In today’s briefing:
- Interglobe Aviation (Indigo) Placement – Selldowns Are Becoming Increasingly Regular
- SBFC Finance IPO Trading – Strong Demand but Priced at Fair Value
- Fedbank Financial Services Pre-IPO Tearsheet
- SoCar Lock-Up – Close to All-Time Low but Can Expect Some Post-Lockup Selling
Interglobe Aviation (Indigo) Placement – Selldowns Are Becoming Increasingly Regular
- InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise up to US$450m through the bulk sale of 15.6m shares (4% of TSO).
- He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.
- In this note, we will talk about the placement and run the deal through our ECM framework.
SBFC Finance IPO Trading – Strong Demand but Priced at Fair Value
- SBFC Finance Limited (1547353D IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share, the top end of its IPO price range.
- SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold.
- In this note, we will talk about the demand for the deal and other trading dynamics.
Fedbank Financial Services Pre-IPO Tearsheet
- Fedbank Financial Services (0702066D IN) is looking to raise about US$200m in its upcoming India IPO.
- Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.
- As per CRISIL, the firm had the second lowest cost of borrowing across the MSMEs, gold loan and MSME & gold loan peer set in India in FY23.
SoCar Lock-Up – Close to All-Time Low but Can Expect Some Post-Lockup Selling
- SOCAR (403550 KS) was listed on 22nd Aug 2022, where it raised US$78m in its Korea IPO. Its one-year lockup will expire on 21st Aug 2023.
- SoCar is a Korean car sharing business aiming to become an all-in-one mobility solutions provider, with approximately 83% domestic market share in the car sharing space as of 1H23.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
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