Akum Drugs IPO listed @ Rs. 725

 

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What is the business of Akum Drugs?

Established in 2004, Akum Drugs is a pharmaceutical contract development and manufacturing organization (“CDMO”) offering a comprehensive range of pharmaceutical products and services in India and overseas. As one of the leading CDMOs in India, it owns the intellectual property for the manufacturing processes of several of its formulations, and its core business is focused on providing end-to-end product development and manufacturing solutions to its clients. Some of its other services include
formulation research and development (“R&D”), preparation and filing of regulatory dossiers in the Indian and global markets, and other testing services. In addition to its core CDMO business, it is also engaged in the manufacturing and sale of branded pharmaceutical formulations and active pharmaceutical ingredients (“APIs”).
The company is the largest India-focused CDMO in terms of revenue, production capacity and clients served during the Financial Year 2023 (among CDMOs assessed by F&S). As a CDMO, it produces an extensive range of dosage forms including tablets, capsules, liquid orals, vials, ampoules, blow-filled seals, topical preparations, eye drops, dry powder injections, and gummies, among others. During the Financial Year 2023, it had a market share of 29.4% of the Indian domestic CDMO market by value, which increased from 26.7% during the Financial Year 2021.

Growth potential of CDMO market 

The Indian domestic CDMO market is forecasted to grow at a CAGR of 14.0% between Financial Year 2023 and Financial Year 2028, nearly doubling its historical growth rate. Moreover, the market size of Indian domestic CDMO market is forecasted to grow to USD 2.9 billion during Financial Year 2028.
Since its inception, it has manufactured 4,025 commercialised formulations across over 60 dosage forms. During the Financial Year 2023, it manufactured formulations for 26 of the leading 30 pharmaceutical companies in terms of sales in India. For its CDMO business, it operates 10 manufacturing units, with a cumulative formulations manufacturing capacity of 49.21 billion units annually, as of September 30, 2023. Further, it expects that two additional manufacturing units for its CDMO business will become operational in Financial Year 2025. Some of its manufacturing units have been accredited by various global regulatory agencies such as the European Good Manufacturing Practice, its manufacturing units were subject to 31 inspections by regulators and 517 audits by the clients.

Its clients

Its longstanding relationships with its clients are characterized by a commitment to consistency and trust. As of September 30, 2023, key clients for its CDMO business include Alembic Pharmaceuticals, Alkem Laboratories, Blue Cross Laboratories, Cipla, Dabur India, Dr. Reddy’s Laboratories, Hetero Healthcare, Ipca Laboratories, Mankind Pharma, MedPlus Health Services, Micro Labs, Mylan Pharmaceuticals, Natco Pharma, Sun Pharmaceutical Industries, UCB, and Amishi Consumer
Technologies (The Mom’s Co), among others.

Marketing its own branded formulations

In addition to its core CDMO business, it actively engages in marketing its own branded formulations in India and across global markets, and has established a domestic and international presence through its Subsidiaries, Akumentis and Unosource, respectively. Through Akumentis, it focuses on therapy areas such as gynaecology, cardiology, orthopaedic and paediatric.
Utilizing its field force of 1,525 individuals, as of September 30, 2023, it has established a domestic marketing and distribution network of medical representatives, field managers, distributors and retailers and sell over 200 brands, as of September 30, 2023. Through Unosource, it focuses on therapy areas such as anti-infectives, analgesics, central nervous system, and gynaecology. As of September 30, 2023, its international presence extends across 60 countries.

For more information, click www.akums.in

Akum Drugs IPO GMP grey market premium, review, Subscription, allotment, listing

Akum Drugs IPO Review

Established in 2004, Akum Drugs is a pharmaceutical contract development and manufacturing organization (“CDMO”) offering a comprehensive range of pharmaceutical products and services in India and overseas. The company is the largest India-focused CDMO in terms of revenue, production capacity and clients served during the Financial Year 2023. In addition to its core CDMO business, it actively engages in marketing its own branded formulations in India and across global markets and has established a domestic and international presence through its Subsidiaries.
Size: The size of the IPO is only 27368151 shares and hence oversubscription will smooth. Retail portion is of 2712424 shares/only 10% of the IPO and hence huge oversubscription in Retail and HNI categories is expected.
Financials: At a first glance, you may find volatile trend in the net profits during last 3 years. However, if we look deep in the figures, excluding exceptional items, the company has strong growth in the total income and net profits. Based on the EPS of Rs. 24.56 excluding exceptional item, the shares are offered at very reasonable valuation, and we strongly suggest applying this IPO.  We strongly recommend these shares as medium term investment which can provide huge returns in next 9 months.

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