Indian drugmaker Anthem Biosciences files for $397 mln IPO (updated)

Sai Life Sciences

31/12/2024 09:47

(Adds details paragraph 2 onwards)
       Dec 31 (Reuters) - Indian contract drugmaker Anthem
Biosciences filed for a 33.95-billion-rupee ($397 million)
initial public offering, draft papers showed on Tuesday, at the
fag end of what has been a red-hot year for companies listing on
the stock market.
    Anthem, whose services include early-stage drug discovery
and drug efficacy testing, said private equity firm True North
and drugmaker DavosPharma are among investors who will sell
shares in the IPO.
    The company will not sell any shares and it did not give any
other details on the offering.
    The Indian IPO market has been bustling this year, with over
300 companies having raised $17.5 billion as of mid-December,
more than double the amount raised last year, LSEG data showed.
    That gives it the top spot globally in terms of proceeds and
volumes, according to consultancy firm KPMG.
    Anthem, which began operations in 2007 and has two
manufacturing facilities, is also going public at a time when
global drugmakers are turning to India and other markets to
limit their reliance on Chinese contractors.
    Begaluru-based Anthem also makes active pharmaceutical
ingredients (API), which are the main component of a drug, as
well as dietary supplements and probiotics.
    It competes with the likes of Syngene International
 SYNN.NS , Divi's Laboratories  DIVI.NS  and newly-listed Sai
Life Sciences  SAIE.NS  among Indian API makers.
 
 ($1 = 85.5720 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru; Editing by Savio
D'Souza)
 ((Kashish.Tandon@thomsonreuters.com; 8800437922;))