In today’s briefing:
- 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
- Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out
- National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing
- Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Lucror Analytics – Morning Views Asia
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
Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out
- Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
- Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
- In this note, we will talk about the lockup dynamics and possible placement.
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.
Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
- Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.
Lucror Analytics – Morning Views Asia
- UST yields were largely stable on Friday, after long-dated yields erased 3-4 bps of increases during the day.
- The UST curve flattened marginally, with the yield on the 2Y UST rising 1 bp to 3.92%, while the yield on the 10Y UST declined 1 bp to 4.39%.
- The S&P 500 rose for the fifth straight day, and was up 0.4% at 6,389.
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