In today’s briefing:
- Anthem Biosciences Pre-IPO: High Visibility Powered by Differentiated Capabilities
- Initial Thoughts on the DN Solutions IPO
Anthem Biosciences Pre-IPO: High Visibility Powered by Differentiated Capabilities
- Anthem Biosciences (1234D IN), a Contract Research, Development, and Manufacturing Organization, has filed DRHP for INR34B IPO. The proposed IPO will be only offer for sale, with no fresh issue.
- Anthem Biosciences is one of three CRDMOs that possess technological capabilities in India across ADCs, RNAi, peptides, and oligonucleotides, which are among the fastest growing in the pharmaceutical industry.
- Differentiated technological capabilities, large clientele, and exposure to commercialized molecules enhance our conviction on the sustainable growth prospect of the company. Industry backdrop is also favorable.
Initial Thoughts on the DN Solutions IPO
- DN Solutions is planning to complete its IPO in Korea in 2025. The expected value of DN Solutions is estimated to be about 5 trillion won to 6 trillion won.
- DN Solutions’ revenue and operating profit increased at CAGR of 19.9% and 62.2%, respectively from 2020 to 2023.
- Currently, the largest shareholder of DN Solutions is GMT Holdings which has a 90.32% stake. DN Automotive (007340 KS) owns a 100% stake in GMT Holdings.
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