Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Equity Capital Markets

SBI Life Insurance / Equity Capital Markets

SBI Life Insurance is launching a public offer for sale of 120m shares with parent SBI selling 8m shares and JV partner BNP Cardif selling 4m shares at a price band of 685-700 per share. The company has already placed 25% of the issue with anchor investors (largely long only and sovereign funds - GIC, Canadian Pension, Abu Dhabi Investment Authority among others) at a price of Rs700/share. The company is among the largest private insurers in India and has recorded strong growth in the last couple of years led by unit-linked policies given the upturn in markets. It boasts the largest network under bancassurance channel with SBI as the main bancassurance partner. At the upper end of the price band, the company is valued at Rs700bn or 4.23x Embedded Value (EV) FY17. This is almost a 50% jump compared to last stake placement (3.9% stake) done in Dec'16 at a valuation of Rs460bn. While the company has a strong franchise and good growth prospects, the issue is fully priced and may not offer the kind of listing gains we have seen in smaller issues. Investors with a longer-term horizon may consider subscribing.

SBI Life Insurance is launching a public offer for sale of 120m shares with parent SBI selling 8m shares and JV partner BNP Cardif selling 4m shares at a price band of 685-700 per share. The company has already placed 25% of the issue with anchor investors (largely long only and sovereign funds - GIC, Canadian Pension, Abu Dhabi Investment Authority among others) at a price of Rs700/share. The company is among the largest private insurers in India and has recorded strong growth in the last couple of years led by unit-linked policies given the upturn in markets. It boasts the largest network under bancassurance channel with SBI as the main bancassurance partner. At the upper end of the price band, the company is valued at Rs700bn or 4.23x Embedded Value (EV) FY17. This is almost a 50% jump compared to last stake placement (3.9% stake) done in Dec'16 at a valuation of Rs460bn. While the company has a strong franchise and good growth prospects, the issue is fully priced and may not offer the kind of listing gains we have seen in smaller issues. Investors with a longer-term horizon may consider subscribing. 

SBI Life IPO: Strong Growth Franchise but Richly Priced; Invest With A Longer Horizon

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

ICICI Lombard General Insurance / Equity Capital Markets

ICICI Lombard General Insurance (ICICIGI IN)

<a href="https://www.smartkarma.com/entities/547" target="_blank" data-smartkarma-citation="entities:547:1">ICICI Bank Ltd (ICICIBC IN)</a><a href="https://www.smartkarma.com/entities/25882" target="_blank" data-smartkarma-citation="entities:25882:1"></a> and <a href="https://www.smartkarma.com/entities/24007" target="_blank" data-smartkarma-citation="entities:24007:1">Fairfax Financial Holdings Ltd. (FFH CN)</a> plan to raise a combined US$900m through selling part of their holdings in <a href="https://www.smartkarma.com/entities/25882" target="_blank" data-smartkarma-citation="entities:25882:1">ICICI Lombard General Insura (7595419Z IN)</a> via an IPO. This will be the first listing by a general insurance company in India and given that the company has the highest market share amongst private general insurers, it is likely to garner keen interest. However, being a unique listed play also raises issues around valuation and comparables. In this insight, we have looked at a number of private transactions in the industry and compared its performance versus some of its peers.

ICICI Bank Ltd (ICICIBC IN) and Fairfax Financial Holdings Ltd. (FFH CN) plan to raise a combined US$900m through selling part of their holdings in ICICI Lombard General Insura (7595419Z IN) via an IPO. This will be the first listing by a general insurance company in India and given that the company has the highest market share amongst private general insurers, it is likely to garner keen interest. However, being a unique listed play also raises issues around valuation and comparables. In this insight, we have looked at a number of private transactions in the industry and compared its performance versus some of its peers. 

ICICI Lombard IPO - Bigger Doesn't Always Mean Better

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.

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ICICI Lombard General Insurance (ICICIGI IN)

SBI Life IPO: Strong Growth Franchise but Richly Priced; Invest With A Longer Horizon

SBI Life Insurance is launching a public offer for sale of 120m shares with parent SBI selling 8m shares and JV partner BNP Cardif selling 4m...

Asia Advisors

ICICI Lombard IPO - Bigger Doesn't Always Mean Better

ICICI Bank Ltd (ICICIBC IN) and Fairfax Financial Holdings Ltd. (FFH CN) plan to raise a combined US$900m through selling part of their holdings in...

Sumeet Singh

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52-week Range

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