In total, the IPO received bids for 17.66 crore shares against the 4.4 crore shares that were available for subscription. Among investor categories, non-institutional investors (NIIs) showed the most enthusiasm, subscribing 12.37 times their allotted portion. The retail investor segment was subscribed 2.38 times, while qualified institutional buyers (QIBs) bid for 60% of their share.
Meanwhile, in the grey market — an unofficial market where IPO shares are traded before listing — Anthem Biosciences shares are trading at a premium of Rs 156. This indicates a potential listing gain of about 27%, based on the upper end of the IPO price band, which is Rs 570.
The Rs 3,395 crore issue is entirely an offer for sale (OFS), with no fresh equity issuance. The IPO closes on July 16, and the company is set to be listed on both the NSE and BSE.
The price band for the issue is fixed at Rs 540–570 per share, with a minimum lot size of 26 shares.
Should You Subscribe?
Brokerages including Anand Rathi and Canara Bank Securities have given the IPO a ‘Subscribe’ rating, citing Anthem’s strong industry position, robust revenue visibility, and high-margin business model.
The IPO is valued at a price-to-earnings (P/E) ratio of 71x based on FY25 earnings, broadly in line with peers such as Syngene (P/E ~51) and Divi’s Labs (P/E 83). While the valuation is on the higher side, analysts believe it is justified by the company’s scale, technological edge, and consistent profitability.
With its differentiated offering in the high-growth CRDMO (Contract Research, Development, and Manufacturing Organisation) segment, Anthem presents a compelling long-term growth opportunity, analysts said.
About Anthem Biosciences
Founded in 2006, Anthem Biosciences operates in a niche segment of the pharma value chain, offering end-to-end drug discovery, development, and manufacturing services. It is among the few Indian CRDMOs with integrated capabilities across both small molecules (chemical-based) and large molecules (biologics).
Its differentiated fee-for-service (FFS) model has enabled it to cater to small and mid-sized biotech firms globally, which make up a large portion of its client base. Since inception, the company has served over 675 clients and completed more than 8,000 projects.
In FY25, Anthem reported strong financials, with an EBITDA margin of 36.8% and a Return on Net Worth (RoNW) of 20.8%. As of March 2025, the company’s net worth stood at Rs 2,410 crore.
Its facilities are cGMP-compliant and approved by global regulatory bodies such as the USFDA, ANVISA, TGA, and PMDA. The company is now expanding its fermentation and synthesis capacities to meet growing demand for complex biologics and specialty ingredients.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
