Here are the full details of the Anthem Biosciences Limited IPO. Anthem Biosciences Ltd is launching a ₹3,395 crore OFS, priced at ₹540–570, with subscription open from July 14–16, 2025 and a planned listing on July 21, 2025.
Backed by strong financials, expanding fermentation capabilities, low China input dependency, and a global client base, the IPO offers liquidity to existing shareholders. No new funds will be raised by the company itself.
Anthem Biosciences Limited IPO Dates
- Anchor Investors Book Open: July 11, 2025
- IPO Open: July 14, 2025
- IPO Close: July 16, 2025
- Basis of Allotment Finalisation: July 17, 2025
- Refunds & Share Credits: Likely on July 18, 2025
- Listing Date: July 21, 2025, on BSE & NSE
Anthem Biosciences Limited IPO Details
- Face Value: ₹2 per share
- Price Band: ₹540 – ₹570 per share
- Lot Size: 26 shares per lot; minimum investment ~₹14,820
- Offer Size: ₹3,395 crore
- Issue Type: Bookbuilding IPO
- Listing At: BSE, NSE
- Share Holding Pre Issue: 55,90,77,100 shares
- Share Holding Post Issue: 55,90,77,100 shares
GMP of Anthem Biosciences Limited IPO
As of the latest update on July 9, 2025, the Grey Market Premium (GMP) for Anthem Biosciences Limited IPO is in the range of ₹67–79:
- ₹79 GMP reported by IPO Premium, indicating an implied listing price of ~₹649 (₹570 + ₹79) 5
- ₹67 GMP reported by IPO Watch on July 9
So, the GMP is currently fluctuating between ₹67 and ₹79, suggesting expected listing gains of 12–14 % over the ₹570 upper price band.
Promoters of Anthem Biosciences Limited
Here are the detailed profiles of the promoters of Anthem Biosciences Limited:
1. Ajay Bhardwaj
- Position: Chairman, Managing Director & CEO
- Role: Co-founder of Anthem (established in 2006) with extensive experience in biotechnology and business leadership. Oversees company strategy, R&D, and growth direction.
2. Ishaan Bhardwaj
- Position: Vice President
- Role: Co-founder involved in the leadership and development of the company’s critical functions, including operational management and strategic initiatives.
3. Ganesh Sambasivam
- Position: Executive Director & Co-founder
- Background: Former Senior VP & Chief Scientific Officer at Syngene (Biocon Group); founded Anthem to lead its scientific vision in 2006
- Shareholding: ~9.27% pre‑IPO (~51.8 million shares)
- Offer for Sale: Plans to sell shares worth up to ₹350 crore in the IPO
4. K. Ravindra Chandrappa
- Position: Executive Director & Co-founder
- Background: Senior operations and manufacturing expertise from Biocon; joined co-founding team in 2006 alongside Ajay & Ganesh
- Shareholding: ~8.91% pre‑IPO (~49.8 million shares)
- Offer for Sale: Plans to sell shares worth up to ₹350 crore in the IPO
Key Takeaways
- Anthem was founded in 2006 by a core team from Biocon, combining strengths in science (Ganesh), manufacturing (Ravindra), and executive leadership (Ajay & Ishaan).
- Two key promoters, Ganesh Sambasivam and K. Ravindra Chandrappa, are participating in the Offer for Sale by offloading ₹350 crore worth of shares each. The company is not issuing fresh shares, so promoter control remains substantial.
Anthem Biosciences Limited IPO Lot Size
Here’s a clear overview of the lot size details for the Anthem Biosciences Limited IPO:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 26 | ₹14,820 |
| Retail (Max) | 13 | 338 | ₹1,92,660 |
| S-HNI (Min) | 14 | 364 | ₹2,07,480 |
| S-HNI (Max) | 67 | 1,742 | ₹9,92,940 |
| B-HNI (Min) | 68 | 1,768 | ₹10,07,760 |
Key Points to Remember:
- The IPO follows a book-built issue, and is an Offer for Sale (OFS) only.
