Anthem Biosciences Lists at Robust 26.86% Premium, QIBs Lead the Charge

The innovation-driven Contract Research, Development, and Manufacturing Organization, Anthem Biosciences Limited, made a solid debut on the BSE and NSE on July 21, 2025. After closing its IPO bidding between July 14 - July 16, 2025, the company commenced trading with a strong 26.86% premium on BSE and 26.85% on NSE, delivering substantial returns to investors in the pharmaceutical services sector.

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Anthem Biosciences IPO Listing Details

Anthem Biosciences Limited launched its IPO at ₹570 per share with minimum investment of 26 shares costing ₹14,820. The IPO received exceptional response with subscription of 67.42 times - QIB segment leading at remarkable 192.80 times, NII at 44.70 times, whilst retail participation remained moderate at 5.98 times, reflecting strong institutional confidence in CRDMO business model.

Listing Price: The Anthem Biosciences share price opened at ₹723.10 on BSE and ₹723.05 on NSE, representing premiums of 26.86% and 26.85% respectively from the issue price of ₹570, delivering impressive gains of approximately ₹3,980 per lot for allotted investors.

First-Day Trading Performance Outlook

Anthem Biosciences IPO delivered strong debut performance with substantial premium reflecting institutional confidence in technology-focused pharmaceutical companies despite pure OFS structure. The company, incorporated in 2006, operates as fully integrated CRDMO with drug discovery, development, and manufacturing capabilities serving 550+ customers across 44+ countries including U.S., Europe, and Japan, employing 600 specialists including medicinal chemists and molecular biologists with 196 active projects spanning discovery to commercial manufacturing.

Utilisation of IPO Proceeds

• No Fresh Capital: The company will not receive any proceeds from the offer as it is entirely an offer for sale 
• Promoter Divestment: All proceeds of ₹3,395.79 crore will be received by selling shareholders 
• Promoter Holding Reduction: Promoter holding will reduce from 76.87% to 74.68% post-issue 
• Strategic Focus: Company maintains flexibility for growth initiatives through internal accruals and operational cash flows

Growth Drivers and Challenges

Growth Drivers:

• Integrated CRDMO Platform: One-stop service across drug lifecycle from discovery to manufacturing for small molecules and biologics, positioning as India's fastest growing CRDMO
• Innovation-Focused Approach: Specialized fermentation-based APIs including probiotics, enzymes, peptides, and biosimilars with advanced technological solutions
• Diversified Customer Base: Strong relationships with 550+ customers from small biotech to large pharmaceutical companies across global markets
• Strong Financial Performance: Revenue growth of 30% and PAT growth of 23% in FY25 with impressive PAT margin of 23.38% and EBITDA margin of 36.81%

Challenges:
 

• Pure OFS Structure: Entire issue being offer for sale with no fresh capital raising limiting funds for business expansion initiatives
• High Valuation Concerns: Trading at P/E of 70.62x with Price to Book Value of 13.23 raising questions about sustainability at premium levels
• Limited Retail Interest: Low retail subscription at 5.98 times indicates concerns about valuation among individual investors
• Competitive Pressure: Operating in competitive pharmaceutical services sector requiring continuous innovation and customer retention

Financial Performance of Anthem Biosciences IPO

• Revenue: ₹1,930.29 crore for FY25, showing strong 30% growth from ₹1,483.07 crore in FY24, reflecting robust demand for CRDMO services and successful customer expansion.
• Net Profit: ₹451.26 crore in FY25, demonstrating solid 23% growth from ₹367.31 crore in FY24, with consistent profitability and strong operational efficiency.
• Financial Metrics: Strong ROE of 20.82%, healthy ROCE of 26.88%, minimal debt-to-equity of 0.05, impressive PAT margin of 23.38%, robust EBITDA margin of 36.81%, and market capitalisation of ₹31,867.39 crore.