Daily BriefsIndia

Daily Brief India: InterGlobe Aviation Ltd, SBFC Finance Limited, Fedbank Financial Services and more

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


Interglobe Aviation (Indigo) Placement – Selldowns Are Becoming Increasingly Regular

By Ethan Aw

  • 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

By Ethan Aw

  • 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

By Clarence Chu

  • 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. 

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