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

<ul>
<li>Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.</li>
<li>SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.</li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>


Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.
SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.
In this note we will talk about the subscription levels and trading dynamics.


Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

CE Info Systems (MapmyIndia) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ce-info-systems-mapmyindia" target="_blank" data-smartkarma-citation="entities:34215:1" rel="noopener">CE Info Systems (MapmyIndia) (CE IN)</a> is looking to raise up to US$138m in its India IPO.</li>
<li>CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>As of date on RHP, the firm’s digital maps cover 6.29m km of roads in India, representing 98.5% of India’s road network, which was 6.39m km as at Mar 2019.</li>
</ul>



CE Info Systems (MapmyIndia) (CE IN) is looking to raise up to US$138m in its India IPO.
CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost &amp; Sullivan (F&amp;S).
As of date on RHP, the firm’s digital maps cover 6.29m km of roads in India, representing 98.5% of India’s road network, which was 6.39m km as at Mar 2019.


CE Info Systems (MapmyIndia) IPO - Unlike Most Indian Tech Firm Listed This Year, Firm Is Profitable

<ul>
<li>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, will look at the company's background and past performance.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, will look at the company's background and past performance.


Metro Brands IPO - Core Brands Aren’t Growing

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. </strong></li>
<li>Hong Kong ECM took yet another hit with China Tourism Group deciding to delay its H-Share listing citing poor market condition</li>
<li>On 2nd Dec 2021, SEC issued the final amendments for implementation of HFCAA which will China ADRs going forward. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. 
Hong Kong ECM took yet another hit with China Tourism Group deciding to delay its H-Share listing citing poor market condition
On 2nd Dec 2021, SEC issued the final amendments for implementation of HFCAA which will China ADRs going forward. 


ECM Weekly (5th December 2021) - Weibo, Asymchem, Grab, Yonghe, Gushengtang, Siam Makro, SF Intra

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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Star Health (Star) is the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market as of FY21</li><li>Star has a pan-India distribution network that is one of the largest and well spread in the health insurance industry</li><li>At the upper end of price band, the company is valued at ~5.9x AUM as on September 30, 2021</li></ul><div class="content-highlight"><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></div>

Star Health (Star) is the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market as of FY21Star has a pan-India distribution network that is one of the largest and well spread in the health insurance industryAt the upper end of price band, the company is valued at ~5.9x AUM as on September 30, 2021Content 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.

India

Star Health and Allied Insurance Company Limited operates as insurance company. The Company offers health, travel, and accidental insurance policies. Star Health and Allied Insurance serves customers in India.

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Star Health (STARHEAL IN)

Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its...

Sumeet Singh

CE Info Systems (MapmyIndia) IPO - Unlike Most Indian Tech Firm Listed This Year, Firm Is Profitable

CE Info Systems (MapmyIndia) (CE IN) is looking to raise up to US$138m in its India IPO. Unlike most Indian tech companies that have listed this...

Clarence Chu

Metro Brands IPO - Core Brands Aren’t Growing

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO.

Sumeet Singh

ECM Weekly (5th December 2021) - Weibo, Asymchem, Grab, Yonghe, Gushengtang, Siam Makro, SF Intra

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

Sumeet Singh

Star Health & Allied Insurance: IPO

Star Health (Star) is the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market as of FY21

ICICI Securities Limited

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