Daily BriefsIPOs and Placements

Equity Capital Markets: Thai Life Insurance, Keystone Realtors and more

In today’s briefing:

  • Thai Life Insurance Pre-IPO – Industry Dynamics and Domestic Peer Comparison Aren’t Very Encouraging
  • Keystone Realtors Pre-IPO Tearsheet

Thai Life Insurance Pre-IPO – Industry Dynamics and Domestic Peer Comparison Aren’t Very Encouraging

By Sumeet Singh

  • Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
  • Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
  • In this note, we will talk about the industry dynamics and undertake a peer comparison versus its domestic peers.

Keystone Realtors Pre-IPO Tearsheet

By Ethan Aw

  • Keystone Realtors (3324626Z IN)  is looking to raise about US$109m in its upcoming India IPO. The deal will be run by Axis Capital and Credit Suisse.
  • Keystone Realtors is a real estate developer which develops projects under the Rustomjee brand, with operations based solely in India.  
  • As of March 31, 2022, it has developed 20.05m sqft of residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects.

Before it’s here, it’s on Smartkarma