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

Equity Capital Markets

SBI Life Insurance Co Ltd / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/160" target="_blank" data-smartkarma-citation="entities:160:1">State Bank Of India (SBIN IN)</a> and <a href="https://www.smartkarma.com/entities/525" target="_blank" data-smartkarma-citation="entities:525:1">Bnp Paribas (BNP FP)</a> plan to raise up to US$1.3bn by selling a part of their stake in <a href="https://www.smartkarma.com/entities/25899" target="_blank" data-smartkarma-citation="entities:25899:1">SBI Life Insurance Co Ltd (1509885D IN)</a> in its IPO.</p><p>SBI Life has been the fastest growing private sector insurer for the past few years and is likely to continue holding that position given its parent's expansive network. Owing to its faster growth it is also on the verge of toppling <a href="https://www.smartkarma.com/entities/23608" target="_blank" data-smartkarma-citation="entities:23608:1">ICICI Prudential Life Insurance (IPRU IN)</a> to become the largest player in the private segment. It also seems to be performing better than IPRU on multiple fronts. </p><p>There isn't much not to like about the IPO, apart from the valuation.</p>

State Bank Of India (SBIN IN) and Bnp Paribas (BNP FP) plan to raise up to US$1.3bn by selling a part of their stake in SBI Life Insurance Co Ltd (1509885D IN) in its IPO.SBI Life has been the fastest growing private sector insurer for the past few years and is likely to continue holding that position given its parent's expansive network. Owing to its faster growth it is also on the verge of toppling ICICI Prudential Life Insurance (IPRU IN) to become the largest player in the private segment. It also seems to be performing better than IPRU on multiple fronts. There isn't much not to like about the IPO, apart from the valuation.

