Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shionogi is acquiring Torii Pharmaceutical and pharmaceutical business of Japan Tobacco. Daiichi Sankyo’s Enhertu meets main goal in the neoadjuvant setting (before surgery) in early-stage breast cancer trial.</li>
<li>HK inno.N received approval for the domestic phase 3 clinical trial of obesity drug candidate. Neuren Pharmaceuticals’ Daybue recorded $84.6M revenue in the U.S. in 1Q25, up 11% YoY.</li>
<li>Biocon secured multiple market access agreements for Yesintek, its biosimilar to Stelara. Lupin received FDA approval for antiretroviral agent raltegravir tablets for the treatment of human immunodeficiency virus (HIV-1) infection.</li>
</ul>


Shionogi is acquiring Torii Pharmaceutical and pharmaceutical business of Japan Tobacco. Daiichi Sankyo’s Enhertu meets main goal in the neoadjuvant setting (before surgery) in early-stage breast cancer trial.
HK inno.N received approval for the domestic phase 3 clinical trial of obesity drug candidate. Neuren Pharmaceuticals’ Daybue recorded $84.6M revenue in the U.S. in 1Q25, up 11% YoY.
Biocon secured multiple market access agreements for Yesintek, its biosimilar to Stelara. Lupin received FDA approval for antiretroviral agent raltegravir tablets for the treatment of human immunodeficiency virus (HIV-1) infection.


APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

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

<ul>
<li>Adani Group shifts to cash flow-backed, high-capex growth phase aiming for leadership in renewable energy, ports, and infrastructure.</li>
<li>Hiranandani Group enters Pune with a Rs 7,000 crore JV project, developing a 105-acre integrated township in Hinjewadi.</li>
<li>The Burman family takes control of <a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> , plans Rs. 2,000 crore capital infusion, rebranding, and new management team</li>
</ul>


Adani Group shifts to cash flow-backed, high-capex growth phase aiming for leadership in renewable energy, ports, and infrastructure.
Hiranandani Group enters Pune with a Rs 7,000 crore JV project, developing a 105-acre integrated township in Hinjewadi.
The Burman family takes control of Religare Enterprises (RELG IN) , plans Rs. 2,000 crore capital infusion, rebranding, and new management team


#108 India Insight: Adani Shifts to Cash Flow Growth, Hiranandani Pune JV, Burman Controls Religare

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.

Equity Capital Markets

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul>
<li>Dr Agarwal's Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.</li>
<li>The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.</li>
<li>The company's proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.</li>
</ul>


Dr Agarwal's Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.
The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.
The company's proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.


Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

India

Aster DM Healthcare Limited provides health care services. The Company offers cardiology, cardiac and spine surgery, oncology, orthopedics, neurology and urology, oncology, gastroenterology and hepatology services. Aster DM Healthcare serves patients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Aster DM Healthcare Ltd (ASTERDM IN)

APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

Shionogi is acquiring Torii Pharma. Daiichi Sankyo’s Enhertu meets key goal in breast cancer trial. HK inno got domestic approval for P3 trial of...

Tina Banerjee

#108 India Insight: Adani Shifts to Cash Flow Growth, Hiranandani Pune JV, Burman Controls Religare

Adani Group focuses on cash flow-backed growth, Hiranandani Group ventures into Pune with Rs 7,000 crore project, Burman family takes control of...

Sudarshan Bhandari

Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Healthcare raised around US$350m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

Shionogi is acquiring Torii Pharma. Daiichi Sankyo’s Enhertu meets key goal in breast cancer trial. HK inno got domestic approval for P3 trial of...

Tina Banerjee

#108 India Insight: Adani Shifts to Cash Flow Growth, Hiranandani Pune JV, Burman Controls Religare

​Adani Group focuses on cash flow-backed growth, Hiranandani Group ventures into Pune with Rs 7,000 crore project, Burman family takes control of...

Sudarshan Bhandari

Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Healthcare raised around US$350m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

​Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....

Tina Banerjee

Adani Group focuses on cash flow-backed growth, Hiranandani Group ventures into Pune with Rs 7,000 crore project, Burman family takes control of...

Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....