Listed

Anthem Biosciences Ltd. IPO

Anthem Biosciences Ltd, a Bengaluru-based contract research, development, and manufacturing organization (CRDMO), plans a ₹3,395 crore offer-for-sale IPO led by JM Financial, Citi, JP Morgan, and Nomura. With two operational plants in Karnataka (Bommasandra and Harohalli) and strong growth—₹1,419 cr revenue in FY24 (+34%)—the IPO reflects its leadership in custom synthesis and fermentation services.

DRHP Check Allotment Status

Min Investment

₹14,040

Lot Size

26 Shares

Price Range

₹570.0

Issue Size (₹ Cr.)

₹3,395.0

IPO Type

BSE NSE, Mainboard

Key Metrics

Face Value

₹ 2

GMP

₹ 144.0

Subscription

67.42x

EPS

₹ 8.07

P/E Ratio

70.62 x

RoNW

20.82%

ROE

20.04%

Debt to Equity (₹ Cr.)

0.12

Timeline

IPO Opened14/07/2025Monday

IPO Closed16/07/2025Wednesday

Allotted17/07/2025Thursday

Refunded18/07/2025Friday

Listed21/07/2025Monday

Strengths

Strong CDMO Capabilities - Anthem Biosciences is a well-established Contract Development and Manufacturing Organization (CDMO) serving global pharmaceutical and biotech clients with custom research, synthesis, and manufacturing.
Diversified Revenue Base - The company has a wide client portfolio across pharmaceuticals, biotechnology, nutraceuticals, and specialty chemicals, reducing dependency on any single segment.
State-of-the-Art Infrastructure - It operates two advanced facilities in Bommasandra and Harohalli, Karnataka, with capabilities across fermentation, synthesis, and complex formulation.
Global Clientele - Anthem serves multinational customers in North America, Europe, and Asia, reflecting strong export and regulatory compliance standards.
Consistent Financial Growth - The company posted ₹1,419 crore revenue in FY24, showing steady year-on-year growth and healthy margins from value-added services.

Weaknesses

IPO Is Pure Offer-for-Sale (OFS) - The entire IPO is an OFS by promoters/investors, meaning no new capital is going to the company itself.
High Export Dependency - A significant portion of revenue comes from overseas markets, exposing the company to foreign exchange and geopolitical risks.
Intense Competition - Faces stiff competition from both domestic and global CDMOs, which could pressure pricing and margins.
Regulatory Compliance Burden - Being in a highly regulated space, the business is vulnerable to changes in global compliance requirements or audit outcomes.
Capital-Intensive Operations - The nature of CDMO services requires continuous investment in R&D, equipment, and facility upgrades, impacting cash flow if not managed carefully.