Anthem Biosciences has launched its ₹3,395 crore IPO, opening the bidding window from July 14 to July 16, 2025. This IPO, which is entirely an offer-for-sale, offers 5.96 crore shares, and is priced between ₹540 to ₹570 per share. As the subscription window is open, here’s everything you need to know about Anthem Biosciences, its financials, and whether you should invest in this IPO.
Anthem Biosciences: India’s CRDMO Trailblazer
Founded in 2006, Anthem Biosciences is a Bengaluru-based Contract Research, Development, and Manufacturing Organization (CRDMO). The company specializes in the development and manufacture of active pharmaceutical ingredients (APIs) and intermediates, particularly in the fields of probiotics, biosimilars, enzymes, and peptides. Anthem is known for its integrated operations, covering drug discovery, development, and full-scale manufacturing. With a global customer base that includes both emerging biotech firms and large pharmaceutical companies, Anthem has established itself as a key player in the CRDMO space.
Anthem focuses on the high-growth and high-margin sectors of drug development, including complex biologics and specialty ingredients. Their innovative approach to fermentation and biotechnology has made them a preferred partner for both small and large pharmaceutical companies globally.
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Anthem Biosciences IPO Details
Here’s a summary of the key details for the Anthem Biosciences IPO:
| IPO Detail | Information |
| IPO Opening Date | July 14, 2025 |
| IPO Closing Date | July 16, 2025 |
| Price Band | ₹540 to ₹570 per share |
| Total Issue Size | ₹3,395 crore (Offer for Sale) |
| Lot Size | 26 shares |
| Listing Date | July 21, 2025 (tentative) |
| Employee Discount | ₹50 per share |
| Face Value | ₹2 per share |
| Issue Type | Bookbuilding IPO |
Financial Performance
To understand the company’s growth trajectory, let’s look at its financial performance over the last few years:
| Year | Revenue (₹ Cr) | Profit After Tax (PAT) (₹ Cr) | EBITDA (₹ Cr) | Net Worth (₹ Cr) |
| FY23 (March 31) | 1,134 | 385 | 446 | 1,741 |
| FY24 (March 31) | 1,483 | 367 | 520 | 1,925 |
| FY25 (March 31) | 1,930 | 451 | 684 | 2,410 |
Source: Anthem Biosciences IPO Prospectus
The revenue growth reflects the company’s expanding role in the pharmaceutical value chain, particularly in the high-margin segments of APIs and biosimilars. The company’s consistent profitability and high EBITDA margin (36.8% in FY25) highlight its operational efficiency.
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IPO Shareholding Pattern
Anthem Biosciences’ shareholding pattern after the IPO is as follows:
| Investor Category | Shares Offered | % of Total Issue |
| QIB (Qualified Institutional Buyers) | 2,97,08,333 | 49.87% |
| NII (Non-Institutional Investors) | 89,12,500 | 14.96% |
| RII (Retail Individual Investors) | 2,07,95,833 | 34.91% |
| Employee | 1,58,654 | 0.27% |
Fund Utilization Plan
Since the IPO is an offer-for-sale (OFS), no funds will be raised for Anthem Biosciences itself. All proceeds from the sale of shares will go to the selling shareholders, including the promoters. Therefore, the company does not intend to use the funds for any capital expenditure or debt repayment, but for the reduction in promoters’ holdings.
Should You Invest in Anthem Biosciences IPO?
Advantages
- Strong financial performance: Anthem has demonstrated steady growth with increasing revenues, high profit margins, and a healthy balance sheet.
- Strong market position: As one of the fastest-growing CRDMOs, Anthem serves a diversified and loyal client base, including leading pharmaceutical companies across the globe.
- High margins: Anthem’s focus on specialized APIs and biologics ensures high-margin business, offering a cushion against market volatility.
- Global presence: With clients in over 44 countries, Anthem is positioned to benefit from global demand for high-quality pharmaceutical ingredients.
- Innovative business model: Anthem’s unique approach to offering both small molecules (chemical-based) and large molecules (biologics) gives it a competitive edge in the market.
- Track record of innovation: Anthem has filed numerous patents and has an ongoing focus on innovation in the pharmaceutical manufacturing process, making it a forward-looking investment.
Disadvantages
- Valuation concerns: The IPO is priced at a P/E ratio of 71x based on FY25 earnings, which is on the higher side compared to some industry peers.
- No fresh capital raised: Since the issue is entirely an OFS, the company won’t benefit from any new capital infusion, which could have helped in scaling operations.
- Dependence on regulatory approvals: Anthem’s growth is closely tied to maintaining its regulatory certifications and approvals, such as USFDA, ANVISA, and TGA.
- Market competition: Although Anthem is a leader in the CRDMO space, it faces competition from established players like Syngene, Divi’s Labs, and Suven Life Sciences.
Bottomline
Anthem Biosciences’ IPO offers a solid opportunity to invest in a high-growth CRDMO with a global client base and a strong financial track record. While the valuation might seem high, the company’s strong market position and innovative business model offer potential for long-term growth. If you’re comfortable with the high valuation and are looking for a long-term play in the pharmaceutical sector, this IPO might be worth considering. However, be mindful of the lack of new capital infusion and the competitive market dynamics before making your decision.
