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

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about valuations.</li>
</ul>



Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about valuations.


Aequitas: Jio Platforms Pre-IPO - Thoughts on Valuations

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)</li><li>The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)</li><li>Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of deposits</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 Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of depositsContent 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.

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

Equity Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>We discuss the recent developments and financial performance of Indian Life Insurers note in this Primer</li>
<li>The big news this quarter is that a significant regulatory risk has passed on without any dent. This has turned the outlook on the sector more positive.</li>
<li>Expect a secular low-mid double-digit premium growth for the Neutral on <a href="https://www.smartkarma.com/entities/hdfc-standard-life-insurance" target="_blank" data-smartkarma-citation="entities:26004:1" rel="noopener">HDFCLIFE IN</a> Short on <a href="https://www.smartkarma.com/entities/icici-prudential-life-insurance" target="_blank" data-smartkarma-citation="entities:23608:1" rel="noopener">IPRU IN</a> and <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">LICI IN</a>
</li>
</ul>


We discuss the recent developments and financial performance of Indian Life Insurers note in this Primer
The big news this quarter is that a significant regulatory risk has passed on without any dent. This has turned the outlook on the sector more positive.
Expect a secular low-mid double-digit premium growth for the Neutral on HDFCLIFE IN Short on IPRU IN and LICI IN



Indian Life Insurance Primer -  April 2024 Update (FY24)

<ul><li>India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030</li><li>This will be a result of inherent demographic advantages along with consistent policy support</li><li>We observe that there are decadal economic trends underway in the country, which are fueling the business growth of companies in various sectors</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.

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030This will be a result of inherent demographic advantages along with consistent policy supportWe observe that there are decadal economic trends underway in the country, which are fueling the business growth of companies in various sectorsContent 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.

Long Term Compounders: Decadal Economic Trends Present Opportunities

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently six pair trade opportunities persist across four markets and four sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently six pair trade opportunities persist across four markets and four sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (31 Aug 2026)

India

SBI Life Insurance Co. Ltd. is a prominent Indian life insurance company, operating as a joint venture between the State Bank of India and BNP Paribas Cardif. The company offers a comprehensive suite of individual and group life insurance and savings products, including traditional plans, unit-linked plans (ULIPs), pension plans, and health plans. It also provides accident, disability, and critical illness insurance. SBI Life Insurance is headquartered in Mumbai, Maharashtra, India, and was founded in October 2000.

Price Gauge
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SBI Life Insurance (SBILIFE IN)

Aequitas: Jio Platforms Pre-IPO - Thoughts on Valuations

Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO. We have looked at the past performance in our earlier notes, In this...

Sumeet Singh

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition)

HDFC Securities

Indian Life Insurance Primer - April 2024 Update (FY24)

India Life Insurance Primer April 2024. Recent developments and financial performance of Indian Life Insurers. Long SBI Life and HDFC Life.

Raj S, CA, CFA

Long Term Compounders: Decadal Economic Trends Present Opportunities

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030. This will be a result of inherent...

HDFC Securities

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (31 Aug 2026)

Discover six pair trade opportunities across four markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Jio Platforms Pre-IPO - Thoughts on Valuations

Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO. We have looked at the past performance in our earlier notes, In this...

Sumeet Singh

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition)

HDFC Securities

Indian Life Insurance Primer - April 2024 Update (FY24)

India Life Insurance Primer April 2024. Recent developments and financial performance of Indian Life Insurers. Long SBI Life and HDFC Life.

Raj S, CA, CFA

Long Term Compounders: Decadal Economic Trends Present Opportunities

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030. This will be a result of inherent...

HDFC Securities

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (31 Aug 2026)

​Discover six pair trade opportunities across four markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Discover six pair trade opportunities across four markets and four sectors using statistical mean-reversion methodology for actionable insights.