- The price band is ₹540–570 per share, and the minimum lot size is 26 shares.
- The minimum investment amount for retail investors is ₹14,820 (26 × ₹570).
Anthem Biosciences Limited IPO Promoter Holding
| Share Holding Pre Issue | 76.87% |
| Share Holding Post Issue | 74.68% |
A high promoter-controlled ownership (~77%) reflects strong founder-led alignment and continuity, but it also means limited free float for public investors.
Since Ganesh and Ravindra are selling parts of their holdings via the IPO, the post-IPO promoter ownership will decline (as estimated, from ~76.87% to ~74.68%)
About Anthem Biosciences Limited
- Founded: 2006 (operations began in 2007) in Bengaluru, Karnataka
- Type: Integrated Contract Research, Development & Manufacturing Organization (CRDMO/CDMO)
- Key Figures: Over 1,000–1,500 professionals, including chemists, biologists & engineers
Services & Capabilities
- End‑to‑End CRDMO Services: From early drug discovery (assay development, DMPK, toxicology, GLP studies) to late-stage process development and commercial manufacturing
- Advanced Modalities: Expertise in RNAi, ADCs, peptides, oligonucleotides, biocatalysis, enzymatic synthesis, flow chemistry, and green/continuous manufacturing
- Fermentation-Based APIs: Produces specialty ingredients—probiotics, enzymes, peptides, vitamin analogues, biosimilars
Market Reach & Clientele
- Global Footprint: Serves over 550 clients in 44+ countries—including the US, Europe, China, and Japan
- Client Segments: ~50% large pharma, ~20% emerging biotech, ~10% mid-pharma, ~20% Indian/nutraceutical
- Strategic Alliance: Partnered with US-based DavosPharma (Portsmouth affiliate), resulting in onboarding 89 clients (83 biotech firms) over three years
Competitive Strengths
- Full-spectrum CRDMO offerings covering small and large molecule APIs
- Low raw-material dependency on China (<20%), vs typical industry dependency of 60–70%
- Technology-forward: in-house automation, continuous manufacturing, cloud-monitored compliance
- Regulatory excellence: zero-observation US FDA audits, 40+ client audits annually
Summary
Anthem Biosciences is a rapidly-scaling, tech-driven CRDMO based in Bengaluru. It offers end-to-end drug discovery, development, and manufacturing services, with special focus on fermentation-based APIs and advanced modalities.
With strong financial performance, robust regulatory credentials, global client base, and strategically diversified supply chain, the company is well-positioned to capitalize on rising global demand for specialized pharma contract services.
Anthem Biosciences Limited IPO Financial Information
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹2,807.58 Crore | ₹2,398.11 Crore | 2,014.46 Crore |
| Revenue | ₹1,930.29 Crore | ₹1,483.07 Crore | ₹1,133.99 Crore |
| Profit After Tax | ₹451.26 Crore | ₹367.31 Crore | ₹385.19 Crore |
| EBITDA | ₹683.78 Crore | ₹519.96 Crore | ₹446.05 Crore |
| Net Worth | ₹2,409.86 Crore | ₹1,924.66 Crore | ₹1,740.67 Crore |
| Reserves and Surplus | ₹2,298.05 Crore | ₹1,815.39 Crore | ₹1,628.88 Crore |
| Total Borrowing | ₹108.95 Crore | ₹232.53 Crore | ₹125.06 Crore |
Key Performance Indicator (KPI)
| KPI | Values |
|---|---|
| ROE | 20.82% |
| ROCE | 26.88% |
| Debt/Equity | 0.05 |
| RoNW | 20.82% |
| PAT Margin | 23.38% |
| EBITDA Margin | 36.81% |
| Price to Book Value | 13.23 |
Interpretation
- EBITDA margin normalized in FY25 after a dip in FY24, indicating better cost management and capacity utilization.
- High ROCE (26.9%) and ROE (18.7%) show efficient capital deployment.
- The company maintains a low debt profile (D/E = 0.05×), suggesting a strong balance sheet.
