External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Thematic (Sector/Industry)

<ul><li>In Oct’22, the life insurance industry witnessed a decent performance in YoY NBP/APE growth with NBP/APE growing at 15.3%/10.3% YoY but NBP/APE growth moderated to 1.8%/-21.2% MoM.</li><li>The strong growth YoY was largely driven by LIC’s YoY performance.</li><li>In Oct’22, the private players reported overall lacklusture YoY performance with NBP growing at 7.9% YoY but APE declining by 4.3% YoY.</li></ul><p><em>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.</em></p>

In Oct’22, the life insurance industry witnessed a decent performance in YoY NBP/APE growth with NBP/APE growing at 15.3%/10.3% YoY but NBP/APE growth moderated to 1.8%/-21.2% MoM.The strong growth YoY was largely driven by LIC’s YoY performance.In Oct’22, the private players reported overall lacklusture YoY performance with NBP growing at 7.9% YoY but APE declining by 4.3% YoY.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.

Life Insurance Monthly Performance Tracker - Oct 22

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>In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.</li>
<li>The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. </li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.
The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. 
In this note, we will talk about the upcoming lockup expiry.


PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Campus Activewear / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear (CAMPUS IN)</a> was listed on 9th May, 2022, with its six-month lockup expiring today, 4th November 2022. </li>
<li>Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India. Operating under the “CAMPUS” brand, it offers a diverse portfolio of styles, color palettes, and price points.</li>
<li>Coming up for six-month lockup expiry are the pre-IPO investors and the Promoters, both of which had sold during the IPO.</li>
</ul>



Campus Activewear (CAMPUS IN) was listed on 9th May, 2022, with its six-month lockup expiring today, 4th November 2022. 
Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India. Operating under the “CAMPUS” brand, it offers a diverse portfolio of styles, color palettes, and price points.
Coming up for six-month lockup expiry are the pre-IPO investors and the Promoters, both of which had sold during the IPO.


Campus Activewear Lock-Up - Shares Have Nearly Doubled. Pre-IPO Investors Might Book Gains

Ethan Aw

Fusion Micro Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fusion-micro-finance-ltd" target="_blank" data-smartkarma-citation="entities:36450:1" rel="noopener">Fusion Micro Finance Ltd (1053199D IN)</a> is looking to raise approximately US$134m in its India IPO.  </li>
<li>Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.</li>
<li>We have looked at the background of the deal in our earlier notes. In this note, we talk about its recent RHP updates, peer comparison and valuations.   </li>
</ul>



Fusion Micro Finance Ltd (1053199D IN) is looking to raise approximately US$134m in its India IPO.  
Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.
We have looked at the background of the deal in our earlier notes. In this note, we talk about its recent RHP updates, peer comparison and valuations.   


Fusion Micro Finance IPO - Not Worth the Premium

Go Digit General Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance</a> is looking to raise about US$503m in its upcoming India IPO. The deal will be run by ICICISec, MS, Axis, Edelweiss, HDFC Bank and IIFL.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Go Digit General Insurance is looking to raise about US$503m in its upcoming India IPO. The deal will be run by ICICISec, MS, Axis, Edelweiss, HDFC Bank and IIFL.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
In this note, we talk about the positive aspects of the deal.


Go Digit General Insurance Pre-IPO - The Positives - Has Been Growing a Lot Faster than the Industry

India

Life Insurance Corporation of India operates as an insurance company. The Company provides life, pension, health, and micro insurance products and services. Life Insurance serves customers in India.

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Life Insurance of India (LICI IN)

Life Insurance Monthly Performance Tracker - Oct 22

In Oct’22, the life insurance industry witnessed a decent performance in YoY NBP/APE growth with NBP/APE growing at 15.3%/10.3% YoY

Axis Direct

PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares. The lock-up on its pre-IPO...

Sumeet Singh

Campus Activewear Lock-Up - Shares Have Nearly Doubled. Pre-IPO Investors Might Book Gains

Campus Activewear (CAMPUS IN) was listed on 9th May, 2022, with its six-month lockup expiring today, 4th Nov 2022. Coming up for six-month lockup...

Clarence Chu

Fusion Micro Finance IPO - Not Worth the Premium

Fusion Micro Finance Ltd (1053199D IN) is looking to raise approximately US$134m in its India IPO. In this note, we talk about its recent RHP...

Ethan Aw

Go Digit General Insurance Pre-IPO - The Positives - Has Been Growing a Lot Faster than the Industry

Go Digit General Insurance is looking to raise about US$503m in its upcoming India IPO. Go Digit is a digital full stack insurance company.

Sumeet Singh

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