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

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/881" target="_blank" data-smartkarma-citation="entities:881:1">Fortis Healthcare (FORH IN)</a> 's tie-up with <a href="https://www.smartkarma.com/entities/876" target="_blank" data-smartkarma-citation="entities:876:1">Ihh Healthcare (IHH MK)</a> continues to move forward with Fortis shareholders approving the transaction. In addition, there was evidence of stabilization of the company's operations in Q1FY19. Management hailed signs of a turnaround based on August/September trends, but this may simply be stabilization instead of "the turn." Results from <a href="https://www.smartkarma.com/entities/880" target="_blank" data-smartkarma-citation="entities:880:1">Apollo Hospitals Enterprise (APHS IN)</a> and others indicate the well-managed companies can adapt to the new operating environment. The shares' muted reaction to Q1's sloppy results suggests that near-term expectation are low, making the stock appealing to investors with a time horizons of 12-18 months. </p>

Fortis Healthcare (FORH IN) 's tie-up with Ihh Healthcare (IHH MK) continues to move forward with Fortis shareholders approving the transaction. In addition, there was evidence of stabilization of the company's operations in Q1FY19. Management hailed signs of a turnaround based on August/September trends, but this may simply be stabilization instead of "the turn." Results from Apollo Hospitals Enterprise (APHS IN) and others indicate the well-managed companies can adapt to the new operating environment. The shares' muted reaction to Q1's sloppy results suggests that near-term expectation are low, making the stock appealing to investors with a time horizons of 12-18 months. 

India

Max India Limited operates as a holding company. The Company, through its subsidiaries, offers health insurance, healthcare, and senior living services. Max conducts business in India.

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Max India (MAXI 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

Fortis Healthcare: "70% or Bust"

Fortis Healthcare (FORH IN) 's tie-up with Ihh Healthcare (IHH MK) continues to move forward with Fortis shareholders approving the transaction. In...

Kemp Dolliver, CFA

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52-week Range

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