Synopsis:
Anthem Biosciences Limited IPO opens July 14 with a pure offer for sale worth ₹3,395 crore. GMP indicates a ₹97 premium over the ₹570 cap price.
Anthem Biosciences Limited is launching its Initial Public Offering (IPO) to raise funds through a 100 percent book-built offer. The IPO comprises a pure offer for the sale of 5.96 crore equity shares aggregating up to Rs. 3,395 crore. There is no fresh issue component in this IPO. The IPO opens for subscription on July 14, 2025, and closes on July 16, 2025. The shares will be listed on NSE and BSE on Monday, July 21, 2025. Here’s everything you need to know.
GMP of Anthem Biosciences Limited IPO
As of July 11th, 2025, the shares of Anthem Biosciences Limited in the grey market were trading at a 17.02 percent premium. The shares in the Grey Market traded at Rs. 667. This gives it a premium of Rs. 97 per share over the cap price of Rs. 570.
Overview of Anthem Biosciences
Anthem Biosciences Limited was founded in 2006 and is a research-led Contract Research, Development, and Manufacturing Organization (CRDMO). The company offers end-to-end services from drug discovery to development and manufacturing. It works with global clients, including biotech startups and large pharmaceutical firms, helping them bring new medicines to market.
The company makes fermentation-based active ingredients like probiotics, enzymes, peptides, and biosimilars. As of September 2024, Anthem was working on 196 projects, including 13 for commercial manufacturing. It has been involved in the full lifecycle of ten commercial drugs. Their operations span more than 44 countries, including the U.S., Europe, and Japan.
Anthem Biosciences has over 550 customers and a team of 600 skilled professionals. The company also holds several patents and has 24 pending applications worldwide. Its focus on innovation, global reach, and strong research capabilities supports steady business growth.
Promoters of Anthem Biosciences
The promoters include Ajay Bhardwaj, Ganesh Sambasivam, K. Ravindra Chandrappa, and Ishaan Bhardwaj. These individuals bring industry expertise and strategic vision to the company.
Anthem Biosciences Selling Shareholders
The IPO comprises an offer-for-sale only, with no fresh issue component. Promoter-selling shareholders include Ganesh Sambasivam and K Ravindra Chandrappa. Investor-selling shareholders participating are Viridity Tone LLP and Portsmouth Technologies LLC.
Other selling shareholders include Malay J Barua, Rupesh N Kinekar, Satish Sharma, Prakash Kariabettan, and K Ramakrishnan. The proceeds from the offer will go directly to these shareholders and not to the company.
Lead Managers of Anthem Biosciences IPO
JM Financial, Citigroup Global Markets India Private, J.P. Morgan India Private, and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead managers. KFin Technologies serves as the registrar to the issue.
Objectives of the IPO Offer
The company will not get any funds from the offer for sale made by the selling shareholders.
Financial Analysis of Anthem Biosciences
Anthem Biosciences Limited’s total revenue has increased from Rs. 1,483.07 crore in FY24 to Rs. 1,930.29 crore in FY25, which represents a growth of 30.16 percent. The net profit has increased by 22.86 percent from Rs. 367.31 crore in FY24 to Rs. 451.26 crore in FY25. Anthem Biosciences Limited’s revenue and net profit have grown at a CAGR of 30.47 percent and 8.24 percent, respectively, over the last two years.
As of March 31, 2025, Anthem Biosciences Limited’s Return on Equity (ROE) stood at 20.82 percent, and Return on Capital Employed (ROCE) was higher at 26.88 percent. The company maintained a low debt-to-equity ratio of 0.05, suggesting a conservative capital structure.
The Profit After Tax (PAT) margin stood at a healthy 23.38 percent, while the EBITDA margin was robust at 36.81 percent, showcasing operational efficiency. Its price-to-book value ratio was 13.23, indicating premium investor expectations.
Anthem Biosciences vs Peers
Anthem Biosciences reported revenue from operations of Rs. 1,844.55 crore in FY2025 with an EPS of Rs. 8.07 and RoNW of 20.82 percent. In comparison, Divi’s Laboratories Limited earned Rs. 9,360 crore with an EPS of Rs. 82.53 and a RoNW of 15.35 percent. Syngene International Limited reported Rs. 3,642.40 crore in revenue, Rs. 12.35 EPS, and a RoNW of 11.05 percent. The company also has other peers like Sai Life Science Limited and Cohance Lifesciences Limited.
The company’s net asset value per share is Rs. 43.10, compared to Rs. 564.87 for Divi’s Laboratories, Rs. 102.12 for Sai Life Science Limited, Rs. 72.31 for Cohance Lifesciences Limited, and Rs. 117.42 for Syngene International Limited.
Strengths of Anthem Biosciences
- Integrated CRDMO platform covers discovery to commercial manufacturing.
- Strong global customer base, including large pharmaceutical and biotech companies.
- High revenue contribution from developmental and commercial manufacturing services.
- Robust R&D capabilities and investment in advanced technologies.
- Experienced promoters and a management team drive strategic growth.
Weaknesses of Anthem Biosciences
- High revenue concentration among the top ten customers increases business risk.
- Dependent on regulatory approvals and compliance for manufacturing facilities.
- Exposed to foreign currency fluctuation due to significant export revenues.
- Faces risks from rapid technological changes and evolving industry standards.
- Limited diversification outside the CRDMO and specialty ingredients segments.
Anthem Biosciences Limited offers investors exposure to a leading Indian CRDMO with global reach. The IPO provides an opportunity to participate in the company’s growth and innovation in pharmaceutical services. Investors should evaluate sector risks, financial performance, and the company’s strategic position before investing.
Written By – Nikhil Naik
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