Early next year, Villoo Morawala-Patell, fou-nder and chairman of Avestha Gengraine Technologies Pvt. Ltd (Avesthagen), will embark on a roadshow that will cover 100 cities and towns, even small ones, across India in an attempt to sell the company’s initial public offering (IPO) to investors. By doing this, she will be bucking two trends: one, of Indian biotech companies shunning the equity market; and two, of trying to get investors who understand only such things as revenues and cash flows buy into the economic benefits of research and development (R&D).