NSDL IN) is looking to raise around US$460m in its upcoming 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.
- In this note, we talk about the updates from its RHP filing.
Assura: Bid Floor in Place, Upside Optionality Hinges on Revised PHP Terms or Auction Outcome
- KKR’s firm cash bid of 50.24p offers a modest +0.56% premium to Assura’s current price, anchoring downside risk in this live UK REIT takeover contest.
- PHP’s offer implies upside only if its share price rebounds; spread turns positive beyond 98p, with optionality up to +7.4% if PHP retests its six-month high.
- Limited arbitrage remains, but a final round auction or revised bid could unlock renewed spread capture; monitor deal calendar ahead of the 12 August offer deadline.
Miami International Holdings (MIAX): Peeking at the IPO Prospectus of Financial Exchange Operator
- The company that describes itself as a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies filed for its on July 18th.
- They maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures.
- Their revenues less cost of revenues were $275.6 million, $232.5 million and $195.6 million for 2024, 2023 and 2022.
Pudgy Penguins: From Web3 Icon to Social Currency
Pudgy Penguins, initially a successful PFP NFT launch featuring adorable penguin figures, gained early traction but lost momentum following unmet community expectations.
In 2022, current CEO Luca Netz acquired the project and transformed it into a successful IP business through omnichannel meme viral marketing, online experience building, and in-store toy sales.
OverpassIP, an NFT licensing platform built by the same team, enables NFT holders to earn royalties, converting Pudgy NFTs with purely speculative value into assets with fundamentals tied to the IP’s commercial success.
OMH: Terminating Coverage
- Ohmyhome Ltd(OMH) Company Sponsored Research Report
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