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

Aadhar Housing Finance / Equity Capital Markets

<ul>
<li>Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we look at the updates from the company’s recent filings.</li>
</ul>


Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we look at the updates from the company’s recent filings.


Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

ICICI Prudential Life Insurance / Equity Bottom-Up

<ul><li>Emkay Global Financial's research report onICICI Pru Life IPRU reported a mixed performance in Q4/FY24, where the slight miss in VNB margins was offset by a minor beat in APE, which led to VNB in line with our estimates.</li><li>The negative surprise came in at Rs2.9bn (~0.8% of FY23EV) due to negative mortality variance in EV on account of IBNR/IBNER adjustments related to the credit life portfolio.</li><li>Overall, with APE growth rebounding in H2 and better growth visibility in FY25, IPRU appears to deliver ~25% VNB margin, 15% APE growth, and 15% operating RoEV (25-15-15).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emkay Global Financial's research report onICICI Pru Life IPRU reported a mixed performance in Q4/FY24, where the slight miss in VNB margins was offset by a minor beat in APE, which led to VNB in line with our estimates.The negative surprise came in at Rs2.9bn (~0.8% of FY23EV) due to negative mortality variance in EV on account of IBNR/IBNER adjustments related to the credit life portfolio.Overall, with APE growth rebounding in H2 and better growth visibility in FY25, IPRU appears to deliver ~25% VNB margin, 15% APE growth, and 15% operating RoEV (25-15-15).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Pru Life - Set for the New Normal of 25-15-15; Retain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ICICI Prudential Life: IPRU clocked muted APE growth (+5% YoY) and a 20% YoY VNB de-growth</li><li>The steep collapse in VNBM to 24.6% (-738bps YoY) was driven by inferior unit economics from IPRU’s recalibration of its product design during Q3FY24, and a ULIP-dominated mix</li><li>IPRU’s investments in channel diversification helped offset de-growth in the proprietary banca channel (-4% YoY)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life: IPRU clocked muted APE growth (+5% YoY) and a 20% YoY VNB de-growthThe steep collapse in VNBM to 24.6% (-738bps YoY) was driven by inferior unit economics from IPRU’s recalibration of its product design during Q3FY24, and a ULIP-dominated mixIPRU’s investments in channel diversification helped offset de-growth in the proprietary banca channel (-4% YoY)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life - Growth Dial-Up Continues to Take a Toll on Profitability

<ul>
<li>Government of India raised around US$513m via selling some of its stake in <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom's</a> IPO.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Government of India raised around US$513m via selling some of its stake in Bharti Hexacom's IPO.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Bharti Hexacom IPO Trading - Strong Insti and Anchor, Retail Gave It a Miss

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

SBFC Finance Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (SBFC IN) </a>raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire on 12th Feb 2024. </li>
<li>SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire on 12th Feb 2024. 
SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold.
In this note, we will talk about the lock-up dynamics and updates since our last note.


SBFC Finance Lockup Expiry - Time to Cash in on Some Hefty Profits

India

ICICI Prudential Life Insurance Company Limited of India provides life insurance services. The Company offers claim processing, electronic insurance accounts, and other services. ICICI Prudential Life Insurance conducts its business in India.

ICICI Prudential Life Insurance (IPRU IN)

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ICICI Prudential Life Insurance (IPRU IN)

Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

As per media reports, Aadhar Housing Finance is likely to launch its IPO in mid-May with an aim of raising around US$600m.

Sumeet Singh

ICICI Pru Life - Set for the New Normal of 25-15-15; Retain BUY

he negative surprise came in at Rs2.9bn (~0.8% of FY23EV) due to negative mortality variance in EV on account of IBNR/IBNER adjustments related to...

Emkay

ICICI Prudential Life - Growth Dial-Up Continues to Take a Toll on Profitability

The steep collapse in VNBM to 24.6% (-738bps YoY) was driven by inferior unit economics from IPRU’s recalibration of its product design during...

HDFC Securities

Bharti Hexacom IPO Trading - Strong Insti and Anchor, Retail Gave It a Miss

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom's IPO. In this note, we talk about the demand and trading...

Sumeet Singh

SBFC Finance Lockup Expiry - Time to Cash in on Some Hefty Profits

SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)