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

Life Insurance  of India / Equity Bottom-Up

<div><div><div><div><ul><li>LIC is the largest player: LIC is the largest life insurance company in India.</li></ul><div><div><div><div><ul><li>Product mix dominated by PAR products: As of Dec ‘21, individual business accounted for 70% of the total APE compared to 70.8% as of FY21 and 73.6% as of FY20.</li></ul><div><div><div><div><ul><li>Distribution is mainly agency-led: Primary distribution channel for individual business is agency, which accounted for 96.2% of NBP for individual products as of Dec ‘21.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

LIC is the largest player: LIC is the largest life insurance company in India.Product mix dominated by PAR products: As of Dec ‘21, individual business accounted for 70% of the total APE compared to 70.8% as of FY21 and 73.6% as of FY20.Distribution is mainly agency-led: Primary distribution channel for individual business is agency, which accounted for 96.2% of NBP for individual products as of Dec ‘21.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 Corporation Of India - Undemanding Valuation for Sector Leader

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's anchor book results with recent listings.</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's anchor book results with recent listings.


Life Insurance Corporation of India IPO - Anchor Book Results Weren’t Great

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india-lic" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corp of India (LIC) (1248Z IN)</a> is the largest life insurer in India. At the IPO price range of Rs902-904, the Indian government aims to raise $2.6-2.7 billion. </li>
<li>In <a href="https://www.smartkarma.com/insights/life-insurance-corp-of-india-ipo-key-takeaways-from-the-rhp" target="_blank" data-smartkarma-citation="insights:69219" rel="noopener">Life Insurance Corp of India IPO: Key Takeaways from the RHP</a>,  we outlined the latest developments from the Red Herring Prospectus.</li>
<li>In this note, we look at LIC’s valuation metrics. In light of the challenging market conditions, the IPO price range is reasonable.</li>
</ul>



Life Insurance Corp of India (LIC) (1248Z IN) is the largest life insurer in India. At the IPO price range of Rs902-904, the Indian government aims to raise $2.6-2.7 billion. 
In Life Insurance Corp of India IPO: Key Takeaways from the RHP,  we outlined the latest developments from the Red Herring Prospectus.
In this note, we look at LIC’s valuation metrics. In light of the challenging market conditions, the IPO price range is reasonable.


Life Insurance Corp of India IPO: Valuation Insights

<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>On the IPOs front, Campus Activewear got great coverage, while Rainbow and Shieldus appear to be struggling.</li>
<li>There were no large placements, apart from a selldown in <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a> and a friends and family round in <a href="https://www.smartkarma.com/entities/zhongyuan-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:24139:1" rel="noopener">Zhongyuan Bank (1216 HK)</a>.</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.
On the IPOs front, Campus Activewear got great coverage, while Rainbow and Shieldus appear to be struggling.
There were no large placements, apart from a selldown in Areit (AyalaLand REIT) (AREIT PM) and a friends and family round in Zhongyuan Bank (1216 HK).


ECM Weekly (2nd May 22) - LIC, Shieldus, One Store, Campus, Rainbow, Kakao Pay, Uju, GoTo, Zhongyuan

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Several months ago, I published two Insights addressing aspects of the impending IPO of <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india-lic" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corporation of India (1248Z IN)</a> from several specific ESG perspectives.</li>
<li>More specifically, they addressed: 1) LIC's pursuit of pre-IPO ESG ratings, and 2) the decidedly weak (almost non-existent) ESG messaging in the Draft Red Herring Prospectus.</li>
<li>I promised an update as the IPO drew closer. Unfortunately, no pre-IPO ESG ratings yet and the same generic pre-IPO message... but at this stage, none of that really matters.</li>
</ul>


Several months ago, I published two Insights addressing aspects of the impending IPO of Life Insurance Corporation of India (1248Z IN) from several specific ESG perspectives.
More specifically, they addressed: 1) LIC's pursuit of pre-IPO ESG ratings, and 2) the decidedly weak (almost non-existent) ESG messaging in the Draft Red Herring Prospectus.
I promised an update as the IPO drew closer. Unfortunately, no pre-IPO ESG ratings yet and the same generic pre-IPO message... but at this stage, none of that really matters.


Life Insurance Corporation of India: Update on LIC's Pre-IPO ESG Ratings and Message

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 Corporation Of India - Undemanding Valuation for Sector Leader

The company enjoys a market share of 64% (in terms of premium) and has AUM of Rs396tn, >3.3x of all private players combined.

Nirmal Bang

Life Insurance Corporation of India IPO - Anchor Book Results Weren’t Great

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...

Sumeet Singh

Life Insurance Corp of India IPO: Valuation Insights

The offer period is 4-9 May. The shares will be listed on 17 May. In light of the challenging market conditions, the IPO price range is reasonable.

Arun George

ECM Weekly (2nd May 22) - LIC, Shieldus, One Store, Campus, Rainbow, Kakao Pay, Uju, GoTo, Zhongyuan

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: Update on LIC's Pre-IPO ESG Ratings and Message

Several months ago, I discussed ESG aspects of the LIC IPO and promised an updated as the date drew closer, so here it is. Alas, no pre-IPO ESG...

Kyle Rudden

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