Anthem Biosciences Limited, a Bengaluru-based Contract Research, Development and Manufacturing Organization (CRDMO), is making headlines with its ₹3,395 crore Initial Public Offering (IPO). Positioned at the intersection of innovation and technology, the company operates with full integration across the drug discovery, development, and commercial manufacturing value chain.

It is one of the few Indian companies with New Chemical Entity (NCE) and New Biological Entity (NBE) capabilities across the CRDMO lifecycle, giving it a strong competitive advantage in a globally expanding pharmaceutical outsourcing market.

IPO Structure & Details:

The Anthem Biosciences IPO is entirely an Offer for Sale (OFS) of 595.61 lakh shares, implying that the company will not receive any proceeds. Instead, the funds will go to the selling shareholders post deduction of applicable expenses and taxes.

• IPO Open Dates: July 14, 2025 – July 16, 2025

• Allotment Date: Expected on or around July 17, 2025

• Tentative Listing Date: July 21, 2025

• Listing Exchange: BSE & NSE

• Price Band: ₹540 – ₹570 per equity share

• Lot Size: 26 shares per lot

• Retail Minimum Investment: ₹14,820 (1 lot)

• HNI Minimum Investment: ₹2,07,480 (14 lots or 364 shares)

Book Running Lead Managers & Registrar:

The IPO is managed by leading financial institutions:

• JM Financial Limited

• Citigroup Global Markets India Pvt. Ltd.

• J.P. Morgan India Pvt. Ltd.

• Nomura Financial Advisory & Securities (India) Pvt. Ltd.

KFin Technologies Ltd. acts as the Registrar for the issue.

Anchor Investor Participation:

Anthem Biosciences raised a substantial ₹1,016.02 crore from anchor investors on July 13, 2025. The company allocated 1,78,24,999 equity shares at ₹570 per share to several marquee domestic and global investors, reflecting strong institutional confidence.

Grey Market Premium (GMP) Analysis:

As of July 10, 2025, the GMP stands at ₹70, indicating an expected listing price of ₹640, or a potential premium of 12.28% over the issue price. While GMP is unofficial and unregulated, it provides a sneak peek into investor sentiment and anticipated listing-day demand.

Live IPO Subscription Status:

As of 11:30 AM on July 15, 2025, the IPO had been subscribed 1.38 times on the second day, suggesting healthy demand particularly from institutional and high-net-worth categories. The final day subscription will determine the oversubscription levels and further validate GMP estimates.

How to Check Anthem Biosciences IPO Allotment:

The allotment will be published on or around Thursday, July 17, 2025, and can be checked via the registrar's portal. Here are the steps:

1. Go to the KFin Technologies allotment portal

2. Select Anthem Biosciences Limited IPO from the dropdown

3. Enter your PAN, Application Number, or DP Client ID

4. Click on submit to view your allotment status

This helps retail and institutional investors know if they received allotment and prepare for listing day.

Business Overview & Promoter Experience:

Founded by Mr. Ajay Bhardwaj, who also serves as CEO, Anthem Biosciences has seen exceptional growth. The senior management has over 25 years of industry experience and has been actively involved since the company’s inception. The leadership's blend of scientific knowledge and commercial acumen has played a pivotal role in scaling operations.

With global clientele in pharma, biotech, and specialty chemicals, the company delivers end-to-end research-to-manufacturing solutions. This strategic positioning enables it to serve innovator companies and generic players alike.

Financial Performance:

Anthem Biosciences has demonstrated strong and consistent growth in all key financial parameters:

Revenue from Operations:

• FY23: ₹11,339.92 million

• FY24: ₹14,830.69 million

• FY25: ₹19,302.85 million

EBITDA:

• FY23: ₹5,677.56 million

• FY24: ₹5,686.77 million

• FY25: ₹7,565.68 million

Profit After Tax (PAT):

• FY23: ₹3,581.85 million

• FY24: ₹3,673.10 million

• FY25: ₹4,512.59 million

This performance showcases compounded annual growth with operational efficiency and an expanding global footprint.

Valuation and Key Ratios:

• Pre-Issue EPS (FY24): ₹8.07

• Post-Issue EPS (FY24): ₹8.04

• Pre-Issue P/E Ratio: 70.63x

• Post-Issue P/E Ratio: 70.94x

• Industry P/E: 81x

• ROCE: 27.64%

• ROE / RoNW: 20.82%

Although the P/E is slightly high, it is below the industry average, implying that the IPO is fairly priced for a high-growth CRDMO business.

IPO Objectives:

Since the issue is entirely an Offer for Sale (OFS), no proceeds will go to the company. Instead, existing shareholders will partially exit their investment. This suggests the IPO is primarily for providing liquidity to promoters and early investors rather than funding growth or expansion.

While this does not impact company fundamentals, it’s important for investors to know the funds won’t enhance operational capacity or reduce debt.

Investment Recommendation:

Considering the company’s:

• Strong track record of financial performance

• Leading market position in India’s CRDMO sector

• Global clientele and integrated service model

• Fair valuation compared to industry average

• Reasonable GMP and anchor investor participation

We recommend applying to Anthem Biosciences IPO for listing gains, especially for investors with a moderate-to-high risk appetite. It may also be a long-term hold for investors looking at healthcare, biotech, and specialty pharma sector exposure.

Final Thoughts:

The Anthem Biosciences IPO presents an opportunity to invest in a well-managed, high-margin and technology-intensive CRDMO company that has demonstrated consistent performance. Despite the IPO being an OFS, strong demand and high GMP signal investor trust.

However, since no capital is raised for the business, long-term value creation will depend solely on business fundamentals, not on IPO proceeds. Cautious investors may choose to monitor post-listing performance before entering.

Disclaimer:
This review is intended for educational purposes only and is not to be construed as financial advice or a recommendation. Investors should consult SEBI-registered advisors and consider their risk appetite before investing. Information is based on publicly available data as of the date of writing and is subject to change.

The Upcoming IPOs in this week and coming weeks are Savy Infra, Monika Alcobev, NSDL.

The Current active IPO are Anthem Biosciences, Spunweb Nonwoven.

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