Anthem Biosciences IPO Opens July 14: Price Band ₹540–₹570, BSE NSE Listing

NOOR MOHMMED

    09/Jul/2025

  • Anthem Biosciences IPO opens July 14–16 with ₹3,395 crore offer for sale at ₹540–570 band, listing on BSE, NSE on July 21.

  • Entirely an offer for sale of 5.96 crore shares with minimum retail investment of ₹14,040 for 26 shares.

  • Proceeds go to selling shareholders; company gains no fresh capital from this IPO offering.

Anthem Biosciences Limited is launching its ₹3,395 crore Offer For Sale (OFS) IPO on July 14, 2025.

The price band is set at ₹540–₹570 per share, with a lot size of 26 shares, and the IPO will list on BSE and NSE on July 21, 2025.

Important Note: This IPO is 100% OFS—no fresh issue proceeds will go to the company.


Company Overview

Business: Innovation-driven Contract Research, Development and Manufacturing Organization (CRDMO), offering services across the drug discovery, development, and manufacturing cycle for small molecules and biologics.

Established: 2006.

Focus: Specialised fermentation-based APIs including probiotics, enzymes, peptides, nutritional actives, vitamin analogues, and biosimilars.

Customers: Over 550 customers globally, including big pharma and emerging biotech companies across 44+ countries (US, Europe, Japan, etc.).

Innovation: Holds 1 Indian patent, 7 overseas patents, and 24 pending global patent applications (as of Sept 2024).

Employees: ~600 skilled professionals, including chemists, biologists, engineers.

Project Pipeline (as of Sept 2024):

  • 196 active projects:

    • 170 discovery

    • 132 early phase

    • 16 late phase

    • 13 commercial manufacturing


Competitive Strengths

⭐ India's fastest-growing fully integrated CRDMO with "one-stop" drug life-cycle services.
⭐ Innovation-led model with advanced tech for small molecules and biologics.
⭐ Deep relationships with diverse, loyal customer base globally.
⭐ Proven track record in scaling discovery to manufacturing.
⭐ Experienced leadership and highly qualified scientific talent pool.


Anthem Biosciences IPO Details

Item Details
IPO Type Bookbuilding
Total Issue Size ₹3,395.00 Crores
Offer for Sale Entire issue (no fresh capital)
Price Band ₹540–₹570 per share
Face Value ₹2 per share
Lot Size 26 shares
Issue Opens July 14, 2025 (Monday)
Issue Closes July 16, 2025 (Wednesday)
Allotment Date July 17, 2025 (Thursday)
Listing Date July 21, 2025 (Monday)
Exchanges BSE, NSE
Lead Manager JM Financial Limited
Registrar Kfin Technologies Limited


Lot Size & Investment

Investor Category Min–Max Lots Shares Approx Investment (₹)
Retail (Min) 1 26 ₹14,040–₹14,820
Retail (Max) 13 338 ₹1,82,520–₹1,92,660
sNII (Min) 14 364 ₹1,96,560–₹2,07,480
sNII (Max) 67 1,742 ₹9,40,680–₹9,92,940
bNII (Min) 68 1,768 ₹9,79,200–₹10,07,760


Reservation Details

Category Allocation
QIB Up to 50% of Net Issue
Retail At least 35% of Net Issue
NII At least 15% of Net Issue
Employees Employee discount ₹50/share


IPO Timeline (Tentative)

Event Date
IPO Opens Mon, July 14, 2025
IPO Closes Wed, July 16, 2025
Allotment Finalisation Thu, July 17, 2025
Refunds Initiated Fri, July 18, 2025
Shares Credited to Demat Fri, July 18, 2025
Listing Date Mon, July 21, 2025
UPI Mandate Cut-off 5 PM, July 16, 2025


Promoter Shareholding

Stage % Holding
Pre-IPO 76.87%
Post-IPO 74.68%

✅ Promoters: Ajay Bhardwaj, Ganesh Sambasivam, K. Ravindra Chandrappa, Ishaan Bhardwaj.


Financial Highlights

Period Ended Revenue (₹ Cr) PAT (₹ Cr) EBITDA (₹ Cr) Net Worth (₹ Cr) Debt (₹ Cr)
FY25 1,930.29 451.26 683.78 2,409.86 108.95
FY24 1,483.07 367.31 519.96 1,924.66 232.53
FY23 1,133.99 385.19 446.05 1,740.67 125.06

✅ Revenue Growth FY24–FY25: ~30%
✅ PAT Growth FY24–FY25: ~23%


Key Performance Indicators (as of March 31, 2025)

  • ROE: 20.82%

  • ROCE: 26.88%

  • Debt/Equity: 0.05 (very low)

  • RoNW: 20.82%

  • PAT Margin: 23.38%

  • EBITDA Margin: 36.81%

  • Price to Book: ~13.23

  • EPS (₹): 8.07

  • P/E: ~70.62x (both pre/post IPO)


Objects of the Issue

  • Entirely an Offer For Sale.

  • No fresh capital for Anthem Biosciences.

  • All proceeds go to selling shareholders (after expenses and taxes).


SWOT Summary

Strengths

  • Fully integrated CRDMO with end-to-end drug lifecycle services.

  • Global diversified client base across biotech and pharma.

  • Strong IP portfolio and innovation-driven business model.

  • Healthy financial growth, low leverage.

⚠️ Weaknesses

  • 100% OFS means no funds to company.

  • High P/E (~70x) may limit upside.

Opportunities

  • Growing global demand for outsourced R&D and manufacturing.

  • India’s cost advantage in biotech.

⚠️ Threats

  • Regulatory risks in pharma.

  • Global competition in CRDMO space.


Analyst View

Premium valuation (~70x P/E) reflects its strong growth, margins, and unique position in India's CRDMO sector.

Serious investors may consider it for long-term exposure to India's booming outsourced pharma R&D market, but must be cautious of high price and 100% OFS.

Short-term listing gains may depend on market sentiment.


Final Recommendation

Short-term View: Cautiously Positive to Neutral (premium pricing, large OFS).
Medium-to-Long Term: Positive (strong sectoral tailwinds, global CRDMO demand).
Strategy: Apply if comfortable with premium valuation and long-term horizon.


How to Apply and Check Allotment

Apply:

  • ASBA via net banking.

  • UPI via broker apps (mandate before 5 PM, July 16).

Check Allotment (from July 17):

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