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

<ul>
<li>PB Fintech, India’s largest online platform for insurance and lending products, raised  US$793m via selling a mix of primary and secondary shares in its India IPO.</li>
<li>The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.</li>
<li>In this note, we will talk about the updates since our last note.</li>
</ul>


PB Fintech, India’s largest online platform for insurance and lending products, raised  US$793m via selling a mix of primary and secondary shares in its India IPO.
The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.
In this note, we will talk about the updates since our last note.


PB Fintech (Policybazaar) IPO Trading - Mixed Bag Demand

Aditya Birla Sun Life AMC / Equity Capital Markets

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<p>Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders raised around US$369m via reducing their stake in the company’s Indian IPO. </p>
</div>
<div>
<p>ABSL is the largest non-bank affiliated asset management company (AMC) in India by quarterly average assets under management (QAAUM) and the fourth largest AMC in India. according to CRISIL. ABSL managed total AUM of INR2.9tn across mutual funds, portfolio management services, offshore and real estate offerings, as of Jun 21.</p>
</div>
<div>
<p>We have covered various aspects of the deal in our previous notes, <a href="https://www.smartkarma.com/insights/aditya-birla-sun-life-amc-pre-ipo-strong-profit-growth-but-it-s-losing-market-share" target="_blank" rel="noopener">Aditya Birla Sun Life AMC Pre-IPO - Strong profit growth but it’s losing market share</a> and <a href="https://www.smartkarma.com/insights/aditya-birla-sun-life-amc-ipo-at-a-slight-discount-but-there-s-no-compelling-reason-to-buy" target="_blank" rel="noopener">Aditya Birla Sun Life AMC IPO - At a Slight Discount but There’s No Compelling Reason to Buy</a>.</p>
</div>
<div>
<p>In this note, we will talk about the deal dynamics.</p>
</div>


Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders raised around US$369m via reducing their stake in the company’s Indian IPO. 


ABSL is the largest non-bank affiliated asset management company (AMC) in India by quarterly average assets under management (QAAUM) and the fourth largest AMC in India. according to CRISIL. ABSL managed total AUM of INR2.9tn across mutual funds, portfolio management services, offshore and real estate offerings, as of Jun 21.


We have covered various aspects of the deal in our previous notes, Aditya Birla Sun Life AMC Pre-IPO - Strong profit growth but it’s losing market share and Aditya Birla Sun Life AMC IPO - At a Slight Discount but There’s No Compelling Reason to Buy.


In this note, we will talk about the deal dynamics.


Aditya Birla Sun Life AMC IPO Trading - Tepid Demand

<p>Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, plans to raise around US$1.0bn in its India IPO. It is backed by Westbridge and Rakesh Jhunjhuwala. Owing to the latter, it will draw a lot of retail interest. </p><p>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. </p><p>Its GWP has grown by 72.6% over FY19-21 on the back of 58.6% growth in agents and 62.5% growth in the number of policies. SHAI has consistently grown faster than the industry over the past few years resulting in a steady increase in its market share. With a gross written premium (GWP) of INR93.5bn in FY21, SHAI had a market share of 15.8% in the Indian health insurance market and 31.3% in the retail health insurance market. </p><p>Along with growing fast, SHAI has also managed to remain profitable since FY16 with its claims ratio remaining below 67% in most years. Although, the company recorded a loss in FY21 on the back of higher claims due to COVID-19 and reinsurance related adjustments. In addition, as the second COVID-19 wave only peaked in 1Q22, FY22 will be impacted as well.</p>

Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, plans to raise around US$1.0bn in its India IPO. It is backed by Westbridge and Rakesh Jhunjhuwala. Owing to the latter, it will draw a lot of retail interest. 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. Its GWP has grown by 72.6% over FY19-21 on the back of 58.6% growth in agents and 62.5% growth in the number of policies. SHAI has consistently grown faster than the industry over the past few years resulting in a steady increase in its market share. With a gross written premium (GWP) of INR93.5bn in FY21, SHAI had a market share of 15.8% in the Indian health insurance market and 31.3% in the retail health insurance market. Along with growing fast, SHAI has also managed to remain profitable since FY16 with its claims ratio remaining below 67% in most years. Although, the company recorded a loss in FY21 on the back of higher claims due to COVID-19 and reinsurance related adjustments. In addition, as the second COVID-19 wave only peaked in 1Q22, FY22 will be impacted as well.

