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

Star Health & Allied Insurance / Equity Capital Markets

Star Health & Allied Insurance (STARHEAL IN)

<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

<div>
<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

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>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> is the flagship index of the National Stock Exchange of India (NSE). The index has 50 stocks and is a free float weighted market cap index. The next rebalance will be effective after the close of trading on 29 September 2021 and the announcement of the changes will be made four weeks prior to the effective date.</p><p>The review period runs from February to July and we are nearing the last leg of data that will be used to determine the inclusions and exclusions. We currently see no change to the index, though that could change if <a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:29012:1" rel="noopener">Adani Green Energy (ADANIGR IN)</a> and/or <a href="https://www.smartkarma.com/entities/dmart" target="_blank" data-smartkarma-citation="entities:23656:1" rel="noopener">Avenue Supermarts Ltd (DMART IN)</a> are included in the Futures &amp; Options (F&amp;O) segment, or if there is a big rally in <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a>.</p><p>20 stocks have been added to the F&amp;O segment so far this year and there is a possibility that <a href="https://www.smartkarma.com/entities/dmart" target="_blank" data-smartkarma-citation="entities:23656:1" rel="noopener">Avenue Supermarts Ltd (DMART IN)</a> and/or <a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:29012:1" rel="noopener">Adani Green Energy (ADANIGR IN)</a> are included in the segment in the next month.</p><p><a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a>'s average free float market cap is 1.41 times the average free float market cap of <a href="https://www.smartkarma.com/entities/indian-oil-corp-ltd" target="_blank" data-smartkarma-citation="entities:7781:1" rel="noopener">Indian Oil Corp (IOCL IN)</a>. To reach the 1.5 times average free float market cap threshold, <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a> will need to outperform <a href="https://www.smartkarma.com/entities/indian-oil-corp-ltd" target="_blank" data-smartkarma-citation="entities:7781:1" rel="noopener">Indian Oil Corp (IOCL IN)</a> by 32% on average over the rest of the review period.</p><p>If <a href="https://www.smartkarma.com/entities/dmart" target="_blank" data-smartkarma-citation="entities:23656:1" rel="noopener">Avenue Supermarts Ltd (DMART IN)</a> or <a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:29012:1" rel="noopener">Adani Green Energy (ADANIGR IN)</a> are added 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>, the impact of passive buying will be high at over 7 days of ADV. The impact on the potential deletions is around 3 days of ADV to sell.</p>

The NIFTY Index (NIFTY INDEX) is the flagship index of the National Stock Exchange of India (NSE). The index has 50 stocks and is a free float weighted market cap index. The next rebalance will be effective after the close of trading on 29 September 2021 and the announcement of the changes will be made four weeks prior to the effective date.The review period runs from February to July and we are nearing the last leg of data that will be used to determine the inclusions and exclusions. We currently see no change to the index, though that could change if Adani Green Energy (ADANIGR IN) and/or Avenue Supermarts Ltd (DMART IN) are included in the Futures &amp; Options (F&amp;O) segment, or if there is a big rally in Info Edge India (INFOE IN).20 stocks have been added to the F&amp;O segment so far this year and there is a possibility that Avenue Supermarts Ltd (DMART IN) and/or Adani Green Energy (ADANIGR IN) are included in the segment in the next month.Info Edge India (INFOE IN)'s average free float market cap is 1.41 times the average free float market cap of Indian Oil Corp (IOCL IN). To reach the 1.5 times average free float market cap threshold, Info Edge India (INFOE IN) will need to outperform Indian Oil Corp (IOCL IN) by 32% on average over the rest of the review period.If Avenue Supermarts Ltd (DMART IN) or Adani Green Energy (ADANIGR IN) are added to the NIFTY Index (NIFTY INDEX), the impact of passive buying will be high at over 7 days of ADV. The impact on the potential deletions is around 3 days of ADV to sell.

NIFTY50 Index Rebalance Preview: Catalysts for Change

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)

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

NIFTY50 Index Rebalance Preview: Catalysts for Change

There are no changes expected to the NIFTY Index at the September rebalance. However, the inclusion of DMART and/or Adani Green in the F&O segment...

Brian Freitas

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