The Anthem Biosciences IPO is scheduled to open on July 14, 2025, and will close on July 16, 2025. It is a Book Build Issue, aiming to raise approximately ₹3,395 crores through the IPO. This includes a fresh issue of ₹[.] crores and an Offer for Sale (OFS) of up to 5,95,61,404 equity shares with a face value of ₹2 each.
The price band for the Anthem Biosciences IPO is set between ₹540 to ₹570 per share. The retail investor quota is 35%, while Qualified Institutional Buyers (QIB) have a 50% quota, and High Net-worth Individuals (HNI) are allotted 15%.
The IPO allotment date is July 17, 2025, and the listing is expected on BSE and NSE on July 21, 2025.
In terms of financial performance, the company reported a revenue of ₹1,930.29 crores in FY 2025, up from ₹1,483.07 crores in FY 2024. The net profit also rose to ₹451.26 crores in 2025 from ₹367.31 crores in 2024, showing consistent growth.
Anthem Biosciences IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | July 14, 2025 |
| IPO Close Date: | July 16, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹540 to ₹570 Per Share |
| Issue Size: | Approx ₹3,395 Crores |
| Offer for Sale: | Approx 5,95,61,404 Equity Shares |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE & NSE |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
Anthem Biosciences IPO Market Lot
The minimum market lot for the Anthem Biosciences IPO is 26 shares, requiring an application amount of ₹14,820. Retail investors can apply for up to 13 lots, which totals 338 shares with a maximum investment of ₹1,92,660.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 26 | ₹14,820 |
| Retail Maximum | 13 | 338 | ₹1,92,660 |
| S-HNI Minimum | 14 | 364 | ₹2,07,480 |
| B-HNI Minimum | 68 | 1,768 | ₹10,07,760 |
Anthem Biosciences IPO Allotment & Listing Dates
The Anthem Biosciences IPO will open on July 14 and close on July 16. The allotment of shares will be finalized on July 17, and the IPO is scheduled to list on July 21.
| Type | Date |
|---|---|
| IPO Open Date: | July 14, 2025 |
| IPO Close Date: | July 16, 2025 |
| Basis of Allotment: | July 17, 2025 |
| Refunds: | July 18, 2025 |
| Credit to Demat Account: | July 18, 2025 |
| IPO Listing Date: | July 21, 2025 |
Anthem Biosciences IPO: Promoters
The promoters of Anthem Biosciences are Ajay Bhardwaj, Ganesh Sambasivam, K. Ravindra Chandrappa, and Ishaan Bhardwaj.
Anthem Biosciences IPO Company Financial Report
The company reported a revenue of ₹1,930.29 crores in 2025, up from ₹1,483.07 crores in 2024. Its net profit also rose to ₹451.26 crores in 2025, compared to ₹367.31 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2022 | ₹1,280.24 | ₹734.10 | ₹405.54 | ₹1,618.87 |
| 2023 | ₹1,133.99 | ₹698.50 | ₹385.19 | ₹2,014.46 |
| 2024 | ₹1,483.07 | ₹1,005.75 | ₹367.31 | ₹2,398.11 |
| 2025 | ₹1,930.29 | ₹1,273.42 | ₹451.26 | ₹2,807.58 |
Anthem Biosciences IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 20.82% |
| ROCE: | 27.64% |
| EBITDA Margin: | 36.81% |
| PAT Margin: | 23.38% |
| Debt to equity ratio: | 0.05 |
| Earning Per Share (EPS): | ₹8.07 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 20.82% |
| Net Asset Value (NAV): | ₹43.10 |
Anthem Biosciences IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Syngene International Limited | 12.35 | 51.54 | 11.05% | 117.42 | 3,642.40 Cr. |
| Sai Life Sciences Limited | 8.83 | 92.18 | 10.96% | 102.12 | 1,694.57 Cr. |
| Suven Life Sciences Limited | 10.52 | 97.29 | 13.61% | 72.31 | 1,197.58 Cr. |
| Divi’s Laboratories Limited | 82.53 | 83.22 | 15.35% | 564.87 | 9,360.00 Cr. |
Objects of the Issue – Anthem Biosciences IPO
The Company will not receive any proceeds from the Offer. All the Offer Proceeds will be received by the Selling Shareholders, after deducting offer-related expenses and applicable taxes, which will be borne by the respective Selling Shareholders.
