In today’s briefing:
- HDB Financial IPO: The Investment Case
- Healthcare Global (HCG): Beyond Consolidation Now, Next Two Years Could Be Strong
- HDB Financial Services IPO – Parent Brand and Easing Macros Should See It Through
HDB Financial IPO: The Investment Case
- 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.
Healthcare Global (HCG): Beyond Consolidation Now, Next Two Years Could Be Strong
- HCG continues to scale up well with the emerging centers reporting 32% YoY revenue growth in Q4FY25. Q4FY25 revenue from established centers also grew strong at 22% YoY.
- International footfalls have resumed strong, led by which the revenue in the South Mumbai center grew 38% YoY. Revenue in Kolkata center also grew well at 22% YoY.
- HCG has been in consolidation phase over the last four years. Now, the next two years should witness strong growth in profitability, led by margin expansion and continued volume growth.
HDB Financial Services IPO – Parent Brand and Easing Macros Should See It Through
- 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.
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