Anthem Biosciences IPO: ₹3,395 Crore Offer for Sale Opens July 14 on NSE and BSE

Anthem Biosciences Limited, one of India’s largest innovation-led Contract Research, Development, and Manufacturing Organisations (CRDMO), is coming up with a ₹3,395 crore IPO. The issue is entirely an Offer for Sale (OFS) of 5.96 crore equity shares, enabling the selling shareholders to monetise part of their holdings.

The IPO offers investors an opportunity to participate in India’s fast-growing pharmaceutical outsourcing market, though valuations are rich compared to peers.

IPO Details: Dates, Price Band, and Structure

Issue Type: Bookbuilding IPO
Issue Size: ₹3,395 crore (OFS – no fresh issue)
Price Band: ₹540–₹570 per share
Face Value: ₹2 per share
Lot Size: 26 shares and multiples thereof
Listing: NSE and BSE

Subscription Window:

• Opens: 14 July 2025 (Monday)

• Closes: 16 July 2025 (Wednesday)

• Allotment: 17 July 2025 (Thursday)

• Refunds: 18 July 2025 (Friday)

• Shares Credit: 18 July 2025 (Friday)

• Tentative Listing: 21 July 2025 (Monday)

Lead Manager: JM Financial Limited
Registrar: Kfin Technologies Limited

Lot Size and Investment Requirements

Minimum and maximum bid details:

Note: Employees receive a ₹50 discount per share.

Shareholding Pattern and Promoters

Promoters:

• Ajay Bhardwaj

• Ganesh Sambasivam

• K Ravindra Chandrappa

• Ishaan Bhardwaj

Pre-Issue Holding: 76.87%
Post-Issue Holding: 74.68%

Since the issue is an OFS, there is no dilution in the equity base.

About Anthem Biosciences Ltd.

Incorporated in 2006, Anthem Biosciences has established itself as an integrated CRDMO offering end-to-end solutions in:

• Drug discovery

• Development

• Manufacturing for small molecules and biologics

Key Business Segments:

• Specialized fermentation-based APIs

• Nutritional actives

• Peptides, enzymes, vitamin analogues

• Biosimilars

The company operates globally across 44 countries, including the USA, Europe, and Japan.

Project Portfolio as of September 30, 2024:

• 196 projects (170 discovery, 132 early-phase, 16 late-phase, 13 commercial manufacturing)

• Over 550 active customers

Intellectual Property

Patents Held:

• 1 in India

• 7 overseas

• 24 global patent applications pending

Areas include glycolipid synthesis and GLP-1 analogues.

Workforce and Capability

As of September 2024, Anthem employed 600+ professionals, including chemists, microbiologists, molecular biologists, and engineers.

Financial Performance: Consistent Growth

Revenue & Profit Growth (FY24–FY25):

• Revenue grew 30% (₹1,483 Cr to ₹1,930 Cr)

• PAT grew 23% (₹367 Cr to ₹451 Cr)

Financial Snapshot (₹ Crore):

Key Performance Indicators

• EBITDA Margin: 36.81%

• PAT Margin: 23.38%

• ROE: 20.82%

• ROCE: 26.88%

• Debt/Equity: 0.05

• P/BV: 13.23

Valuation and Metrics

The IPO is fully priced, reflecting premium valuations consistent with innovation-led biotech companies.

Objects of the Offer

Since the IPO is 100% Offer for Sale, proceeds go to the selling shareholders and not to the company.

Competitive Strengths

• Leading CRDMO with one-stop capabilities across the drug lifecycle.

• Strong relationships with global pharmaceutical companies.

• High-margin specialized manufacturing.

• Focus on innovation with robust IP portfolio.

• Low debt (Debt/Equity 0.05) and strong cash generation.

Risks and Considerations

⚠ Valuation is rich at over 70x P/E.
⚠ Entirely an OFS – no fresh capital for business growth.
✅ Sector tailwinds remain favourable, driven by global outsourcing.
✅ Long-term contracts and high customer retention provide revenue visibility.

Expert Review & Recommendation

Analyst Take:

“Anthem Biosciences is a strong player in the CRDMO segment with consistent growth and profitability. However, at over 70 times earnings, the IPO is aggressively priced. Investors seeking long-term exposure to India’s biotech manufacturing can consider allocating modest capital.”

Verdict:
✅ Recommended only for long-term investors willing to accept premium valuations for market leadership.

How to Check Allotment Status

Allotment Date: 17 July 2025
Steps:

1. Visit Kfin Technologies IPO Allotment page.

2. Select Anthem Biosciences IPO.

3. Enter Application No. / PAN / DP ID.

4. Submit and view status.

Final Take

The Anthem Biosciences IPO offers an opportunity to own shares in India’s innovation-driven CRDMO leader with a global footprint. Despite the steep valuation, the company’s proven execution, diversified customer base, and high-margin business model support its long-term story.

Investors with a 3–5 year horizon and appetite for biotech exposure may consider subscribing, while short-term listing gains remain unpredictable due to the rich pricing.

Disclaimer:

This article is intended for informational and educational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions. Investments in securities are subject to market risks. Please read all related documents carefully before applying for the IPO. The data provided is based on publicly available information and may be subject to change.

The Upcoming IPOs in this week and coming weeks are Monika Alcobev, NSDL, Anthem Biosciences, Spunweb Nonwoven.

The Current active IPO are Smartworks Coworking, Asston Pharmaceuticals, CFF Fluid Control, Glen Industries.

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