Daily Brief Financials: HDB Financial Services Ltd, Columbus Circle Capital Corp I, Jefferson Capital, FWD Group Holdings, EQT , iFOREX Financial Trading and more

• 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. 

• Four SPACs, CCCM, PCAPU, MBAV, and TACO, are highlighted for their potential asymmetric trade opportunities in the crypto sector.
• Sage Therapeutics announced a sale to Supernus Pharmaceuticals, with shareholders receiving $8.50/share in cash and a CVR.
• Mayne Pharma’s acquisition by Cosette progresses with FIRB approval discussions, despite no strict obligation for Cosette to pursue it.

• For the three months ended March 31, 2025, they had net income of $64.2 million, compared to $32.9 million for the three months ended March 31, 2024.
• The company is coming at an attractive valuation but our sources say traditional IPO investors “may” be staying on the sidelines for this deal. 
• This company is private equity backed by J.C. Flowers & Co and they will own 68.9% of the voting power following this IPO.

• Turning losses around in 2024 relied on capital market recovery and adjustment of accounting standards. If investment returns fluctuate or premium growth slows down, profits may again come under pressure.
• The excessive goodwill of insurance companies is essentially “overdrawing the current valuation with future expectations”.Whether goodwill can be transformed into actual synergy effects is the key to determining long-term value. 
• The market usually gives lower valuation to companies with high goodwill. FWD relies on debt to provide funding for working capital/acquisition financing. Valuation of FWD should be lower than peers.

• HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
• HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
• We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.

• Projections in the podcast do not reflect actual performance achieved by guests
• Guest Sean Barrett provides insight on EQT and alternative asset investing
• EQT is a thematic private markets investment manager based in Stockholm with global operations

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

• Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.
• A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
• The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable.