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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, filings and listings have cooled off going into the general summer lull.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> pulled the trigger on its long touted QIP.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, filings and listings have cooled off going into the general summer lull.
On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.


ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences</a> raised INR 34bn (US$394m) in its IPO valuing the company at INR 320bn (US$3.7bn). The stock lists today.</li>
<li>The grey market premium is INR 132/share, so the stock could list 23.2% higher than the IPO price. That will help in getting larger index flows.</li>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences</a> could be added to one global index in November while the stock price gain will determine whether the stock is added to the other global index in December.</li>
</ul>



Anthem Biosciences raised INR 34bn (US$394m) in its IPO valuing the company at INR 320bn (US$3.7bn). The stock lists today.
The grey market premium is INR 132/share, so the stock could list 23.2% higher than the IPO price. That will help in getting larger index flows.

Anthem Biosciences could be added to one global index in November while the stock price gain will determine whether the stock is added to the other global index in December.


Anthem Biosciences IPO: Lists Today; Index Inclusion Timing

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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">Anthem Biosciences (1234D IN)</a> raised 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 peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) raised 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 peer comp and IPO valuations.


Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). </li>
<li>
These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.</li>
<li>A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.</li>
</ul>


Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). 

These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.


The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

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

<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

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Anthem Biosciences (1234D IN)

ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Anthem Biosciences IPO: Lists Today; Index Inclusion Timing

Anthem Biosciences raised US$394m in its IPO valuing the company at US$3.7bn. The stock lists today. No Fast Entry but the stock should be added to...

Brian Freitas

Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (ABS) raised about US$397m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Anthem Biosciences IPO: Lists Today; Index Inclusion Timing

Anthem Biosciences raised US$394m in its IPO valuing the company at US$3.7bn. The stock lists today. No Fast Entry but the stock should be added to...

Brian Freitas

Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (ABS) raised about US$397m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

​Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

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

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

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