IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (29 Jun) - FWD, HDB, Santos, PointsBet, New World, Dickson, HKBN, OneConnect

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Equity Capital Markets

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services Ltd (0117739D IN)</a> is India's seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion).</li>
<li>I discussed the fundamentals in <strong><em><a href="https://www.smartkarma.com/insights/hdb-financial-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:191077" rel="noopener">HDB Financial IPO: The Investment Case</a></em></strong>. The shares will be listed on 2 July.</li>
<li>My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.</li>
</ul>



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).
I discussed the fundamentals in HDB Financial IPO: The Investment Case. The shares will be listed on 2 July.
My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.


Mahindra & Mahindra Fin Services Ltd. (MMFS IN)

Cholamandalam Investment and Finance (CIFC IN)

HDBファイナンシャルIPO：評価に関する考察