Anthem Biosciences Limited is a premier Contract Research, Development and Manufacturing Organization (CRDMO) based in India, known for its cutting-edge innovation, technology-first approach, and fully integrated drug discovery-to-commercialisation ecosystem. The company has carved a niche in both New Chemical Entity (NCE) and New Biological Entity (NBE) services, giving it an edge in the global pharmaceutical outsourcing landscape.

Let us delve deep into all key aspects of the Anthem Biosciences IPO, including its subscription figures, financial performance, GMP, and listing expectations.

IPO Details and Schedule

The Anthem Biosciences IPO is a Book Built Offer for Sale (OFS) amounting to ₹3,395.00 Crores. It involves the sale of 5.96 crore equity shares by existing shareholders. No fresh issue is involved, meaning the company will not receive any proceeds directly.

• IPO Open Date: July 14, 2025

• IPO Close Date: July 16, 2025

• Allotment Date: July 17, 2025

• Tentative Listing Date: July 21, 2025

• Stock Exchanges: BSE and NSE

The price band has been fixed between ₹540 and ₹570 per share, with a lot size of 26 shares. The minimum investment for retail investors is ₹14,820, while HNIs need to invest in at least 14 lots (364 shares), i.e., ₹2,07,480.

Lead Managers and Registrar

The IPO is managed by top-tier investment banks:

• JM Financial Limited

• Citigroup Global Markets India Pvt. Ltd.

• J.P. Morgan India Pvt. Ltd.

• Nomura Financial Advisory and Securities India Pvt. Ltd.

KFin Technologies Ltd is the registrar to the issue, and they will handle the allotment process and refund/credit of shares.

Anchor Investment and Investor Sentiment

Ahead of the public offering, Anthem Biosciences successfully raised ₹1,016.02 Crores from Anchor Investors, issuing 1,78,24,999 equity shares at ₹570 per share.

This strong anchor interest helped build momentum for the IPO, contributing to the final day subscription tally of 63.86 times, reflecting robust investor confidence across retail, HNI, and institutional segments.

Grey Market Premium (GMP) Insights

As of July 10, 2025, the Grey Market Premium (GMP) for Anthem Biosciences stands at ₹70, which translates to an expected listing price of ₹640 per share — a 12.28% gain over the upper price band.

It’s important to note that GMP is unofficial and unregulated. Although it signals market sentiment, investors should not rely solely on GMP for decision-making. It merely reflects the demand-supply dynamics in the grey market.

Anthem Biosciences Business Overview

Anthem Biosciences is deeply entrenched in the pharmaceutical value chain. Its services span the entire lifecycle of a drug, from:

• Discovery and Development

• Clinical and Non-Clinical Trials Support

• Large-Scale Manufacturing of Drug Substances

• Analytical and Regulatory Support

The company is among the few players in India offering end-to-end capabilities for both NCEs and NBEs, a distinction that allows it to engage with top-tier global pharmaceutical clients.

Leadership and Expertise

Anthem Biosciences is led by its Founder and CEO, Mr. Ajay Bhardwaj, who has more than 25 years of experience in the biotech sector. The founding team and senior management have remained intact since inception, ensuring consistent leadership and strategic continuity.

This experience-rich leadership team is credited with navigating regulatory hurdles, maintaining high-quality standards, and executing a growth-centric roadmap.

Financial Performance at a Glance

The company has delivered strong financial performance in recent years, showing both top-line and bottom-line growth.

Revenue from Operations:

• FY25: ₹1,930.28 Crores

• FY24: ₹1,483.07 Crores

• FY23: ₹1,133.99 Crores

EBITDA:

• FY25: ₹756.57 Crores

• FY24: ₹568.68 Crores

• FY23: ₹567.75 Crores

Profit After Tax (PAT):

• FY25: ₹451.26 Crores

• FY24: ₹367.31 Crores

• FY23: ₹358.19 Crores

This reflects a clear growth trajectory, aided by expansion of services, higher client engagements, and operational efficiencies.

Valuation and Financial Ratios

Here’s how Anthem Biosciences stands on key financial parameters:

• 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 and RoNW: 20.82%

These metrics suggest that Anthem Biosciences is fairly valued compared to its industry peers and offers moderate listing upside for investors.

How to Check IPO Allotment Status Online

Investors can check Anthem Biosciences IPO allotment status after July 17 using these steps:

1. Visit KFin Technologies IPO allotment page.

2. Select Anthem Biosciences IPO from the dropdown list.

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

4. Click Submit to know your allotment status.

Successful applicants can expect the credit of shares in their Demat account by July 20, ahead of the listing on July 21.

Should You Apply for Anthem Biosciences IPO?

Based on the current data, here are the pros and cons:

Positives:

• Robust financial performance over the last 3 years

• High-margin CRDMO business model with strong global relevance

• Strong anchor investor interest boosting credibility

• GMP of ₹70 indicates a positive listing trend

• Experienced leadership team and reputed client base

Risks/Considerations:

• Entire issue is Offer for Sale — no fresh funds for business

• High valuation (70x P/E) might limit long-term upside

• Heavily regulated industry and global market dependencies

Our Recommendation:

Investors with a moderate risk appetite and interest in short-term listing gains may consider applying. However, long-term investors should wait for post-listing performance and quarterly results before making a buy-and-hold decision.

Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a solicitation to buy or sell any securities. Investors should perform their own due diligence or consult a SEBI-registered financial advisor before making any investment decisions. All data is based on information available as of the publication date and may be subject to change.

The Upcoming IPOs in this week and coming weeks are Indiqube Spaces, GNG Electronics, Brigade Hotel Ventures, TSC India, Patel Chem Specialities, Monarch Surveyors & Engineering Consultants, TSC India, Swastika Castal, Savy Infra, NSDL.

The Current active IPO are Monika Alcobev.

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