Star Health Insurance Pre-IPO - Leading the Retail Healthcare Insurance Space

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

Thematic (Sector/Industry)

<p>This Original aims to showcase the leading Insurtech companies in the three insurance markets with the highest growth potential in Asia - China, India, and Southeast Asia.</p><p>Insurtech companies can be broadly divided into three categories - full-stack Inustech, Insurtech marketplace, and Insurtech enablers. As such, the Original also presents the Insurtech companies based on these categories by showing their company overview, how they leverage tech to do things differently, their product offerings, and financial information (capital raise and valuation in case of no financial information).</p><p>The Insurtech companies presented are:</p><ul><li><strong>Full-stack Insurtech</strong>: ZhongAn Online (China), Acko (India), SingLife (Singapore)</li><li><strong>Insurtech marketplace</strong>: Waterdrop (China), Huize (China), Policybazaar (India), Coverfox (India), Turtlemint (India), PasarPolis (Indonesia), PolicyStreet (Malaysia)</li><li><strong>Insurtech enablers</strong>: eBaoTech (China), Turtlemint (India), CXA Group (Singapore)  </li></ul><p>By analyzing the key Insurtech companies and their development in these countries/regions, we have further identified the following key trends/themes in the sector:</p><ul><li>In the near future, Insurtech is unlikely a threat to traditional (re)insurers who have also been actively investing in Insurtech themselves.</li><li>Insurtech marketplace is expanding offline and will likely embrace a hybrid model, especially in less developed insurance markets.</li><li>L&amp;H full-stack Insurtech companies are yet to be common in less developed insurance markets.</li><li>Insurtech is going to promote differentiated growth in insurance markets of different maturity.</li><li>“ReInsurtech” is currently still a blind spot.</li></ul><h2>What is Original?</h2><p>A deep dive into 12 (mostly private) leading Insurtech companies, under each Insurtech category from China, India, and Southeast Asia, is presented in this Original. Key investment thesis and risks are also developed for each company.  </p><p>Based on the company analysis and the broader insurance and Insurtech development in these countries/regions, five key Insurtech trends and themes are further identified. </p>

This Original aims to showcase the leading Insurtech companies in the three insurance markets with the highest growth potential in Asia - China, India, and Southeast Asia.Insurtech companies can be broadly divided into three categories - full-stack Inustech, Insurtech marketplace, and Insurtech enablers. As such, the Original also presents the Insurtech companies based on these categories by showing their company overview, how they leverage tech to do things differently, their product offerings, and financial information (capital raise and valuation in case of no financial information).The Insurtech companies presented are:Full-stack Insurtech: ZhongAn Online (China), Acko (India), SingLife (Singapore)Insurtech marketplace: Waterdrop (China), Huize (China), Policybazaar (India), Coverfox (India), Turtlemint (India), PasarPolis (Indonesia), PolicyStreet (Malaysia)Insurtech enablers: eBaoTech (China), Turtlemint (India), CXA Group (Singapore)  By analyzing the key Insurtech companies and their development in these countries/regions, we have further identified the following key trends/themes in the sector:In the near future, Insurtech is unlikely a threat to traditional (re)insurers who have also been actively investing in Insurtech themselves.Insurtech marketplace is expanding offline and will likely embrace a hybrid model, especially in less developed insurance markets.L&amp;H full-stack Insurtech companies are yet to be common in less developed insurance markets.Insurtech is going to promote differentiated growth in insurance markets of different maturity.“ReInsurtech” is currently still a blind spot.What is Original?A deep dive into 12 (mostly private) leading Insurtech companies, under each Insurtech category from China, India, and Southeast Asia, is presented in this Original. Key investment thesis and risks are also developed for each company.  Based on the company analysis and the broader insurance and Insurtech development in these countries/regions, five key Insurtech trends and themes are further identified. 

Asian Insurtech: The New Golden Child in Town?

India

ICICI Lombard General Insurance Company Limited operates as an insurance company. The Company offers motor, health, travel, rural, business, third party, personal accident, and home insurance, as well as claim settlements and renewals services. ICICI Lombard General Insurance serves customers in India.

ICICI Lombard General Insurance Company (ICICIGI IN)

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ICICI Lombard General Insurance Company (ICICIGI 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

PB Fintech (Policybazaar) IPO Trading - Mixed Bag Demand

PB Fintech, India’s largest online platform for insurance and lending products, raised US$793m via selling a mix of primary and secondary shares...

Sumeet Singh

Aditya Birla Sun Life AMC IPO Trading - Tepid Demand

Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders raised around US$369m via reducing their stake in the company’s Indian IPO.

Sumeet Singh

Star Health Insurance Pre-IPO - Leading the Retail Healthcare Insurance Space

Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, plans to raise around US$1.0bn in...

Sumeet Singh

Asian Insurtech: The New Golden Child in Town?

A deep dive into 12 Insurtech companies in China, India, and Southeast Asia is presented in this Original. The key Insurtech trends and themes in...

Alec Tseung

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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