Anthem Bioscience’s initial issue is priced at 47.4x TTM EV/EBITDAcompared to peer average of 42.7x TTM EV/EVITDA. Even though, the issueseems to be priced higher than the peer average, we believe it demands apremium led by stronger growth, industry leading margins, steady profitabilityand deep capability to produce complex products. We assign a “SUBSCRIBE”rating to the issue.