Anupam Rasayan shares: Emkay shares target post Jayhawk acquisition
Anupam Rasayan: Emkay called the transaction as value accretive, supported by Jayhawk’s capabilities in high-purity materials, advanced chemistries, and its relevance across aviation, electronics and semiconductors.
- Dec 10, 2025,
- Updated Dec 10, 2025 8:52 AM IST
Emkay Global in a note on Anupam Rasayan said the acquisition of Jayhawk has strengthened its positioning in the non-agri CDMO, in addition to improving strategic presence in the US market. The brokerage called the transaction as value accretive, supported by Jayhawk’s capabilities in high-purity materials, advanced chemistries, and its relevance across aviation, electronics, semiconductors, and agrochemicals.
Emkay said the integration would shift Anupam’s business mix toward performance materials, broaden its chemistry portfolio, enhance innovation and R&D, and allow Anupam to leverage its backward-integration strengths alongside Jayhawk’s high-purity technology. It retained its 'Add' rating on the stock, suggesting a target of Rs 1,050. The brokerage said it would await clarity on the transaction structure and accounting implications. To recall, Anupam has signed a definitive agreement to acquire 100 per cent equity in Jayhawk Fine Chemicals LLC, a US-based specialty chemicals company, for an enterprise value of $134 million at about 9 times EV/Ebitda for 2024.
The total purchase consideration stood at $150 million, including roughly $16 million in cash and cash equivalents and loans payable to exiting shareholders.
The transaction will be funded through internal accruals, debt of about $40 million, and a quasi-equity infusion of roughly $110 million from a global investment management fund. The deal is expected to be completed Q4FY26.
Jayhawk, founded in 1941 and headquartered in Kansas, is part of the CABB group and manufactures advanced intermediates, active ingredients, and high-performance materials.
It operates across about 3 million square metres with two manufacturing units and a pilot plant dedicated to new CDMO projects. Its capabilities span heterocyclic synthesis, azo chemistry, Suzuki coupling, formylation, and high-temperature oxidation, supplementing Anupam’s existing chemistries. Anupam will acquire Jayhawk by purchasing 100 per cent of Monitchem Kansas Sarl, the Luxembourg entity that fully owns Jayhawk, for about $150 million including cash. The existing Jayhawk team will be retained to support continuity in CDMO operations.
Emkay Global in a note on Anupam Rasayan said the acquisition of Jayhawk has strengthened its positioning in the non-agri CDMO, in addition to improving strategic presence in the US market. The brokerage called the transaction as value accretive, supported by Jayhawk’s capabilities in high-purity materials, advanced chemistries, and its relevance across aviation, electronics, semiconductors, and agrochemicals.
Emkay said the integration would shift Anupam’s business mix toward performance materials, broaden its chemistry portfolio, enhance innovation and R&D, and allow Anupam to leverage its backward-integration strengths alongside Jayhawk’s high-purity technology. It retained its 'Add' rating on the stock, suggesting a target of Rs 1,050. The brokerage said it would await clarity on the transaction structure and accounting implications. To recall, Anupam has signed a definitive agreement to acquire 100 per cent equity in Jayhawk Fine Chemicals LLC, a US-based specialty chemicals company, for an enterprise value of $134 million at about 9 times EV/Ebitda for 2024.
The total purchase consideration stood at $150 million, including roughly $16 million in cash and cash equivalents and loans payable to exiting shareholders.
The transaction will be funded through internal accruals, debt of about $40 million, and a quasi-equity infusion of roughly $110 million from a global investment management fund. The deal is expected to be completed Q4FY26.
Jayhawk, founded in 1941 and headquartered in Kansas, is part of the CABB group and manufactures advanced intermediates, active ingredients, and high-performance materials.
It operates across about 3 million square metres with two manufacturing units and a pilot plant dedicated to new CDMO projects. Its capabilities span heterocyclic synthesis, azo chemistry, Suzuki coupling, formylation, and high-temperature oxidation, supplementing Anupam’s existing chemistries. Anupam will acquire Jayhawk by purchasing 100 per cent of Monitchem Kansas Sarl, the Luxembourg entity that fully owns Jayhawk, for about $150 million including cash. The existing Jayhawk team will be retained to support continuity in CDMO operations.