Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>We have looked at various aspects of the deal in our earlier notes. In this note, we compare it to its international peers and talk about valuations.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
We have looked at various aspects of the deal in our earlier notes. In this note, we compare it to its international peers and talk about valuations.


Life Insurance Corporation of India IPO - Regional Peer Comparison

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>In this note, we will talk about the final deal terms and structure, RHP updates and do a quick valuation refresh.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
In this note, we will talk about the final deal terms and structure, RHP updates and do a quick valuation refresh.


Life Insurance Corporation of India IPO - Valuation Is Ok but Its Not the Best Deal Structure

Event-Driven

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO. </li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>In this note, we will talk about the likely final deal terms and the likelihood of fast entry in the various indices.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO. 
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
In this note, we will talk about the likely final deal terms and the likelihood of fast entry in the various indices.


Life Insurance Corporation of India Pre-IPO - India’s Largest IPO Will Not Get Any Passive Support

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.</li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we’ll talk about the trading dynamics of the deal.</li>
</ul>


GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we’ll talk about the trading dynamics of the deal.


GoTo IPO Trading - A Test for the Domestic Market

<ul>
<li>Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.</li>
<li>In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.</li>
</ul>


Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.
In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.


Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

India

FSN E-Commerce Ventures Private Limited providese-retailing beauty and personal care solutions. The Company offers comprehensive selection of makeup, skin and hair care, bath body, fragrance, grooming appliances, personal care, and health and welness categories. FSN E-Commerce Ventures serves customers worldwide.

FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

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FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

Life Insurance Corporation of India IPO - Regional Peer Comparison

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India in its upcoming India IPO....

Sumeet Singh

Life Insurance Corporation of India IPO - Valuation Is Ok but Its Not the Best Deal Structure

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India. In this note, we talk...

Sumeet Singh

Life Insurance Corporation of India Pre-IPO - India’s Largest IPO Will Not Get Any Passive Support

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India...

Sumeet Singh

GoTo IPO Trading - A Test for the Domestic Market

GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close...

Sumeet Singh

Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

Government of India is now said to be looking to raise around US$6-7bn via selling a stake in LIC in its upcoming India IPO. In this deal, we talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)