In today’s briefing:
- Anthem Biosciences IPO – D&M Vertical Continues to Drive CRDMO Business
- Smartworks Coworking Spaces Ltd. IPO – Should You Sign the Lease?
- Juniper Green Energy Ltd Pre-IPO Tearsheet
- Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing
Anthem Biosciences IPO – D&M Vertical Continues to Drive CRDMO Business
- 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.
Smartworks Coworking Spaces Ltd. IPO – Should You Sign the Lease?
- Smartworks, India’s largest managed campus operator, is launching a INR 582.56 crore IPO, combining fresh issue and OFS to fund expansion and reduce debt.
- Smartworks shows strong growth in operational metrics and high occupancy underline rising demand, but consistent losses, high debt, and client concentration remain key concerns.
- While the industry outlook is robust, the success depends on Smartworks achieving profitability, managing risk, and sustaining client retention in a competitive market.
Juniper Green Energy Ltd Pre-IPO Tearsheet
- Juniper Green Energy Ltd (1831458D IN) (JGEL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are ICICI, HSBC, JM Fin, Kotak.
- JGEL is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
- According to the CRISIL Report, JGEL ranked among the top 10 largest renewable IPPs in India by total capacity as of Dec 24.
Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing
- 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.
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