IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india-lic" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance Corp of India (LIC) (1248Z IN)</a> is set to launch its IPO with the anchor investor offer period starting 2 May. The offer period closes on 9 May. </li>
<li>At the IPO price range of Rs902-949, the Indian government aims to raise $2.6-2.7 billion, which is materially lower than the initial target of $8.7 billion. </li>
<li>Following up on <a href="https://www.smartkarma.com/insights/life-insurance-corp-of-india-ipo-premium-market" target="_blank" data-smartkarma-citation="insights:65600" rel="noopener">Life Insurance Corp of India IPO: Premium Market</a>, in this note, we look at the latest developments from the Red Herring Prospectus. </li>
</ul>



Life Insurance Corp of India (LIC) (1248Z IN) is set to launch its IPO with the anchor investor offer period starting 2 May. The offer period closes on 9 May. 
At the IPO price range of Rs902-949, the Indian government aims to raise $2.6-2.7 billion, which is materially lower than the initial target of $8.7 billion. 
Following up on Life Insurance Corp of India IPO: Premium Market, in this note, we look at the latest developments from the Red Herring Prospectus. 


Life Insurance Corp of India IPO: Key Takeaways from the RHP

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

SBI Life Insurance Co Ltd / Equity Bottom-Up

<ul><li>SBI Life Insurance (SBIL) reported another consistent performance in Q4FY22. APE growth of 3.8% YoY was largely in line with expectations.</li><li>VNB margin was reported at 25.9 (effective tax basis) witnessing an expansion of 270bps YoY with best-in-class cost ratios and improved persistency</li><li>We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.</li></ul><p><em>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.</em></p>

SBI Life Insurance (SBIL) reported another consistent performance in Q4FY22. APE growth of 3.8% YoY was largely in line with expectations.VNB margin was reported at 25.9 (effective tax basis) witnessing an expansion of 270bps YoY with best-in-class cost ratios and improved persistencyWe remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.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.

SBI Life Insurance: Consistent Performance; Maintain BUY

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.

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>We have looked at various aspects of the deal in our earlier notes. In this note, we compare it to its international peers and talk about valuations.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
We have looked at various aspects of the deal in our earlier notes. In this note, we compare it to its international peers and talk about valuations.


Life Insurance Corporation of India IPO - Regional Peer Comparison

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>In this note, we will talk about the final deal terms and structure, RHP updates and do a quick valuation refresh.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
In this note, we will talk about the final deal terms and structure, RHP updates and do a quick valuation refresh.


Life Insurance Corporation of India IPO - Valuation Is Ok but Its Not the Best Deal Structure

Event-Driven

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO. </li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>In this note, we will talk about the likely final deal terms and the likelihood of fast entry in the various indices.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO. 
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
In this note, we will talk about the likely final deal terms and the likelihood of fast entry in the various indices.


Life Insurance Corporation of India Pre-IPO - India’s Largest IPO Will Not Get Any Passive Support

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SBI Life Insurance Co Ltd (SBILIFE IN)

Life Insurance Corp of India IPO: Key Takeaways from the RHP

LIC is set to launch its IPO with the anchor investor offer period starting on 2 May. In this note, we look at the key developments from the Red...

Arun George

SBI Life Insurance: Consistent Performance; Maintain BUY

We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37%...

Axis Direct

Life Insurance Corporation of India IPO - Regional Peer Comparison

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India in its upcoming India IPO....

Sumeet Singh

Life Insurance Corporation of India IPO - Valuation Is Ok but Its Not the Best Deal Structure

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India. In this note, we talk...

Sumeet Singh

Life Insurance Corporation of India Pre-IPO - India’s Largest IPO Will Not Get Any Passive Support

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)