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

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> 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

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sartorius-ag" target="_blank" data-smartkarma-citation="entities:21720:1" rel="noopener">Sartorius AG (SRT GR)</a> reported 21% YoY increase in net profit for 1Q25 on 7% YoY growth in sales. Growth was driven by Bioprocessing Solutions division, which facilitates biopharma manufacturing.</li>
<li>The company expects sales to increase by ~6%, with EBITDA margin of 29–30% (2024: 28.0%) for 2025. Bioprocess Solutions division is projected to grow ~7% in 2025.</li>
<li>With Sartorius reporting a strong 1Q25 result, we are upbeat on the 1Q25 performance as well as near-term growth prospects of two major biopharma CDMO players, Samsung Biologics and Lonza.</li>
</ul>



Sartorius AG (SRT GR) reported 21% YoY increase in net profit for 1Q25 on 7% YoY growth in sales. Growth was driven by Bioprocessing Solutions division, which facilitates biopharma manufacturing.
The company expects sales to increase by ~6%, with EBITDA margin of 29–30% (2024: 28.0%) for 2025. Bioprocess Solutions division is projected to grow ~7% in 2025.
With Sartorius reporting a strong 1Q25 result, we are upbeat on the 1Q25 performance as well as near-term growth prospects of two major biopharma CDMO players, Samsung Biologics and Lonza.


Sartorius AG (SRT GR): Strong 1Q25 Result; Positive Takeaway For Bioprocessing Industry

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> has reported 2024 result, with revenue growing 10% YoY to RMB19B and net profit increasing 11% YoY to RMB4B. Revenue from non-COVID business increased 13% YoY.</li>
<li>Total backlog reached $18.5B as of December 31, 2024, including $10.5B service backlog and $8.0B upcoming potential milestone fees, while the total backlog within three years stood at $3.7B.</li>
<li>Wuxi Biologics guided for 12–15% YoY revenue growth for 2025. Revenue from continuing operation (excluding revenue from Ireland Vaccines) is expected to grow 17–20% YoY in 2025.</li>
</ul>



Wuxi Biologics (2269 HK) has reported 2024 result, with revenue growing 10% YoY to RMB19B and net profit increasing 11% YoY to RMB4B. Revenue from non-COVID business increased 13% YoY.
Total backlog reached $18.5B as of December 31, 2024, including $10.5B service backlog and $8.0B upcoming potential milestone fees, while the total backlog within three years stood at $3.7B.
Wuxi Biologics guided for 12–15% YoY revenue growth for 2025. Revenue from continuing operation (excluding revenue from Ireland Vaccines) is expected to grow 17–20% YoY in 2025.


Wuxi Biologics (2269 HK): 2024 Revenue Meets Guidance; Poised for Accelerated Growth in 2025

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs, C(D)MOs, and life science tools suppliers.</li><li>While the companies in our coverage universe continued to face pressure on revenue and profit growth in 2024, half demonstrated improved performance in 2H24 versus 1H24.</li><li>Specifically, C(D)MOs and life science tools suppliers showed positive trends in financial performance, demand outlook, and guidance for 2025. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs, C(D)MOs, and life science tools suppliers.While the companies in our coverage universe continued to face pressure on revenue and profit growth in 2024, half demonstrated improved performance in 2H24 versus 1H24.Specifically, C(D)MOs and life science tools suppliers showed positive trends in financial performance, demand outlook, and guidance for 2025. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare - Results Review of Overseas CXO and Life Science Tools Sectors in 2024 & 4Q24

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.</li>
<li>Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.</li>
<li>My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.</li>
</ul>


Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.
Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.
My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.


Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

Switzerland

Lonza is a global partner to the pharmaceutical, biotech and nutrition markets. The company works with healthcare customers to develop, manufacture and commercialize medical treatments and technologies to treat patients against a range of diseases. Founded in the Swiss Alps, Lonza now operates across Europe, North America, South America, Asia and Oceania.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lonza Group (LONN SW)

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

Sartorius AG (SRT GR): Strong 1Q25 Result; Positive Takeaway For Bioprocessing Industry

Sartorius sees 21% YoY increase in net profit for 1Q25 on 7% sales growth. The company expects 6% sales growth in 2025 with EBITDA margin...

Tina Banerjee

Wuxi Biologics (2269 HK): 2024 Revenue Meets Guidance; Poised for Accelerated Growth in 2025

Wuxi Biologics reports 10% revenue growth in 2024, with non-COVID business up 13% YoY. The company guides for 12-15% revenue growth in 2025, with...

Tina Banerjee

Healthcare - Results Review of Overseas CXO and Life Science Tools Sectors in 2024 & 4Q24

We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs,...

CMB International

Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Sartorius AG (SRT GR): Strong 1Q25 Result; Positive Takeaway For Bioprocessing Industry

​Sartorius sees 21% YoY increase in net profit for 1Q25 on 7% sales growth. The company expects 6% sales growth in 2025 with EBITDA margin...

Tina Banerjee

Wuxi Biologics (2269 HK): 2024 Revenue Meets Guidance; Poised for Accelerated Growth in 2025

​Wuxi Biologics reports 10% revenue growth in 2024, with non-COVID business up 13% YoY. The company guides for 12-15% revenue growth in 2025, with...

Tina Banerjee

Healthcare - Results Review of Overseas CXO and Life Science Tools Sectors in 2024 & 4Q24

We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs,...

CMB International

Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

Sartorius sees 21% YoY increase in net profit for 1Q25 on 7% sales growth. The company expects 6% sales growth in 2025 with EBITDA margin...

Wuxi Biologics reports 10% revenue growth in 2024, with non-COVID business up 13% YoY. The company guides for 12-15% revenue growth in 2025, with...