Anthem Biosciences' ₹3,395-cr IPO opens today: GMP at 17%, should you bid?

Anthem Biosciences IPO: The company has raised ₹1,016 crore from anchor investors ahead of its public issue

Anthem Biosciences IPO: The initial public offering (IPO) of contract research, development, and manufacturing organisation (CRDMO) Anthem Biosciences will open for public subscription today, July 14, 2025. At the upper end of the price band of ₹540-₹570, the company aims to raise ₹3,395 crore.

 

The company has raised ₹1,016 crore from anchor investors ahead of its public issue. According to a circular filed on exchanges, the company has allocated 17.8 million equity shares to 60 funds at ₹570 per share. 

 

Some of the prominent investors that participated in the anchor book include Abu Dhabi Investment Authority, Government Pension Fund Global, Eastspring Investments, Amundi Funds, PineBridge Global Funds, Societe Generale, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, UTI Mutual Fund, Quant MF and Motilal Oswal MF. 

 

Anthem Biosciences IPO GMP

Ahead of the initial share sale opening for public subscription, the unlisted shares of Anthem Biosciences were trading at ₹670 per share, commanding a grey market premium (GMP) of ₹ 100 or 17.5 per cent compared to the upper end price of ₹570, according to the sources tracking unofficial markets.   ALSO READ | Thinking of investing in Anthem Biosciences IPO? Know key risks, strengths

Anthem Biosciences IPO: Should you subscribe or not?

Anand Rathi Research - Subscribe  According to analysts at Anand Rathi Research, the company is well positioned to cater in CROs and CRDMO segment the crucial players in the pharmaceutical and biotechnology industries wherein the company being niche player in with high entry barriers through its differentiated FFS model, long term relationship, strong R&D, innovation and technology driven approach across drug discovery, development and manufacturing. 

 

The company has demonstrated a profitable track record compared to its peers and aims to sustain this performance by leveraging its integrated manufacturing and technological capabilities. This focus will be on developing complex speciality ingredients, peptides, and probiotics, among other products. 

 

"On valuation parse, based on annualised FY25, it is seeking PE of 70.6 times, and post issue market cap comes at ₹31,867 crore, with this the issue is fairly priced," the brokerage said in a note. 

 

The brokerage has given a subscribe rating to the issue, citing the company's potential to continue to grow its revenue and profitability ratios compared to its peers.  SBI Securities - Subscribe for long term 

According to analysts at SBI Securities, the company is well placed to encash on the fast-growing CRDMO industry on the back of a capacity expansion plans and funding in place, well established track record of profitable growth and strong business pipeline. The entire issue is OFS and the business is self-sufficient

to fund its growth capital.

 

"The company, at the upper price band of ₹570, is valued at a P/E multiple of 70.9x based on FY25 earnings on post issue capital. The company has registered strong Revenue/Ebitda/Adjusted PAT CAGR of 32/25/18 per cent (FY23-FY25) to ₹1,845 crore/ ₹671 crore/ ₹451 crore respectively," the brokerage said. 

 

"While comparing with peers, the IPO is fairly priced along with a superior return and margin profile. We recommend investors to 'Subscribe' the IPO at Cut-Off price for long term investment horizon," it added.

  ALSO READ | Travel Food Services IPO listing today, July 14: Here's what latest GMP signals

Here are the key details of the Anthem Biosciences IPO:

Anthem Biosciences IPO is a book-built issue comprising an offer-for-sale (OFS) of 59.6 million shares aggregating to ₹3,395 crore.

 

The mainline offering is available with a lot size of 26 shares. Accordingly, investors can bid for a minimum of one lot or 26 shares of Anthem Biosciences and in multiples thereof.

 

The minimum amount required by a retail investor to bid for the IPO is ₹14,820 at the upper end price. A retail investor can bid for a maximum of 13 lots or 338 shares, amounting to ₹1,92,660.

 

The three-day subscription window to bid for the issue will conclude on Wednesday, July 16, 2025. Following the closure of the subscription window, the basis of allotment of shares is likely to take place on Thursday, July 17, 2025.

 

Shares of Anthem Biosciences are scheduled to make their D-street debut on Monday, July 21, 2025, by listing on the BSE and NSE.

 

The company will not receive any proceeds from the offer for sale by selling shareholders. 

 

Kfin Technologies is the registrar for the issue. JM Financial, Citigroup Global Markets India, JP Morgan India, and Nomura Financial Advisory and Securities (India) are book-running lead managers.