Highlights: Will Anthem Biosciences IPO list at a premium? GMP rallies 25% – Check key details here

Anthem Biosciences’ IPO last recorded GMP (Grey Market Premium) is Rs.150 as of July 17, 2025, 4:31 PM. With a price band set at Rs.570, the estimated listing price is Rs.720 (cap price + GMP). This suggests an expected gain of approximately 26.32% per share.

Founded in 2006, Anthem Biosciences Limited is a technology-driven Contract Research, Development, and Manufacturing Organization (CRDMO) focused on innovation. With fully integrated operations across drug discovery, development, and manufacturing, the company supports a wide range of clients, from emerging biotech startups to large global pharmaceutical corporations. Anthem Biosciences specialises in the production of fermentation-based active pharmaceutical ingredients (APIs), including probiotics, enzymes, peptides, nutritional actives, vitamin analogues, and biosimilars.

The promoters of the company are Ajay Bhardwaj, Ganesh Sambasivam, K Ravindra Chandrappa and Ishaan Bhardwaj.

JM Financial Limited is the book-running lead manager and Kfin Technologies Limited is the registrar for the issue.

The IPO price band for Anthem Biosciences has been set at Rs. 570 per share. The lot size for retail investors is 26 shares, requiring a minimum investment of Rs. 14,040 (26 shares). For Small and Non-Institutional Investors (sNII), the lot size is 14 lots (364 shares), amounting to Rs. 2,07,480. For Bulk and Non-Institutional Investors (bNII), the lot size is 68 lots (1,768 shares), with an investment of Rs. 10,07,760.

“We believe Anthem Biosciences Ltd IPO brings investors an opportunity to invest in the high-growth CRDMO space, uniquely positioned with fully integrated capabilities across small and large molecules, including NCE and NBE platforms—a rarity in India. We think with a strong track record of 8,000+ projects, deep engagement with 675+ clients, and a robust pipeline of 242 active projects, Anthem has demonstrated sustained innovation through early adoption of advanced modalities like ADC, RNAi, and flow chemistry, and a leadership position in green chemistry. We also think company’s strategic focus on small and emerging biotech’s has yielded long-standing relationships and proven value, evidenced by multiple clients being acquired by large pharma. By looking at the financials, company has demonstrated strong revenue from growth in FY 2024 and 2025 growing by 34.3% and 30% while the net profit surge by 22.9% in FY 2025 from a dip of 4.6% in FY 2024,” said Rajan Shinde, Research Analyst, Mehta Equities.

The Indian CRDMO market is rapidly growing, projected to hit $15.4 billion by 2029 at a 13.4% CAGR. Hence, Anthem Biosciences is expanding custom synthesis capacity by 57% to 425 kL by FY26, making it India’s largest CRDMO player. As of March 2025, it has been granted 8 patents and filed 17 patent applications.

Anthem Biosciences’ revenue grew at a CAGR of 25, EBITDA at 30%, and net profit at 37% over FY20-25. By leveraging high-margin revenue streams like Fee-For-Service contracts and niche speciality ingredients, along with cost-efficient methods, it delivered the highest FY25 EBITDA margin up 37%, revenue growth of 30%, and gross fixed asset turnover of 1.6x among peers.

Anthem Bioscience’s initial issue is priced at 47.4x TTM EV/EBITDA compared to the peer average of 42.7x TTM EV/EVITDA.

“Even though the issue seems to be priced higher than the peer average, we believe it demands a premium led by stronger growth, industry-leading margins, steady profitability and deep capability to produce complex products. We assign a ‘Subscribe’ rating to the issue,” said Deven Choksey Research in an IPO note.

As of the latest update, the shares of Anthem Bioscience IPO in the unofficial market or grey marker is trading at a premium of Rs 148 per share. This indicated of a potential listing price of Rs 718, which is nearly 30% higher over the issue’s upper price band of Rs 570 per share.

However, it is important to note that, this is note the actual listing price and may fluctuate base on market sentiment.

Anthem Biosciences IPO moved through its timeline, with the subscription window opening on July 14 and closing on July 16. The response from investors was strong, and the allotment of shares is expected to be finalised on today July 17.

For those who do not receive allotment, refunds or credit of shares to demat accounts are likely by July 18. The company is set to make its market debut on July 21, with its shares scheduled to be listed on both the NSE and BSE.

Anthem Biosciences’ IPO attracted strong investor interest across categories. The issue received an overall subscription rate of approximately 63.86 times. The most demand came from Qualified Institutional Buyers (QIBs). The portion was subscribed 182.65 times their allotted quota.

Furthermore, Non-Institutional Investors (NIIs) also showed participation with a subscription of 42.36 times. Meanwhile, retail investors subscribed 5.64 times.

“We believe Anthem Biosciences IPO brings investors an opportunity to invest in the high-growth CRDMO space, uniquely positioned with fully integrated capabilities across small and large molecules, including NCE and NBE platforms—a rarity in India. We think with a strong track record of 8,000+ projects, deep engagement with 675+ clients, and a robust pipeline of 242 active projects, Anthem has demonstrated sustained innovation through early adoption of advanced modalities like ADC, RNAi, and flow chemistry, and a leadership position in green chemistry,” said Rajan Shinde, Research Analyst with Mehta Equities.

Anthem Biosciences is a one-stop service provider across the drug life cycle (drug discovery, development and manufacturing) fastest growing for both small molecules and biologics, with an integrated chemical and biology entity, one of the only few companies catering for it. Post the expansion, its fermentation capacity of 182 kL is expected to be more than 6 times the 2nd largest assessed player in this industry.

The IPO of Anthem Biosciences is a pure offer-for-sale (OFS), meaning no new shares are being issued by the company. Instead, existing shareholders are selling part of their stake in the company. Around 5.96 crore equity shares are being offered to the public through this book-built issue, with each share having a face value of Rs 2.

The total size of the IPO is estimated at approximately Rs 3,395 crore. Since it’s an OFS, the money raised from this public offer will go directly to the selling shareholders and not to the company. This structure allows current investors to partially exit their holdings without any fresh capital being added to the company’s balance sheet.

Anthem Biosciences is a Bengaluru-based company that started in 2006. It works as a Contract Research, Development, and Manufacturing Organization (CRDMO), helping other companies with everything from drug discovery to making the final product.

The company provides services to a wide range of clients – from small biotech startups to large pharmaceutical firms in over 40 countries. It mainly focuses on making products like fermentation-based APIs (used in making medicines), biosimilars, peptides, enzymes, and nutritional ingredients. Anthem supports the global pharma industry by offering both research and manufacturing solutions under one roof.