Anthem Biosciences Company Overview, Strengths, and Risks
Anthem Biosciences Limited is an innovation-driven and technology-focused Contract Research, Development, and Manufacturing Organization (CRDMO) based in Bengaluru, India. They offer fully integrated operations across drug discovery, development, and manufacturing, serving innovator-focused biotech and large pharmaceutical companies globally.
Company Overview:
- Founded: 2006
- Services: Anthem Biosciences provides end-to-end CRDMO services, covering drug discovery (medicinal chemistry, ADME profiling), preclinical development (GLP toxicology, stability testing), clinical trial material manufacturing (GMP-compliant batches), regulatory filing support, and commercial manufacturing.
- Capabilities: They possess integrated New Chemical Entity (NCE) and New Biological Entity (NBE) capabilities. Their CRDMO platform includes expertise in RNA interference (RNAi), antibody-drug conjugates (ADC), peptides, lipids, and oligonucleotides. They also have manufacturing capabilities in custom synthesis, flow chemistry, fermentation, and biotransformation.
- Specialty Ingredients: Beyond CRDMO, Anthem Biosciences manufactures and sells complex, specialized fermentation-based Active Pharmaceutical Ingredients (APIs), including probiotics, enzymes, peptides, nutritional actives, and vitamin analogues.
- Facilities: They operate two manufacturing plants in Karnataka, India (Unit I in Bommasandra and Unit II in Harohalli), with expansion plans including a third facility (Unit III).
- Business Model: They primarily operate on a Fee-For-Service (FFS) model, which is appealing to smaller biotech companies due to its cost-effectiveness and transparency. They also engage in per-batch pricing and royalty-based revenue from co-developed intellectual property.
- Customers: Anthem serves a diverse customer base in over 44 countries, with a significant portion of revenue coming from North America and Europe. They have long-standing relationships with many clients.
- Financials (as of FY25):
- Revenue from operations: ₹1,844.6 crore
- Net Profit: ₹451.3 crore
- EBITDA margin: 36.8%
- Return on Equity (ROE): 20.82%
- Return on Capital Employed (ROCE): 26.88%
Strengths:
- Integrated Capabilities (NCE & NBE): Anthem is one of the few companies in India with integrated capabilities across both New Chemical Entities (small molecules) and New Biological Entities (large molecules) throughout the entire drug lifecycle, from discovery to commercial manufacturing. This “one-stop shop” approach can save clients time and cost.
- Innovation and Technology Focus: The company has a strong emphasis on innovation, offering advanced technological solutions across various modalities (RNAi, ADCs, peptides, lipids, oligonucleotides) and manufacturing practices (custom synthesis, flow chemistry, fermentation, biotransformation). They are also pioneers in green chemistry techniques in India.
- Strong Financial Performance: Anthem has demonstrated robust revenue growth and healthy profitability with strong EBITDA margins and return ratios (ROE, ROCE) compared to its peers.
- Differentiated Business Model: Their focus on small and emerging biotech companies, combined with a flexible FFS model, allows them to cater to a specific market segment effectively.
- Long-Standing Customer Relationships: They have a diversified and loyal customer base with long-term associations, indicating client satisfaction and recurring business.
- Extensive Specialty Ingredients Portfolio: Their broad portfolio of niche specialty ingredients, leveraging significant fermentation capacity, provides additional revenue streams and diversification.
- Experienced Leadership and Scientific Talent: The company is led by an experienced team, including its founders, and is supported by a large pool of qualified scientists.
- Scalable Manufacturing Infrastructure: Anthem operates cGMP-compliant facilities with high automation and a consistent regulatory compliance track record (including USFDA, ANVISA, TGA, PMDA accreditations). They also have ongoing capacity expansion plans.
- Favorable Market Tailwinds: The global and Indian CRDMO markets are projected for significant growth, providing a strong environment for Anthem’s expansion.
