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

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

SBI Life Insurance Co Ltd / Equity Bottom-Up

<div><div><div><div><ul><li>Strong APE growth led by non-par: Overall APE grew by 4% YoY in 4QFY22 while FY22 growth stood at 25% YoY.</li></ul><div><div><div><div><ul><li>Product mix moves in favor of non-par: Overall product mix improved, leading to margin expansion in FY22.</li></ul><div><div><div><div><ul><li>Distribution mix largely stable: During FY22, banca APE grew by 25% YoY, in line with the overall company growth.</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>

Strong APE growth led by non-par: Overall APE grew by 4% YoY in 4QFY22 while FY22 growth stood at 25% YoY.Product mix moves in favor of non-par: Overall product mix improved, leading to margin expansion in FY22.Distribution mix largely stable: During FY22, banca APE grew by 25% YoY, in line with the overall company growth.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.

SBI Life Insurance - Growth and Margin Expansion Led by Non-Par

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>
<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 set to launch its IPO with the anchor investor offer period starting 2 May. The offer period closes on 9 May. </li>
<li>At the IPO price range of Rs902-949, the Indian government aims to raise $2.6-2.7 billion, which is materially lower than the initial target of $8.7 billion. </li>
<li>Following up on <a href="https://www.smartkarma.com/insights/life-insurance-corp-of-india-ipo-premium-market" target="_blank" data-smartkarma-citation="insights:65600" rel="noopener">Life Insurance Corp of India IPO: Premium Market</a>, in this note, we look at the latest developments from the Red Herring Prospectus. </li>
</ul>



Life Insurance Corp of India (LIC) (1248Z IN) is set to launch its IPO with the anchor investor offer period starting 2 May. The offer period closes on 9 May. 
At the IPO price range of Rs902-949, the Indian government aims to raise $2.6-2.7 billion, which is materially lower than the initial target of $8.7 billion. 
Following up on Life Insurance Corp of India IPO: Premium Market, in this note, we look at the latest developments from the Red Herring Prospectus. 


Life Insurance Corp of India IPO: Key Takeaways from the RHP

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

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>SBI Life Insurance (SBIL) reported another consistent performance in Q4FY22. APE growth of 3.8% YoY was largely in line with expectations.</li><li>VNB margin was reported at 25.9 (effective tax basis) witnessing an expansion of 270bps YoY with best-in-class cost ratios and improved persistency</li><li>We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.</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>

SBI Life Insurance (SBIL) reported another consistent performance in Q4FY22. APE growth of 3.8% YoY was largely in line with expectations.VNB margin was reported at 25.9 (effective tax basis) witnessing an expansion of 270bps YoY with best-in-class cost ratios and improved persistencyWe remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.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.

SBI Life Insurance: Consistent Performance; Maintain BUY

India

SBI Life Insurance Company Limited offers financial services. The Company provides claims, general insurance, online banking, retirement plans, tax calculators, revival of lapsed policies, and other services. SBI Life Insurance serves customers in India.

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SBI Life Insurance Co Ltd (SBILIFE IN)

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

SBI Life Insurance - Growth and Margin Expansion Led by Non-Par

SBI Life Insurance delivered strong APE growth of 25% YoY in FY22, led by non-par products; 4QFY22 growth was affected by a high growth in 4QFY21

Nirmal Bang

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

Life Insurance Corp of India IPO: Key Takeaways from the RHP

LIC is set to launch its IPO with the anchor investor offer period starting on 2 May. In this note, we look at the key developments from the Red...

Arun George

SBI Life Insurance: Consistent Performance; Maintain BUY

We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37%...

Axis Direct

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