Anthem Biosciences Limited, an innovation-led Contract Research, Development and Manufacturing Organization (CRDMO), has concluded its ₹3,395 crore initial public offering (IPO) with a strong response from investors. The IPO was oversubscribed 63.86 times on the final day of bidding, reflecting high investor confidence in the company’s fundamentals and sector potential.

The IPO opened for subscription on July 14 and closed on July 16, 2025. The allotment is scheduled for July 17, while the tentative listing date is July 21, 2025 on both NSE and BSE.

Company Overview: Anthem’s Integrated Capabilities in Drug Discovery & Manufacturing

Anthem Biosciences, based in India, is a well-established CRDMO offering end-to-end services across the entire drug lifecycle—from discovery to development to commercial manufacturing. It is among the few Indian firms that possess both New Chemical Entity (NCE) and New Biological Entity (NBE) capabilities under one roof.

Key strengths include:

• Fully integrated operations across drug discovery and manufacturing

• Serving global pharmaceutical clients with cutting-edge R&D

• Strong IP protection, regulatory compliance, and world-class facilities

The company is led by Founder & CEO Ajay Bhardwaj, a professional with over 25 years of industry experience, backed by a team of seasoned executives.

Anthem Biosciences IPO Details and Structure

The IPO was structured as a Book Built Issue, comprising an Offer for Sale (OFS) of 595.61 lakh equity shares, which means the company will not receive any proceeds; the entire funds will go to selling shareholders.

Key IPO Highlights:

• IPO Size: ₹3,395 crore

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

• Market Cap at ₹570: ₹32,011.77 crore

• Lot Size: 26 shares

• Minimum Retail Investment: ₹14,820

• HNI Investment (14 lots): ₹2,07,480

Final Subscription Status (as of 7:00 PM, July 16)

• Total Subscription: 63.86 times

• Backed by strong participation from QIBs, NIIs, and Retail categories

This robust demand reflects the strong growth story, credible promoters, and sectoral tailwinds in the CRDMO space.

Anchor Investor Participation

Ahead of the IPO, Anthem Biosciences raised ₹1,016.02 crore from anchor investors. A total of 1,78,24,999 shares were allotted at ₹570 apiece in coordination with the lead managers.

This large anchor investment indicates institutional confidence in the company’s performance and future prospects.

Grey Market Premium (GMP) and Listing Expectation

As of the last GMP update on July 10, 2025:

• IPO Price: ₹570

• Expected Listing Price: ₹640

• GMP: ₹70

• Implied Listing Gain: ~12.28%

While GMP is unofficial and speculative, it offers a market sentiment gauge, especially before listing.

Financial Performance Overview

Anthem Biosciences has shown consistent revenue and profit growth, making it a strong candidate in the healthcare and pharma service segment.

Revenue from Operations:

• FY 2023: ₹11,339.92 million

• FY 2024: ₹14,830.69 million

• FY 2025: ₹19,302.85 million

EBITDA:

• FY 2023: ₹5,677.56 million

• FY 2024: ₹5,686.77 million

• FY 2025: ₹7,565.68 million

Profit After Tax (PAT):

• FY 2023: ₹3,581.85 million

• FY 2024: ₹3,673.10 million

• FY 2025: ₹4,512.59 million

This steady increase in profit and margin underscores the company’s operational efficiency and market scalability.

Key Financial Ratios and Valuation Metrics

• Pre-Issue EPS (FY24): ₹8.07

• Post-Issue EPS (FY24): ₹8.04

• Pre-Issue P/E: 70.63x

• Post-Issue P/E: 70.94x

• Industry Average P/E: 81x

• ROCE (FY24): 27.64%

• ROE (FY24): 20.82%

• RoNW (FY24): 20.82%

These numbers suggest that the IPO is reasonably priced compared to industry peers, despite being an OFS.

Objectives of the Issue

Since the IPO is an Offer for Sale, no proceeds will go to the company. All funds will be received by existing shareholders, after deducting expenses and taxes.

The company's aim is to provide an exit opportunity for investors and enhance public visibility and liquidity of its shares post-listing.

Step-by-Step Guide: How to Check Allotment Status

To check IPO allotment status on July 17, 2025:

1. Visit KFin Technologies Ltd (Registrar Website)

2. Select Anthem Biosciences Limited IPO from dropdown

3. Enter Application Number / PAN / DP ID

4. Click Submit

5. Allotment status will be displayed on the screen

Investors can also receive updates via SMS or email if details were entered during application.

Should You Apply or Avoid? Here’s the Investor View

Reasons to Apply:

• Strong track record of revenue and profit growth

• Leading position in CRDMO segment with integrated capabilities

• Consistent demand for outsourced drug development from global pharma

• Attractive GMP suggesting 12% listing gain potential

Reasons to Avoid:

• Entire IPO is OFS — no fresh capital for company growth

• High P/E valuation despite strong fundamentals

• Potential risk of listing volatility post OFS-led IPOs

Expert Verdict: Apply for Listing Gains

Considering the company’s consistent financial growth, strong demand, anchor investor support, and positive GMP, this IPO may offer moderate to strong listing gains.

It suits:

• Short-term investors targeting listing pop

• Medium-term investors betting on healthcare outsourcing

• Long-term investors if post-listing valuations stay stable

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  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.

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