Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

ICICI Prudential Life Insurance / Equity Bottom-Up

ICICI Prudential Life Insurance (IPRU IN)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/icici-prudential-life-insurance" target="_blank" data-smartkarma-citation="entities:23608:1" rel="noopener">ICICI Prudential Life (IPRU IN)</a> vs. <a href="https://www.smartkarma.com/entities/icici-lombard-general-insura" target="_blank" data-smartkarma-citation="entities:25882:1" rel="noopener">ICICI Lombard General Insurance (ICICIGI IN)</a> price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
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Highlights: Going long ICICI Prudential Life (IPRU IN) and short ICICI Lombard General Insurance (ICICIGI IN) targets a 5% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The ICICI Prudential Life (IPRU IN) vs. ICICI Lombard General Insurance (ICICIGI IN) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long ICICI Prudential Life (IPRU IN) and short ICICI Lombard General Insurance (ICICIGI IN) targets a 5% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


ICICI Prudential Life (IPRU IN) Vs. ICICI Lombard General (ICICIGI IN): Stat Arb Targeting 5% Return

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Rubicon Research Limited / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> raised about US$155m in its India IPO.</li>
<li>Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO.
Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In this note, we will talk about the trading dynamics.


Rubicon Research IPO Trading - Strongest IPO Demand of 2025 Yet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

National Securities Depository / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is looking to raise around US$460m in its upcoming India IPO.</li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we undertake a peer comparison and talk about valuations.</li>
</ul>



NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we undertake a peer comparison and talk about valuations.


National Securities Depository Limited (NSDL) IPO - Peer Comparison and Thoughts on Valuation

State Bank of India / Equity Capital Markets

<ul>
<li>As per news reports and company filings, <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> could soon look to raise around US$3bn (INR250bn) via a QIP.</li>
<li>SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.</li>
<li>In this note, we will talk about the possible fund raising and other deal dynamics.</li>
</ul>


As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.
SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.
In this note, we will talk about the possible fund raising and other deal dynamics.


SBI Possible US$3bn QIP - Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

India

ICICI Lombard General Insurance Company Limited is a leading private sector non-life insurer in India, offering a comprehensive range of products including motor, health, travel, home, and business insurance. The company also provides reinsurance, insurance claims management, and investment management services. It was founded in 2001 and is headquartered in Mumbai, Maharashtra, India.

ICICI Lombard General Insurance (ICICIGI IN)

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ICICI Lombard General Insurance (ICICIGI IN)

ICICI Prudential Life (IPRU IN) Vs. ICICI Lombard General (ICICIGI IN): Stat Arb Targeting 5% Return

Long ICICI Prudential Life vs short ICICI Lombard General pair trade targeting a 5 percent mean reversion after recent earnings.

Gaudenz Schneider

Rubicon Research IPO Trading - Strongest IPO Demand of 2025 Yet

Rubicon Research Limited (RR) raised about US$155m in its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

National Securities Depository Limited (NSDL) IPO - Peer Comparison and Thoughts on Valuation

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO. In this note we undertake a peer comparison and talk about valuations.

Sumeet Singh

SBI Possible US$3bn QIP - Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well

As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.

Sumeet Singh

HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)