SBI Life IPO - Faster, Better and Soon to Be Bigger but Expensive Nonetheless

APAC IPOs & Placements

Zhen Zhou, Toh

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><p><strong>The ECM madness continues this week with various IPOs launching this week and closing next week.</strong></p><p>In the placement space, <a href="https://www.smartkarma.com/entities/359" target="_blank" data-smartkarma-citation="entities:359:1">Japan Post Holdings Co Ltd (6178 JP)</a> is closing next week, 22nd September. Shares offered to overseas investors was said to be fully subscribed on 15th September. <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> and <a href="https://www.smartkarma.com/profiles/713" target="_blank" data-smartkarma-citation="accounts:713">Mio Kato, CFA</a> had already offered analysis about the share sale from different perspectives:</p><ul><li><a href="https://www.smartkarma.com/insights/japan-post-holdings-trying-to-gauge-retail-interest-through-social-media-indicators" target="_blank" data-smartkarma-citation="insights:13631">Japan Post Holdings: Trying to Gauge Retail Interest Through Social Media Indicators</a></li><li><a href="https://www.smartkarma.com/insights/japanese-govt-to-sell-japan-post-shares-basic-details" target="_blank" data-smartkarma-citation="insights:13518">Japanese Govt To Sell Japan Post Shares - Basic Details</a></li></ul><p>There were also a handful of other placements this week, namely, <a href="https://www.smartkarma.com/entities/16035" target="_blank" data-smartkarma-citation="entities:16035:1">Mapletree Logistics Trust (MLT SP)</a> , <a href="https://www.smartkarma.com/entities/14430" target="_blank" data-smartkarma-citation="entities:14430:1">Macquarie Atlas Roads Group (MQA AU)</a> and <a href="https://www.smartkarma.com/entities/5279" target="_blank" data-smartkarma-citation="entities:5279:1">Pan Ocean Co Ltd (028670 KS)</a> . Out of which, MLT and MQA are holding 3% and 6% above deal price with settlement to be close to the end of next week. Pan Ocean however, broke deal price quickly on the next day of trading as sentiment seem very much negative stemming from PE partners selling even though deal dynamics were favorable.</p><p>In IPOs, <a href="https://www.smartkarma.com/entities/25898" target="_blank" data-smartkarma-citation="entities:25898:1">RYB Education Inc (RYB US)</a> and <a href="https://www.smartkarma.com/entities/25901" target="_blank" data-smartkarma-citation="entities:25901:1">Garuda Maintenance Facility (1536227D IJ)</a> were launched this week. There is also a smaller Singapore IPO (below US$100m) launched this week, <a href="https://www.smartkarma.com/entities/25900" target="_blank" data-smartkarma-citation="entities:25900:1">APAC Realty Ltd (APREALTY SP)</a>, which operates under the widely recognized brand, ERA.</p><p>There are also more IPOs potentially coming next week such as <a href="https://www.smartkarma.com/entities/24428" target="_blank" data-smartkarma-citation="entities:24428:1">ZhongAn Online P&amp;C Insurance Co Ltd (0864257D CH)</a> and <a href="https://www.smartkarma.com/entities/25899" target="_blank" data-smartkarma-citation="entities:25899:1">SBI Life Insurance Co Ltd (1509885D IN)</a> . More notably, ZhongAn seemed to be close to securing Softbank's Vision Fund as a cornerstone investor of up to almost US$500m out of the US$1.5bn deal size.</p></div><div><h2>Accuracy Rate:</h2></div><p>Our overall accuracy rate is <strong>73.1% for IPOs </strong>and <strong>62.9</strong><strong>% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/033/665/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1505538309" class="editor-image img-responsive" data-smartkarma-image-id="33665"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/033/666/original/2017-Total-Deals-2017-Accuracy-Rate-_chartbuilder.png?1505538321" class="editor-image img-responsive" data-smartkarma-image-id="33666"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>Bank of Gansu (Hong Kong, ~US$500m)</strong></li><li><strong>A-Living Services (Hong Kong, ~US$100m) - Spin-off from <a href="https://www.smartkarma.com/entities/15784" target="_blank" data-smartkarma-citation="entities:15784:1">Agile Property Holdings Ltd (3383 HK)</a></strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/033/667/original/upcoming.PNG?1505538357" class="editor-image img-responsive" data-smartkarma-image-id="33667"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="http://www.globalcapital.com/article/b14rj523z25l9g/keppel-kbs-gear-up-for-singapore-reit-ipo" target="_blank">Keppel-KBS gears up for Singapore REIT