India-based Anthem Biosciences Limited, a leading CRDMO company, launched its ₹3,395 crore IPO on July 14, 2025. The offer, open till July 16, saw early subscription interest despite being a complete offer-for-sale. With a grey market premium of ₹101 and strong financials, experts are recommending a “Subscribe” rating.
Anthem Biosciences Limited, one of India’s leading Contract Research, Development, and Manufacturing Organizations (CRDMOs), opened its Initial Public Offering (IPO) for subscription on July 14, 2025. Headquartered in Bengaluru, Karnataka, Anthem Biosciences provides fully integrated services across drug discovery, development, and manufacturing with capabilities in both New Chemical Entities (NCEs) and New Biological Entities (NBEs).
The IPO will remain open till July 16, 2025, and aims to raise ₹3,395 crore entirely through an Offer for Sale (OFS). The company has set the price band between ₹540 and ₹570 per equity share, with a lot size of 26 shares. Anthem Biosciences shares are proposed to be listed on both BSE and NSE.
As of 12:21 PM on day one of the issue, the IPO was subscribed 0.21 times overall. The retail individual investor (RII) portion was subscribed 0.24 times, while the Non-Institutional Investor (NII) portion saw a 0.42 times subscription.
Market observers report a Grey Market Premium (GMP) of ₹101 today, indicating positive investor sentiment. The most likely date for share allotment is July 17, 2025, and listing is expected on July 21, 2025.
The company’s financials reflect robust performance. For the year ending March 2025, Anthem Biosciences posted a revenue of ₹1,844.55 crore and a Profit After Tax (PAT) of ₹451 crore, yielding a healthy net margin of 23.4%. Its earnings per share (EPS) is ₹8.04, with a PE ratio in the range of 67.16 to 70.90 on a fully diluted basis.
Importantly, the promoter-founder is not selling any shares in this OFS and will retain over 52% post-issue stake, which analysts see as a positive sign for long-term investors.
JM Financial, Citigroup Global Markets, JP Morgan India, and Nomura Financial Advisory are the lead managers for the issue, and KFin Technologies Ltd is the registrar.