Risks:
- Client Concentration: A significant portion of their revenue (over 70% in FY25) comes from their top five customers. The loss of any major client or a decrease in their business could substantially impact Anthem’s operations and financial condition.
- Geographic Concentration: All of Anthem’s manufacturing facilities are located in Karnataka, India. This exposes the business to potential region-specific risks, such as natural disasters, regulatory changes, or labor issues.
- Highly Competitive Market: The CRDMO market is fragmented and intensely competitive, with numerous global and domestic players. This could affect pricing power and profitability.
- Technological Obsolescence: The biotechnology and pharmaceutical industries are characterized by rapid technological advancements. A failure to continuously invest in and adopt new technologies could negatively impact Anthem’s competitiveness and business goals.
- Regulatory Compliance Risk: As a highly regulated industry, Anthem needs to constantly obtain, maintain, and renew various licenses and approvals across different geographies. Any failure to comply could lead to business disruptions and financial penalties.
- Dependency on CRDMO Services: A large percentage of Anthem’s revenue (around 82% in FY25) is dependent on CRDMO services. Any negative effects on their CRDMO clients’ businesses or the sectors they operate in could have a substantial detrimental impact.
- Developmental and Clinical Trial Risks: A significant portion of Anthem’s revenue (around 70% in FY25) comes from developmental and commercial manufacturing projects. Setbacks in early-phase developmental projects or failures in clinical trials of client products can lead to loss of potential revenue.
- Working Capital Cycle: The company has a relatively high working capital cycle due to high trade receivables, which could impact liquidity.
- Offer-for-Sale (OFS) IPO: The recent IPO was entirely an Offer-for-Sale, meaning the company itself did not receive any proceeds from the offering. The funds went to the selling shareholders. While this doesn’t directly impact current operations, it means the company isn’t raising fresh capital for immediate growth through the IPO.
Anthem Biosciences IPO Review
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Anthem Biosciences IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: anthem.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
Anthem Biosciences IPO Lead Managers aka Merchant Bankers
- Jm Financial Limited
- Citigroup Global Markets India Private Limited
- J.P. Morgan India Private Limited
- Nomura Financial Advisory And Securities (India) Pvt Ltd
Anthem Biosciences Company Address
Anthem Biosciences Limited
No. 49, F1 & F2, Canara Bank Road
Bommasandra Industrial Area, Phase 1,
Bommasandra,
Bengaluru, Karnataka, 560099
Phone: +91 080 6672 400
Email: investors.abl@anthembio.com
Website: https://www.anthembio.com/
FAQs about Anthem Biosciences IPO
The Anthem Biosciences IPO opened on July 14, 2025, and closed on July 16, 2025.
The IPO Price Band for Anthem Biosciences is set between ₹540 to ₹570 per equity share.
The minimum market lot for the Anthem Biosciences IPO is 26 shares, requiring an application amount of ₹14,820 at the upper price band.
The Anthem Biosciences IPO is entirely an Offer for Sale (OFS), meaning the company will not receive any proceeds from the issue. The funds will go to the selling shareholders.
The IPO allotment date for Anthem Biosciences is July 17, 2025.
Anthem Biosciences shares are expected to be listed on BSE and NSE on July 21, 2025.
Anthem Biosciences provides end-to-end Contract Research, Development, and Manufacturing Organization (CRDMO) services, including drug discovery, preclinical development, clinical trial material manufacturing, and commercial manufacturing for both New Chemical Entities (NCEs) and New Biological Entities (NBEs). They also produce specialty ingredients.
The promoters of Anthem Biosciences are Ajay Bhardwaj, Ganesh Sambasivam, K. Ravindra Chandrappa, and Ishaan Bhardwaj.
Key strengths include integrated NCE & NBE capabilities, a strong focus on innovation and technology, robust financial performance, a differentiated business model targeting emerging biotechs, and long-standing customer relationships.
Primary risks include high client concentration (over 70% revenue from top five clients), geographic concentration of manufacturing facilities, intense competition in the CRDMO market, the risk of technological obsolescence, and regulatory compliance risks.