IPO</a></li><li><a href="http://www.theedgemarkets.com/article/airasia-appoints-bdo-unibank-philippine-ipo" target="_blank">AirAsia appoints BDO Unibank for Philippines IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/shinheung-sec-ipo-valuation" target="_blank" data-smartkarma-citation="insights:13507">Shinheung SEC IPO Valuation</a></li><li><a href="https://www.smartkarma.com/insights/ryb-ipo-preview-an-early-childhood-educator-riding-on-china-s-demand-for-premium-education" target="_blank" data-smartkarma-citation="insights:13556">RYB IPO Preview: An Early Childhood Educator Riding on China’s Demand for Premium Education</a></li><li><a href="https://www.smartkarma.com/insights/yas-ipo-part-2-key-considerations-for-bookbuilding" target="_blank" data-smartkarma-citation="insights:13586">YAS IPO Part 2 - Key Considerations for Bookbuilding</a></li><li><a href="https://www.smartkarma.com/insights/cromwell-european-reit-decent-yield-decent-size-but-where-is-the-growth" target="_blank" data-smartkarma-citation="insights:13531">Cromwell European REIT: Decent Yield, Decent Size - But Where Is the Growth?</a></li><li><a href="https://www.smartkarma.com/insights/matrimony-com-ipo-leader-in-a-wide-moat-business-deserves-premium-anchors-pick-45-of-ipo-already" target="_blank" data-smartkarma-citation="insights:13467">Matrimony.com(IPO): Leader in a Wide Moat Business Deserves Premium; Anchors Pick 45% of IPO Already</a></li></ul><div><h2>List of pre-IPO Coverage on Smartkarma</h2></div><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>AAB International</td><td><a href="https://www.smartkarma.com/insights/aab-international-pre-ipo-review-stuck-with-a-dirty-diaper" target="_blank">AAB International Pre-IPO Review - Stuck with a Dirty Diaper </a></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>China New Uni</td><td><a href="https://www.smartkarma.com/insights/china-new-university-ipo-preview-track-record-and-focus-attractive" target="_blank">China New University IPO Preview: Track Record and Focus Attractive</a></td></tr><tr><td>China Literature</td><td><a href="https://www.smartkarma.com/insights/china-literature-ipo-preview-time-to-monetize-its-rich-content-library" target="_blank" data-smartkarma-citation="insights:12582">China Literature IPO Preview: Time to Monetize Its Rich Content Library</a></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td>Razer</td><td><a href="https://www.smartkarma.com/insights/razer-pre-ipo-review-for-gamers-by-gamers-but-is-it-for-investors" target="_blank" data-smartkarma-citation="insights:12309">Razer Pre-IPO Review - For Gamers. By Gamers. But, Is It for Investors?</a></td></tr><tr><td>Shandong Int'l Trust</td><td><a href="https://www.smartkarma.com/insights/shandong-international-trust-pre-ipo-faltering-growth-and-profitability-despite-aid-from-prop-book" target="_blank">Shandong Int'l Trust Pre-IPO - Faltering Growth and Profitability Despite Aid from Prop Book</a></td></tr><tr><td>Zhongan Insurance</td><td><a href="https://www.smartkarma.com/insights/zhongan-insurance-ipo-preview-how-long-will-early-bird-advantage-last-part-1" target="_blank" data-smartkarma-citation="insights:12993">ZhongAn Insurance IPO Preview: How Long Will Early Bird Advantage Last? (Part 1)</a></td></tr><tr><td>Zhongan Insurance</td><td><a href="https://www.smartkarma.com/insights/zhongan-online-p-c-insurance-ipo-preview-how-to-justify-its-valuation-part-2" target="_blank" data-smartkarma-citation="insights:13050">ZhongAn Online P&amp;C Insurance IPO Preview: How to Justify Its Valuation (Part 2)</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>IsMedia</td><td><p><a href="https://www.smartkarma.com/insights/ismedia-ipo-summary-smartphone-camera-tester-maker" target="_blank" data-smartkarma-citation="insights:11980">IsMedia IPO Summary - Smartphone Camera Tester Maker</a></p></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr><tr><td colspan="2"><strong>United States </strong></td></tr><tr><td>Best Inc.</td><td><a href="https://www.smartkarma.com/insights/best-logistics-technologies-reportedly-prepares-for-1bn-ipo" target="_blank" data-smartkarma-citation="insights:9945">Best Logistics Technologies Reportedly Prepares for $1bn+ IPO</a></td></tr><tr><td>Best Inc.