Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
 Strong Revenue Momentum and Profitability:<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> achieved INR 18.4bn in revenue in FY25, growing 25% CAGR over FY20–FY25,with industry-leading EBITDA margins of 36.8% and PAT margin of 23.4%</li>
<li>
 Unique Dual Capability in Biologics and Small Molecules:Among the few Indian CRDMOs with end-to-end capabilities across both small and large molecules, and technology-driven portfolio including ADCs, RNAi, peptides, and oligonucleotides</li>
<li>
 Peer-Leading Returns and Robust Pipeline: Anthem boasts the highest ROCE (26.9%) among Indian peers, with significant IP-backed revenue streams and global molecule commercialization. It is a BUY for long term.</li>
</ul>



 Strong Revenue Momentum and Profitability:Anthem Biosciences (1234D IN) achieved INR 18.4bn in revenue in FY25, growing 25% CAGR over FY20–FY25,with industry-leading EBITDA margins of 36.8% and PAT margin of 23.4%

 Unique Dual Capability in Biologics and Small Molecules:Among the few Indian CRDMOs with end-to-end capabilities across both small and large molecules, and technology-driven portfolio including ADCs, RNAi, peptides, and oligonucleotides

 Peer-Leading Returns and Robust Pipeline: Anthem boasts the highest ROCE (26.9%) among Indian peers, with significant IP-backed revenue streams and global molecule commercialization. It is a BUY for long term.


Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener"></a>Anthem Biosciences has filed RHP to raise INR34B (~$395M) through its Indian IPO consisting of only an offer for sale of equity shares. The IPO will open on July 14.</li>
<li>The IPO has been priced at INR540–570 per share. Considering FY25 EPS of INR8.07, Anthem seeks P/E valuation of 66.9–70.6x, which is lower than most of the peers.</li>
<li>With niche and differentiated technical capabilities (ADC, biosimilars, innovative biologics etc), large clientele, exposure to commercialized molecules, and capacity expansion, Anthem is well-positioned for long-term growth.</li>
</ul>



Anthem Biosciences has filed RHP to raise INR34B (~$395M) through its Indian IPO consisting of only an offer for sale of equity shares. The IPO will open on July 14.
The IPO has been priced at INR540–570 per share. Considering FY25 EPS of INR8.07, Anthem seeks P/E valuation of 66.9–70.6x, which is lower than most of the peers.
With niche and differentiated technical capabilities (ADC, biosimilars, innovative biologics etc), large clientele, exposure to commercialized molecules, and capacity expansion, Anthem is well-positioned for long-term growth.


Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.


Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

<ul>
<li>Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (NYKAA IN)</a>.</li>
<li>He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Nykaa Block - US$140m Selldown by Banga Family

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the not-so-positive aspects of the deal.


Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

India

Divi's Laboratories Ltd. manufactures pharmaceutical products which include generic drugs and their intermediates. The Company also undertakes contract research activities for other pharmaceutical companies.

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Divi's Laboratories (DIVI IN)

Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding

Anthem Biosciences' strong revenue growth, industry-leading profitability, unique dual capability in biologics and small molecules, & peer-leading...

Sreemant Dudhoria,CFA

Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing

Anthem Biosciences’ INR34B ($395M) India IPO consisting of only OFS will open for subscription on July 14. The IPO has been priced at INR540–570...

Tina Banerjee

Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the RHP updates.

Akshat Shah

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding

​Anthem Biosciences' strong revenue growth, industry-leading profitability, unique dual capability in biologics and small molecules, & peer-leading...

Sreemant Dudhoria,CFA

Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing

Anthem Biosciences’ INR34B ($395M) India IPO consisting of only OFS will open for subscription on July 14. The IPO has been priced at INR540–570...

Tina Banerjee

Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the RHP updates.

Akshat Shah

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

Anthem Biosciences' strong revenue growth, industry-leading profitability, unique dual capability in biologics and small molecules, & peer-leading...