Anthem Biosciences has initiated its initial public offering (IPO) today, (Monday, July 14). The IPO will close on Wednesday, July 16, and the bidding for anchor investors is set for July 11, as outlined in the red herring prospectus (RHP).
This IPO is solely an offer-for-sale (OFS) amounting to ₹3,395 crore from promoters, investors, and other selling shareholders.
As the IPO is completely an OFS, the company will not acquire any funds from the offering, and the proceeds will be directed to the selling shareholders.
In the Anthem Biosciences IPO, 50% of the offering is allocated for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% for retail investors. A total of ₹8.25 crore worth of equity shares has been set aside for eligible employees.
Retail investors will need to invest a minimum of ₹14,820 to apply for the Anthem Biosciences IPO, which is available in lots of 26 shares.
After the public offer closes, the allotment for Anthem Biosciences IPO will be determined the following day on July 17, with refunds and share credits anticipated on July 18. The expected listing date for Anthem Biosciences shares is July 21, with shares being listed on both BSE and the NSE.
Anthem Biosciences IPO GMP today or Anthem Biosciences IPO grey market premium is +109. This indicates Anthem Biosciences share price was trading at a premium of ₹109 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Anthem Biosciences share price was indicated at ₹679 apiece, which is 9.12% higher than the IPO price of ₹570.
10 key things from RHP
Here are 10 key things from the Red Herring Prospectus (RHP) that investors might want to know before subscribing to the issue.
Anthem Biosciences IPO – Promoters
The company is promoted by Ajay Bhardwaj, Ishaan Bhardwaj, Ganesh Sambasivam, and K Ravindra Chandrappa.
Anthem Biosciences IPO – Peers
The company’s listed peers are Syngene International Ltd (with a P/E of 51.54), Sai Life Sciences Ltd (with a P/E of 92.18), Cohance Lifesciences Ltd (with a P/E of 97.29), and Divi’s Laboratories Ltd (with a P/E of 83.22).
Anthem Biosciences IPO – Business
Anthem is a Contract Research, Development and Manufacturing Organisation (CRDMO) that prioritises innovation and centers on technology, offering fully integrated operations that cover drug discovery, development, and manufacturing.
Additionally, it produces and markets sophisticated fermentation-derived Active Pharmaceutical Ingredients (APIs), such as probiotics, enzymes, peptides, nutritional actives, vitamin analogues, and biosimilars.
Anthem Biosciences IPO – Industry
The CRDMO market is highly fragmented, featuring between 1,000 and 1,500 global CROs and CDMOs vying for market share as of March 31, 2025. This environment includes a wide variety of participants, such as comprehensive CRDMOs, large and small independent CROs and CDMOs, as well as in-house divisions of pharmaceutical firms and academic institutions.
Operating as full-service CRDMOs with worldwide capabilities offers a significant advantage, specifically due to entry barriers like technology requirements, substantial capital expenditures needed for establishing manufacturing and research facilities, and established relationships with sponsor networks.
Anthem Biosciences IPO – Manufacturing facilities
The firm, which was established in 2006, operates two manufacturing plants in India, Unit I (Bommassandra) and Unit II (Harohalli), both located in Karnataka, with a combined annual custom synthesis capacity of 270 kL and fermentation capacity of 142 kL, as of March 31, 2025.
Additionally, it is working to enhance its custom synthesis capacity at Unit II (Harohalli) by 130 kL and is also expanding its custom synthesis capacity by 25 kL and fermentation capacity by 40 kL through the construction of Unit III (Neoanthem Lifesciences Private Limited, a wholly-owned subsidiary), both of which are anticipated to be fully operational by the first half of Fiscal 2026.
The third manufacturing facility in Karnataka is currently under construction and is projected to be fully operational in the first half of 2025.
Anthem Biosciences IPO – Innovation in Modalities
Anthem has developed a strong pipeline for innovation through advanced therapeutic platforms such as RNA interference (RNAi), Antibody-Drug Conjugates (ADCs), peptides, lipids, and oligonucleotides.
Anthem Biosciences IPO – Market opportunity
The F&S Report indicates that the worldwide pharmaceutical sector is anticipated to expand at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, aiming to achieve a value of U.S.$ 2,076.0 billion by 2029. This growth is primarily fueled by factors such as the increasing elderly population, a higher prevalence of chronic illnesses, sedentary habits, and heightened health awareness.
Anthem Biosciences IPO – Key Risks
Some of the key risks are as follows;
- The company’s operations are significantly influenced by the demand for their CRDMO services, which accounted for 81.65% of their revenue in Fiscal 2025. Any negative effects on their CRDMO clients’ businesses or the sectors they operate in could have a substantial detrimental impact on the company’s operations.
- Developmental and commercial manufacturing represented 70.78% of the company’s operational revenue and 71.90% of their total Projects in Fiscal 2025. The company’s performance may be negatively impacted by setbacks in early phase developmental Projects or challenges in creating or producing commercially viable drugs, including factors that are outside their control.
Anthem Biosciences IPO – Financials
In FY25, the company experienced a 30% rise in revenue from operations, reaching ₹1,844 crore compared to ₹1,419 crore in FY24. The profit after tax for the year ending March 31, 2025, was ₹451 crore, marking a 23% increase over FY24.
Lock-in of equity shares allotted to anchor investors
Half of the equity shares allocated to anchor investors within the anchor investor portion will be subject to a lock-in period of 90 days starting from the date of allotment, while the other half will be locked in for a duration of 30 days from the date of allotment.
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