</td><td><a href="https://www.smartkarma.com/insights/best-inc-ipo-part-2-of-2-valuation-versus-chinese-express-peers" target="_blank" data-smartkarma-citation="insights:12838">Best Inc IPO, Part 2 of 2: Valuation Versus Chinese Express Peers</a></td></tr></tbody></table>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.The ECM madness continues this week with various IPOs launching this week and closing next week.In the placement space, Japan Post Holdings Co Ltd (6178 JP) is closing next week, 22nd September. Shares offered to overseas investors was said to be fully subscribed on 15th September. Travis Lundy and Mio Kato, CFA had already offered analysis about the share sale from different perspectives:Japan Post Holdings: Trying to Gauge Retail Interest Through Social Media IndicatorsJapanese Govt To Sell Japan Post Shares - Basic DetailsThere were also a handful of other placements this week, namely, Mapletree Logistics Trust (MLT SP) , Macquarie Atlas Roads Group (MQA AU) and Pan Ocean Co Ltd (028670 KS) . Out of which, MLT and MQA are holding 3% and 6% above deal price with settlement to be close to the end of next week. Pan Ocean however, broke deal price quickly on the next day of trading as sentiment seem very much negative stemming from PE partners selling even though deal dynamics were favorable.In IPOs, RYB Education Inc (RYB US) and Garuda Maintenance Facility (1536227D IJ) were launched this week. There is also a smaller Singapore IPO (below US$100m) launched this week, APAC Realty Ltd (APREALTY SP), which operates under the widely recognized brand, ERA.There are also more IPOs potentially coming next week such as ZhongAn Online P&amp;C Insurance Co Ltd (0864257D CH) and SBI Life Insurance Co Ltd (1509885D IN) . More notably, ZhongAn seemed to be close to securing Softbank's Vision Fund as a cornerstone investor of up to almost US$500m out of the US$1.5bn deal size.Accuracy Rate:Our overall accuracy rate is 73.1% for IPOs and 62.9% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Bank of Gansu (Hong Kong, ~US$500m)A-Living Services (Hong Kong, ~US$100m) - Spin-off from Agile Property Holdings Ltd (3383 HK)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Keppel-KBS gears up for Singapore REIT IPOAirAsia appoints BDO Unibank for Philippines IPOSmartkarma Community's Analyses on Upcoming IPOs  Shinheung SEC IPO ValuationRYB IPO Preview: An Early Childhood Educator Riding on China’s Demand for Premium EducationYAS IPO Part 2 - Key Considerations for BookbuildingCromwell European REIT: Decent Yield, Decent Size - But Where Is the Growth?Matrimony.com(IPO): Leader in a Wide Moat Business Deserves Premium; Anchors Pick 45% of IPO AlreadyList of pre-IPO Coverage on SmartkarmaNameInsightHong KongAAB InternationalAAB International Pre-IPO Review - Stuck with a Dirty Diaper CenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?China New UniChina New University IPO Preview: Track Record and Focus AttractiveChina LiteratureChina Literature IPO Preview: Time to Monetize Its Rich Content LibraryBank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangRazerRazer Pre-IPO Review - For Gamers. By Gamers. But, Is It for Investors?Shandong Int'l TrustShandong Int'l Trust Pre-IPO - Faltering Growth and Profitability Despite Aid from Prop BookZhongan InsuranceZhongAn Insurance IPO Preview: How Long Will Early Bird Advantage Last? (Part 1)Zhongan InsuranceZhongAn Online P&amp;C Insurance IPO Preview: How to Justify Its Valuation (Part 2)South KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Data SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthIsMediaIsMedia IPO Summary - Smartphone Camera Tester MakerKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Woowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsIndiaNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and ExpensiveUnited States Best Inc.Best Logistics Technologies Reportedly Prepares for $1bn+ IPOBest Inc.Best Inc IPO, Part 2 of 2: Valuation Versus Chinese Express Peers

Smartkarma: ECM Coverage Weekly Update (16 September 2017)

India

SBI Life Insurance Company Limited offers financial services. The Company provides claims, general insurance, online banking, retirement plans, tax calculators, revival of lapsed policies, and other services. SBI Life Insurance serves customers in India.

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SBI Life Insurance Co Ltd (SBILIFE IN)

SBI Life IPO - Faster, Better and Soon to Be Bigger but Expensive Nonetheless

State Bank Of India (SBIN IN) and Bnp Paribas (BNP FP) plan to raise up to US$1.3bn by selling a part of their stake in SBI Life Insurance Co Ltd...

Sumeet Singh

Smartkarma: ECM Coverage Weekly Update (16 September 2017)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. The ECM madness...

Zhen Zhou, Toh

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52-week Range

Market Cap (USDm)

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