In today’s briefing:
- Travel Food Services IPO Trading – Decent Anchor; Subdued Overall Demand
- Anthem Biosciences IPO – Thoughts on Peer Comp and Valuation
- Anthem BioSciences IPO Analysis ~ The Fastest-Growing Indian CRDMO
- Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding
- BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade
- Glenmark’s R&D Leap: How a Large Biotech Liscensing Deal with AbbVie Could Change Its Fortune
Travel Food Services IPO Trading – Decent Anchor; Subdued Overall Demand
- Travel Food Services Ltd (1450229D IN) raised about US$233m in its India IPO.
- Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
- 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.
Anthem Biosciences IPO – Thoughts on Peer Comp and Valuation
- 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 peer comp and IPO valuations.
Anthem BioSciences IPO Analysis ~ The Fastest-Growing Indian CRDMO
- Anthem Biosciences (1234D IN) is launching a 3,395 crore IPO via a complete OFS, with a price band of INR 540–570 per share, open from July 14 to July 16.
- Company is a fully integrated CRDMO with capabilities across drug discovery, development, and manufacturing for both small molecules and biologics, serving 550+ customers globally.
- The company is undertaking a major capacity expansion, set to make its fermentation capacity over 6x larger than the second-largest Indian CRDMO player post-expansion.
Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding
- 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.
BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade
- BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.
- This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.
- BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.
Glenmark’s R&D Leap: How a Large Biotech Liscensing Deal with AbbVie Could Change Its Fortune
- Glenmark Pharmaceuticals (GNP IN) signed the world’s fourth-largest biotech licensing deal by upfront value, receiving $700 million from AbbVie for its cancer drug ISB 2001.
- The agreement grants AbbVie global rights for key markets while Glenmark retains Emerging Market access, unlocking $1.9 billion in total potential proceeds.
- This transforms Glenmark into a net-cash company, funds IGI’s R&D pipeline, delays IPO needs, and positions India as a serious biotech innovation hub.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
