Anthem Biosciences IPO to open on July 14 to raise ₹3,395 crore: Key details investors should know before applying

Anthem Biosciences, which is engaged in drug discovery, development, and manufacturing will launch its ₹3,395 crore initial public offering (IPO) on July 14. The IPO will remain open for subscription till July 16. The IPO is a complete offer-for-sale of a total of 5.95 crore shares.

Incorporated in 2006, Anthem Biosciences is an innovation-driven contract research, development and manufacturing organisation (CRDMO). 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.

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.

Anthem Biosciences IPO details

Anthem Biosciences IPO aims to raise ₹3,395 crore through its public issue. The IPO is a complete offer-for-sale of over 5.95 crore shares.

The company has fixed the price band of the issue at ₹540 to ₹570 per share. The lot size, or the minimum bid quantity to apply for the issue, is 26 shares. This equates to a minimum investment amount of ₹14,820 per lot at the upper end of the price band for retail investors.

Anthem Biosciences has appointed JM Financial Limited as book-running lead managers of the IPO, while Kfin Technologies Limited is the registrar for the issue.

Anthem Biosciences IPO objective

• 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.

Financial snapshot

About the company

Incorporated in 2006, Anthem Biosciences is an innovation-driven contract research, development and manufacturing organisation (CRDMO).

The company operates through two key business segments: CRDMO services and the manufacture and sale of speciality 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.

Strengths and opportunities

• 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.
• 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.

Risks and threats

• Manufacturing revenue concentration: Developmental and commercial manufacturing contributed 70.78% of revenue from operations in FY25, creating vulnerability to failures in early-phase developmental projects or inability to develop commercially viable drugs.
• High dependency on the North America and Europe markets: The company derives 26.42% and 56.61% of revenue from the North America and Europe markets, respectively, with the Rest of Asia and others contributing only 2.41% (₹44.37 crore) of total revenue of ₹1,844 crore in FY25. This geographic concentration exposes the company to US regulatory changes and market conditions.
• Overseas supplier dependency: Procurement from overseas suppliers increased significantly from 24.60% in FY24 to 48.41% in FY25, primarily due to reliance on a single PRC-based supplier who accounts for 26.78% of total material costs. This creates geopolitical and supply chain concentration risks.

Anthem Biosciences IPO: Important dates

Anthem Biosciences IPO will remain open for bidding from 14 to 16 July. After the bidding is closed, the allotment of shares is expected to be finalised on Thursday, July 17.

Successful bidders can expect the shares to be credited to their demat accounts by July 18, with others receiving refunds on the same day. Anthem Biosciences shares are scheduled to list on the BSE and NSE on July 21.