In today’s briefing:
- NSE India: Not Just an Exchange, but a Strategic Holding Company.
- LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s
- Canara HSBC Life Insurance IPO – Steady Growth but Valuations Fullish
- Infosys (INFO IN) Q2 Results:
- Rays Power Infra Pre-IPO Tearsheet
- LG Electronics India IPO Trading – Very Strong Subscription, Won’t Be Chasing if It Pops Too High
NSE India: Not Just an Exchange, but a Strategic Holding Company.
- NSE dominates market as it maintains a near-monopoly (∼90% share) in equity cash and dominates the booming derivatives segment.
- NSE’s Revenue and PAT are 5-9x larger than BSE’s, with a much higher PAT margin (68% vs. 44%).
- NSE Holds appreciating, strategic minority stakes in high-potential financial infrastructure companies which can be seen as hidden value for NSE.
LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s
- LG Electronics India (123D IN) debuts today and is poised for a strong listing pop, supported by record institutional oversubscription and robust grey market premiums.
- Retail investor shares saw a modest 3.5x subscription, underscoring the challenge of a billion-dollar IPO with a 35% retail allocation, which necessitated a steep pricing discount.
- Post-Debut, LGEIL’s likely market Cap at around USD11.5 bn could surpass its parent, despite 85% parent stake and USD1.3 bn raised from offer for sale of shares in IPO .
Canara HSBC Life Insurance IPO – Steady Growth but Valuations Fullish
- Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
- CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
- In this note, we talk about the peer comp and implied valuations in the IPO price range.
Infosys (INFO IN) Q2 Results:
- Infosys (INFO IN / INFY US) reports Q1 FY26 results on Thursday, 16 October 2025 at 15:45 IST; earnings days historically triggered outsized price moves.
- Expect Volatility: Results have historically driven price swings of up to ±9%. Options imply a ±3.5% swing. Implied volatility is expected to drop significantly post earnings.
- Portfolio Impact: As a Nifty 50 and BSE Sensex heavyweight, earnings-day moves ripple across the benchmark, making results market-relevant beyond the single stock.
Rays Power Infra Pre-IPO Tearsheet
- Rays Power Infra (1638839D IN) is looking to raise about US$130m in its upcoming India IPO. The deal will be run by Anand Rathi and Pantomath Capital.
- Rays Power Infra (RPI) is a renewable energy company that provides utility-scale, end-to-end solar energy solutions.
- Its operations are structured around two primary business models – EPC (Engineering, Procurement, and Construction) and Co-Development.
LG Electronics India IPO Trading – Very Strong Subscription, Won’t Be Chasing if It Pops Too High
- LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO.
- LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
- We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about the trading dynamics.
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