In today’s briefing:
- Thai Life Insurance IPO: The Bull Case
- Thai Life Insurance: Offering Details & Index Entry Timeline
Thai Life Insurance IPO: The Bull Case
- Thai Life Insurance (124744Z TB) has started to meet investors ahead of its $1 billion IPO. The roadshow will run till early July with a listing targeted later in July.
- Thai Life is the third-largest life insurer in Thailand with a 12.9% market share as measured by gross premium income in 1Q22.
- The key elements of the bull case rest on a strong brand, the largest agent network, return to APE growth, high persistency ratio and improving VONB margin.
Thai Life Insurance: Offering Details & Index Entry Timeline
- Thai Life Insurance (124744Z TB) is looking to raise US$1bn in its IPO by selling up to 2.207bn shares. This will value the company at around US$5.18bn.
- Inclusion in the SET50 INDEX will depend on the float exceeding 20% and a rally that leads to its market cap exceeding 1% of the SET INDEX market cap.
- Fast Entry to the MSCI Thailand and FTSE All-World indices is not likely. MSCI inclusion could take place at the November SAIR and FTSE inclusion at the December QIR.
Before it’s here, it’s on Smartkarma