- High client retention (~96%) reflects consistent service quality and client satisfaction.
- Growing workforce in R&D supports its future pipeline and project capacity.
These KPIs highlight Anthem’s profitability, operational scale, capital efficiency, and client loyalty—key for evaluating IPO attractiveness.
Strengths of Anthem Biosciences Limited IPO
Integrated CRDMO Capabilities
Offers full-spectrum services—from early discovery to commercial manufacturing—for both small molecules (NCEs) and biologics (NBEs), a rare capability among Indian CRDMOs.
Large & Scalable Manufacturing Infrastructure
Operates two cGMP-compliant facilities with fermentation capacity of 142 kL, expanding to 182 kL; Unit III already live and Unit IV ~30-acre facility underway.
Strong Growth & Financial Performance
Revenue up ~30–34% YoY to ₹1,844 crore in FY25; net profit grew ~23% to ₹451 crore; healthy EBITDA margin (~41%) and capital-light business model.
Premium Valuations Backed by Efficiency
High RoCE (~27%) and RoE (~20%) reflect effective capital utilization and profitability.
Global Credentials & Low-China Dependency
Regulatory approvals from USFDA, PMDA, TGA, ANVISA; sources <20% raw materials from China—well-aligned with global “China‑Plus‑One” strategy
Risks of Anthem Biosciences Limited IPO
Regulatory Risks
Manufacturing units undergo frequent global audits. Delays, adverse findings, or increased scrutiny could impact operations and revenue.
Execution & Capacity Reliance
Heavy dependence on existing and upcoming facilities—delays in commissioning or disruptions could affect production and financial forecasts.
Operational Hazards
Involvement with hazardous and flammable materials brings inherent industrial safety risks, including accidents or environmental incidents .
Customer Concentration
Top 5 customers contribute ~71% of revenue—loss of any major client could significantly impact performance.
Market & Valuation Vulnerability
Premium valuation metrics (P/E ~70× and EV/EBITDA ~42×) expose the stock to market sentiment shifts. Ongoing global macro volatility and tariff conflicts may dampen IPO response.
Strengths vs. Risks Overview
| Strengths | Risks |
|---|---|
| Integrated CRDMO capabilities (NCE + NBE) | Regulatory & audit compliance risks |
| Scalable, compliant manufacturing infrastructure | Execution risks in facility commissioning |
| Strong financial growth and profitability | Dependency on major clients |
| Global approvals + reduced China reliance | Health & safety operational hazards |
| High project success rate with biotech clients | Valuation vulnerability to market conditions |
| Efficient capital usage (high ROE/ROCE) | Risk of capacity under-utilisation |
Anthem Biosciences Limited IPO Contact Details
Here are the official contact details for Anthem Biosciences Limited, sourced from multiple verified profiles:
Corporate Offices
| Unit / Location | Address | Phone | |
|---|---|---|---|
| Head Office – Bommasandra, Bengaluru | No. 49, F‑1 & F‑2, Canara Bank Road, Bommasandra Industrial Area, Phase 1, Hosur Road, Bengaluru – 560099, Karnataka | +91 80 6672 4000 | See below |
| Manufacturing Unit – Harohalli | Plot 276‑P & 277‑P, Sy No. 20, Bannikuppe Road, Harohalli Industrial Area – Phase II, Kanakapura Taluk, Ramanagara District, Karnataka – 562112 | +91 80 6672 4000 (shared) | bd@anthembio.com (business inquiries) |
Phone & Fax
- Telephone (main line): +91 80 6672 4000
- Fax: +91 80 6672 4020
Email Contacts
- General / Patient Inquiries: customercare@anthembiopharma.com
- Healthcare Professionals / Business Development: enquiry@anthembiopharma.com
- Business / BD: bd@anthembio.com
- HR: hr@anthembiopharma.com
- Procurement / Purchases: purchase@anthembiopharma.com
- R&D / DSIR Contact: prakash.k@anthembio.com
Online Presence
- Website: www.anthembio.com
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