Supriya Lifescience IPO - Investment Rationale, Financials, Risks, Concerns: Motilal Oswal
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Motilal Oswal's IPO Report
Supriya Lifescience Ltd. is one of the key Indian manufacturers of active pharma ingredients, with focus primarily on diverse therapeutic areas.
The company offers 38 APIs focusing on high value products with limited competition. It has been consistently the largest exporter of Chlorpheniramine Maleate (used in anti-histamine and anti-allergic drug; 45-50% share) and Ketamine Hydrochloride (pain management drug; 60-65% share) from India from FY17-21.
It is also among the largest exporters of Salbutamol Sulphate (anti-asthmatic drug) with 31% share in FY21.
Supriya Lifescience derives ~75% of its revenue from exports, with low geographic concentration and well-balanced presence between regulated and semi/non-regulated markets.
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