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>In this note, we will talk about the final deal terms and structure, RHP updates and do a quick valuation refresh.</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 final deal terms and structure, RHP updates and do a quick valuation refresh.


Life Insurance Corporation of India IPO - Valuation Is Ok but Its Not the Best Deal Structure

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

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.</li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we’ll talk about the trading dynamics of the deal.</li>
</ul>


GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we’ll talk about the trading dynamics of the deal.


GoTo IPO Trading - A Test for the Domestic Market

<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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Apollo Hospitals Enterprise / Event-Driven

<ul>
<li>The changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a>, <a href="https://www.smartkarma.com/entities/nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index (NSEBANK INDEX)</a> and NIFTY NEXT50 Indices were announced on 24 February and will be implemented at the close today.</li>
<li>There is a fair amount to trade on the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> and <a href="https://www.smartkarma.com/entities/nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index (NSEBANK INDEX)</a> stocks given the sizeable passive assets that track the indices.</li>
<li>There is pre-positioning on some of the names and there could be opportunities to build positions to play for a reversal.</li>
</ul>


The changes to the NIFTY Index (NIFTY INDEX), Nifty Bank Index (NSEBANK INDEX) and NIFTY NEXT50 Indices were announced on 24 February and will be implemented at the close today.
There is a fair amount to trade on the NIFTY Index (NIFTY INDEX) and Nifty Bank Index (NSEBANK INDEX) stocks given the sizeable passive assets that track the indices.
There is pre-positioning on some of the names and there could be opportunities to build positions to play for a reversal.


NIFTY Index Rebalance: Flows at the Close Today

India

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

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Zomato (ZOMATO IN)

Life Insurance Corporation of India IPO - Valuation Is Ok but Its Not the Best Deal Structure

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India. In this note, we talk...

Sumeet Singh

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

GoTo IPO Trading - A Test for the Domestic Market

GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close...

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

NIFTY Index Rebalance: Flows at the Close Today

The March rebalance for the NIFTY family of indices will be implemented at the close of trading today. There is a fair amount to trade on the adds,...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

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