IPO Details
Issue Opening Date: July 14, 2025
Issue Closing Date: July 16, 2025
Issue Size: ₹ 3,395 Cr (@ upper price band of ₹570)
Type: OFS – ₹ 3,395 Cr
Our View: Subscribe for Long Term Horizon
Price Band: ₹ 540 to ₹570 per Equity Share
Lot Size: 26 Shares & multiples thereafter
Minimum Application Amount: ₹ 14,820 (26 Shares)
Maximum Application Amount: ₹ 1,92,660 (338 Shares)
Big HNI: ₹ 10,07,760 (1,768 Shares)
Company Overview
Anthem Biosciences is an innovation-driven and technology-focused Contract Research, Development and Manufacturing Organization (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing. They are one of the few Indian companies with integrated New Chemical Entity (NCE) and New Biological Entity (NBE) capabilities. The company serves a diverse global clientele, including innovator-focused biotech firms and large pharmaceutical corporations.
Established in 2006, Anthem Biosciences has become one of the fastest-growing CRDMOs, reaching ₹10,000 million revenue within 14 years of operations. It recorded the highest revenue growth among its peers in Fiscal 2024–2025 (F&S Report). The company’s portfolio includes 242 projects across discovery, early phase, late phase, and commercial manufacturing stages, serving customers in over 44 countries.
Key Highlights
One-stop service capabilities across the drug life cycle for both small molecules and biologics
Fastest-growing Indian CRDMO with advanced technological capabilities
Differentiated business model tailored for small pharma and biotech firms
Long-standing, diversified global customer base
Wide specialty ingredients portfolio
Fully automated manufacturing infrastructure with a strong compliance track record
Objects of the Issue
Offer for Sale (OFS) of equity shares aggregating up to ₹3,395 Cr by selling shareholders
To achieve the benefits of listing the equity shares on stock exchanges
Note: The company will not receive any proceeds from the Offer for Sale.
Our View
Anthem Biosciences operates in a high-growth sector with an integrated model across discovery, development, and manufacturing. The company’s strategic positioning in India’s biosciences market and its adoption of green chemistry enhance its competitive edge.
However, investors should be aware of certain risks: high dependency on CRDMO services, regulatory challenges, revenue concentration, and talent attrition. On the financial side, revenue, EBITDA, and PAT grew at CAGRs of 32%, 8%, and 24% respectively between FY23–FY25. The company posted strong margins (EBITDA 36.81%, PAT 23.38%) with ROCE at 26.88% and ROE at 20.82% in FY25. Valuation-wise, the P/E stands at ~71x against the industry average of ~81x.
Given its growth potential, differentiated service offerings, and leadership in the biosciences CRDMO space, we recommend Subscribe for Long Term Horizon for investors seeking exposure to India’s evolving pharmaceutical and biotechnology sector.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ’25 |
FY ‘24 |
FY ‘23 |
| Total Income |
19,302.85 |
14,830.69 |
11,339.93 |
| Total Expenditure |
12,734.17 |
10,057.51 |
6,984.97 |
| EBITDA |
6,837.80 |
5,199.55 |
4,460.53 |
| Profit before Tax |
6,568.68 |
4,773.18 |
4,972.98 |
| Profit after Tax |
4,512.59 |
3,673.10 |
3,851.85 |
| E.P.S. (Diluted) |
8.04 |
6.48 |
6.75 |
| P/E (x) (Diluted) |
70.94 |
- |
- |
| RONW (%) |
20.82 |
20.03 |
24.93 |
PRICE CHART (@ ₹ 570) (Retail Category)
| LOT SIZE |
| Amount |
| 26 |
14,820 |
| 52 |
29,640 |
| 78 |
44,460 |
| 104 |
59,280 |
| 130 |
74,100 |
| 156 |
88,920 |
| 182 |
103,740 |
| 208 |
118,560 |
| 234 |
133,380 |
| 260 |
148,200 |
| 286 |
163,020 |
| 312 |
177,840 |
| 338 |
192,660 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
364 |
207,480 |
| Big HNI |
1,768 |
1,007,760 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
17/7/2025 |
| Initiation of refunds/unblocking ASBA Fund |
18/7/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
18/7/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
21/7/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
