In today’s briefing:
- HDB Financial IPO: Offer Details & Index Entry Timing
- Neinor/Aedas Homes: Locked-In Majority, But Minorities May Still Get Paid
- TSB: Divestment as a Defensive Lever in Sabadell’s BBVA Saga
- LICHF: FY25 Performance Ended in Line With the Expectation
- Hybridan Small Cap Feast: 05/06/2025
HDB Financial IPO: Offer Details & Index Entry Timing
- HDB Financial Services Ltd (0117739D IN) is looking to list on the exchanges by selling up to INR125bn (US$1.46bn) of stock at a valuation of around INR 620bn (US$7.2bn).
- The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in December.
- HDB Financial Services Ltd‘s peers have traded well over the last 6 months and that could spill over into demand for the stock. Grey market premium is pretty high.
Neinor/Aedas Homes: Locked-In Majority, But Minorities May Still Get Paid
- Neinor’s offer is strategically sound but priced below NAV, raising legal and minority resistance risks.
- Castlelake’s 79% commitment secures majority control, but a squeeze-out or delisting still requires a higher bid.
- A revised offer near €26.50 would align interests and improve execution certainty at minimal cost to Neinor.
TSB: Divestment as a Defensive Lever in Sabadell’s BBVA Saga
- Sabadell is exploring a sale of TSB amid BBVA’s hostile bid, with offers in the €2.0–2.35B range.
- A sale at those levels would imply a small capital loss, not a gain, in my view.
- Strategic value remains: a divestment could disrupt BBVA’s plans, raise cash, or fund returns.
LICHF: FY25 Performance Ended in Line With the Expectation
- As projected by us, LIC Housing Finance (“LICHF”) ended FY25 with a strong PAT of INR 5400cr+ (up 14%+ YoY), led by normalized credit cost of around 0.1%.
- Q4FY25 PAT at INR 1374cr grew strong at 25%+ YoY. FY25 AUM grew 7.1% despite certain technical challenges. Total disbursements in FY25 grew at 9% YoY.
- NIM ended FY25 at 2.73%, in line with the expectation. Led by technical write-offs and sale of certain NPAs to ARCs, Stage 3 assets improved to 2.47% vs 3.31% YoY.
Hybridan Small Cap Feast: 05/06/2025
- 9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market.
- The Company developed and operates a proprietary online and mobile CFD trading platform, allowing primarily retail clients to trade CFDs across 870+ financial instruments, including currencies, commodities, indices, stocks, cryptocurrencies and exchange traded funds.
- For the year ended 31 December 2024, trading income was $50.1m, adjusted EBITDA of $9.7m and adjusted profit before tax of $7.6m.
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