Indian CRDMOs timed their IPOs right. But is the business worth the premium?

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An anticipated shift in the global pharmaceutical supply chain away from China has investors excited about Indian contract research, development and manufacturing organisations (CRDMOs), companies that offer services from early-stage drug discovery to late-stage drug development.

Export-focused CRDMOs including Anthem Biosciences, Sai Life Sciences and Divi’s Laboratories are trading at expensive valuations, reflecting investor enthusiasm as innovator drug companies look at diversifying and derisking their operations. However, experts cautioned that while CRDMOs are expected to post high growth, their financial performances have yet to reflect it.

Bengaluru-based Anthem Biosciences made a stellar debut on the stock exchanges on 21 July, listing on the National Stock Exchange at a premium of 27 percent over its initial public offering price of ₹570. The IPO, with an issue size of ₹3,395.79 crore, was subscribed 67.42 times. Anthem’s stock traded at a price-to-earnings (PE) ratio of 93.24 on 25 July.

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