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.

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

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

ICICI Prudential Life Insurance / Equity Bottom-Up

<ul><li>Growth impacted by strong base and 3rd wave; VNB guidance retained ICICI Pru Life reported subdued APE growth of ~4% YoY on account of a strong base and impact of 3rd covid wave in Jan22.</li><li>Company’s growth outlook is positive given the strong contribution from new product launches over the last two years and turnaround in the retail protection segment</li><li>VNB growth in FY22 was mainly led by the non-linked savings segment, which contributed 91% to incremental profit...(continued).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Growth impacted by strong base and 3rd wave; VNB guidance retained ICICI Pru Life reported subdued APE growth of ~4% YoY on account of a strong base and impact of 3rd covid wave in Jan22.Company’s growth outlook is positive given the strong contribution from new product launches over the last two years and turnaround in the retail protection segmentVNB growth in FY22 was mainly led by the non-linked savings segment, which contributed 91% to incremental profit...(continued).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life Insurance: Growth Impacted by Strong Base and 3rd Wave; VNB Guidance Retained

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We remain enthused with IPRU Life’s product and channel diversification strides, which has made the business considerably more robust than before.</li><li>This is illustrated by the fact that the Rs21.6bn FY22 VNB mix is split between 16% by ULIPs, 43% by protection and 41% by non-linked savings.</li><li>Current valuation at 2.2x/1.9x FY23E/FY24E P/EV is attractive. Maintain BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We remain enthused with IPRU Life’s product and channel diversification strides, which has made the business considerably more robust than before.This is illustrated by the fact that the Rs21.6bn FY22 VNB mix is split between 16% by ULIPs, 43% by protection and 41% by non-linked savings.Current valuation at 2.2x/1.9x FY23E/FY24E P/EV is attractive. Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life Insurance: More Levers to Grow VNB; Valuations Attractive

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>This week we looked at the South Korean SK twins that are looking to list. In addition, LIC appears to be testing waters again.</li>
<li>Placement flows slowed down a bit with the mid-week HK holiday, although Australia and India blocks have continued to flow-in.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
This week we looked at the South Korean SK twins that are looking to list. In addition, LIC appears to be testing waters again.
Placement flows slowed down a bit with the mid-week HK holiday, although Australia and India blocks have continued to flow-in.


ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu

<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

ICICI Prudential Life Insurance Company Limited of India provides life insurance services. The Company offers claim processing, electronic insurance accounts, and other services. ICICI Prudential Life Insurance conducts its business in India.

ICICI Prudential Life Insurance (IPRU IN)

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ICICI Prudential Life Insurance (IPRU IN)

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

ICICI Prudential Life Insurance: Growth Impacted by Strong Base and 3rd Wave; VNB Guidance Retained

4QFY22 Result Update ICICI Prudential Life Insurance Company Reuters: ICIR.NS; Bloomberg: IPRU IN Growth impacted by strong base and 3rd wave; VNB...

Nirmal Bang

ICICI Prudential Life Insurance: More Levers to Grow VNB; Valuations Attractive

We remain enthused with IPRU Life’s product and channel diversification strides, which has made the business considerably more robust than...

ICICI Securities Limited

ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

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)