Anupam Rasayan IPO - An Exciting Chemistry: Prabhudas Lilladher
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Prabhudas Lilladher Report
Anupam Rasayan Ltd., at upper range of price band of Rs 555, is priced at ~95 times trailing twelve months earnings optically looks expensive but there are enough growth levers on front of topline growth, cost savings and reduction in interest cost.
It is one of India’s leading custom synthesis and manufacturing company, operates in life sciences (95% of revenue) and other specialty chemicals (5%) verticals.
It is favorably placed in the sweet spot to capture the rising demand for specialty chemicals given its strong relationships with multi-national companies, leadership competencies into multi-step synthesis and complex chemistries such as etherification, hydrogenation, alkylation, nitration, etc and superior research and development capabilities enabling it to roll out new products in different chemistries and deliver large quantities.
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