Five of six brokerages recommend subscribing to the ICICI Prudential IPO. Consensus verdict is that this is a longer-term investment rather than for listing gains.
Valuation for IPO is fair considering Max Life-HDFC Life merger has quoted HDFC Life Insurance's value at Rs 47,000 crore with market share of 7.6%. ICICI Prudential Life's valuation is Rs 47,720 crore at the upper price band, with market share of 11.3%.
The company is however, over-reliant on ULIPs compared to HDFC Life and SBI Life (82.3% of revenue, compared to 43.7% ULIPs for HDFC and 45.6% for SBI).
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Advice/view |
Summary verdict |
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Angel Broking
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Neutral |
IPO note available |
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Capital Market
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Rating of 49 |
Implies Subscribe |
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Hem Securities
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Subscribe |
Largest private sector life insurer in India by total premium and AUM |
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SPA Securities
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Subscribe |
Can invest for long term gains |
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| Quant Securities |
Subscribe |
"Business momentum is healthy," valued well compared to HDFC-MaxLife
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| Ajcon Global |
Subscribe |
Has a strong solvency ratio of 300%
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| HDFC Securities |
Unrated |
IPO note available
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| ICICI Securities Limited |
Unrated |
IPO review
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