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

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

Index Rebalance

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for global indices, <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biocon-ltd" target="_blank" data-smartkarma-citation="entities:398:1" rel="noopener">Biocon Ltd (BIOS IN)</a> Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).</li>
<li>The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/divi-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:4871:1" rel="noopener">Divi's Laboratories (DIVI IN)</a> ended FY25 on a strong note. Continued momentum in CS business, recovery in generic business, and significant margin improvement are the key highlights of Q4FY25 result.</li>
<li>Divi’s is witnessing sustained momentum in CS, with a healthy uptick in RFPs and regular site visits. Favorable product mix, stable raw material, and logistics prices will improve overall margin.</li>
<li>Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably with less than 2% revenue CAGR over the last three years.</li>
</ul>



Divi's Laboratories (DIVI IN) ended FY25 on a strong note. Continued momentum in CS business, recovery in generic business, and significant margin improvement are the key highlights of Q4FY25 result.
Divi’s is witnessing sustained momentum in CS, with a healthy uptick in RFPs and regular site visits. Favorable product mix, stable raw material, and logistics prices will improve overall margin.
Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably with less than 2% revenue CAGR over the last three years.


Divi's Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue

India

Syngene International is a contract research, development, and manufacturing organization (CRDMO) that provides integrated scientific services across the drug discovery and development value chain. The company offers services ranging from early-stage research to commercial-scale manufacturing, catering to pharmaceutical, biotechnology, animal healthcare, consumer goods, and agrochemical companies worldwide. Syngene International was founded in 1993 and is headquartered in Bangalore, India.

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Syngene International (SYNG IN)

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

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd is looking to raise around US$520m in its QIP at a floor price of INR 323.2/share, implying a 9.5% discount to the last close.

Akshat Shah

Divi's Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue

Divi's Laboratories finished FY25 strong. Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably...

Tina Banerjee

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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

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd is looking to raise around US$520m in its QIP at a floor price of INR 323.2/share, implying a 9.5% discount to the last close.

Akshat Shah

Divi's Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue

​Divi's Laboratories finished FY25 strong. Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably...

Tina Banerjee

Divi's Laboratories finished FY25 strong. Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably...