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Anthem Biosciences IPO
31.22xsubscribed

Anthem Biosciences IPO

Pharmaceuticals & Drugs
listed
₹14,040Min. investment

Anthem Biosciences Limited IPO Details

SectorPharmaceuticals & Drugs
Price range₹540 – ₹570
IPO type
Regular
Lot size26 shares
Issue size₹3,395Cr
Red Herring Prospectus
Read
Market cap
₹31,867CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹1,844CrHigher than sector avg

Anthem Biosciences IPO Subscription Status

Date
QIB
NII
Retail
Total
14-Jul-25
0.37 times (X)
1.54 times (X)
0.59 times (X)
0.73 times (X)
15-Jul-25
0.59X
9.63X
2.09X
3.27X
16-Jul-25
73.65X
36.99X
4.69X
31.22X

As on 14-Jul-25, 5:30 PM

Anthem Biosciences IPO Timeline

  1. Pre-apply
    11 Jul 2025
  2. Bid start
    14 Jul 2025
  3. Bid end
    16 Jul 2025
  4. Allotment
    17 Jul 2025
  5. Release of funds
    18 Jul 2025
  6. Demat transfer
    18 Jul 2025
  7. Listing
    21 Jul 2025

About Anthem Biosciences Limited

Incorporated in 2006, Anthem Biosciences is an innovation-driven contract research, development and manufacturing organisation (CRDMO). The company has fully integrated operations spanning across drug discovery, development, and manufacturing. Anthem Biosciences is one of the few companies in India with integrated new chemical entity (NCE) and new biological entity (NBE) capabilities across drug discovery, development, and commercial manufacturing.
The company operates through two key business segments: CRDMO services and the manufacture and sale of specialty ingredients. For FY25, CRDMO services contributed 81.65% of revenue (₹1,506 crore), while speciality ingredients contributed 18.35% (₹338 crore) of total revenue from operations of ₹1,844 crore. Within CRDMO services, R&D contributed 10.87% and D&M (developmental and commercial manufacturing) contributed 70.78% of total revenue for FY25.
The company has three manufacturing facilities: Unit I in Bommassandra, Unit II in Harohalli, and Unit III in Harohalli (under construction, expected to be completed by H1FY26). As of March 31, 2025, they have a custom synthesis capacity of 270 kL and a fermentation capacity of 142 kL, which is the largest fermentation capacity among Indian CRDMO companies. The company plans to further expand its capacity to 425 kL and 182 kL, respectively, by H1FY26.
As of March 31, 2025, the company had more than 550 customers across both the CRDMO and speciality ingredients businesses, spread over more than 44 countries, including the United States, European countries, and Japan. The top five customers collectively accounted for 70.92% of revenue from operations for FY25, with the largest customer contributing 24.22% of revenue. The company serves three large pharmaceutical companies for whom they manufactured 5 of their top 6 commercialised molecules by revenue in FY25.
The global pharmaceutical industry is projected to grow at a CAGR of 6.4% from 2024 to 2029 to reach $2,076 billion by 2029, driven by factors such as growth of the elderly population, rising incidence of chronic diseases, and increasing health awareness. The Indian CRDMO industry, which is one of the fastest-growing globally is likely to grow at a CAGR of 13.4% from 2024 to 2029 to reach an estimated value of $15.4 billion, outpacing the global industry rate of 9.1%.
The company has completed over 8,000 unique programs commissioned by customers and worked on molecules with more than 675 clients at various stages of the drug development lifecycle over the last 15 years. Anthem Biosciences is among three CRDMOs in India that possess technological capabilities across ADCs, RNAi, peptides, and oligonucleotides, which are among the fastest-growing technologies in the pharmaceutical industry, according to the F&S Report. They have established industry-leading profitability and capital efficiency metrics, with their EBITDA margin of 36.81% in FY25 being the highest compared to assessed peers in India and the second highest globally.
Now, Anthem Biosciences Limited is launching its initial public offering (IPO), which is a complete offer for sale worth up to ₹3,395 crore. Its shares will be listed on the NSE and BSE.

Anthem Biosciences Limited IPO Analysis

IPO REVIEW

Anthem Biosciences IPO | Analysis Video

Should you apply?

Watch our analysts break down the Anthem Biosciences Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

End-to-End CRDMO capabilities

The company offers comprehensive one-stop service capabilities across the entire drug lifecycle for both small molecules and biologics, making it one of the few Indian companies with integrated NCE and NBE capabilities across drug discovery, development, and manufacturing. It has recorded the highest revenue growth of 29.96% from FY24 to FY25 compared to Indian and global peers.

Strong customer relationships

The company serves a diverse global customer base of 287 customers across more than 3,000 projects over the last three fiscal years, with the top 10 customers maintaining an average relationship length of 12 years. The customers have successfully supported 10 commercialised innovator molecules from discovery to commercialisation, demonstrating strong customer retention and relationship depth.

Scalable manufacturing infrastructure

The company operates two cGMP-compliant manufacturing facilities with 270 kL custom synthesis capacity and 142 kL fermentation capacity. It plans to further expand its capacity by 130 kL at Unit II and construct Unit III, expected to increase total capacity to 425 kL and 182 kL, respectively, by H1FY2.

Strategic focus on high-growth segment

The company has strategically positioned itself to serve the fast-growing small pharmaceutical and emerging biotech companies’ segment, which is expected to grow at a CAGR of 8.5% vs 4.9% for large pharmaceutical companies in next five years. Over 87% of their customers are small pharma and emerging biotech companies, with successful partnerships through their strategic relationship with DavosPharma providing access to US market opportunities.

Objectives of Anthem Biosciences Limited IPO

IPO is complete offer for sale
Net IPO proceeds will go to the selling shareholders of the company.
Listing on stock exchanges
The company wants to achieve the benefits of listing its shares on the stock exchange.

Compare

CompanyRevenue*PATMarket capP/E ratioD/E ratio
This IPO₹1,844Cr₹451Cr₹31,867Cr70.630.05
This sector (avg.)₹1,331.47Cr₹193.4Cr₹10,914.84Cr60.870.43
₹52,578.44Cr₹10,980.1Cr₹3,82,765.9Cr36.980.03
₹9,360Cr₹2,191Cr₹1,60,635Cr64.600
₹11,516.09Cr₹1,911.25Cr₹1,34,051.5Cr62.640.42

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Anthem Biosciences IPO Contact Details

Company NameAnthem Biosciences Limited

How to apply for Anthem Biosciences IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Anthem Biosciences Limited IPO FAQs

Investors can apply for the Anthem Biosciences IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Anthem Biosciences IPO is 3395 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Anthem Biosciences IPO will be open between 2025-07-14 and 2025-07-16.
Anthem Biosciences IPO allotment date is 2025-07-18. For Anthem Biosciences IPO allotment status check, you can visit the website of the registrar of the IPO.
For Anthem Biosciences IPO, the IPO registrar is KFin Technologies Limited. You can check Anthem Biosciences IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Anthem Biosciences IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Anthem Biosciences IPO lot size is 26 and minimum order quantity is 26.
Anthem Biosciences IPO has set the price band for its IPO at 570 per equity share with a face value of 540.