India’s pharmaceutical and biotech sectors have seen an upswing in public interest, and Anthem Biosciences’ IPO is the latest to ride that wave. With a strong response from institutional and retail investors, a rising Grey Market Premium (GMP), and positive analyst recommendations, the IPO has become one of the most discussed issues of July 2025.
In this blog, we’ll break down everything you need to know about the Anthem Biosciences IPO, from its GMP today, company background, financial performance, and expert advice, to whether this is a good opportunity for listing gains or long-term wealth creation.
🧬 What is Anthem Biosciences?
Anthem Biosciences Private Limited, headquartered in Bengaluru, is a leading Contract Research, Development, and Manufacturing Organization (CRDMO) that caters to global pharmaceutical and biotech clients. Founded in 2007, the company offers a wide array of services in:
- Drug discovery and development
- Analytical chemistry
- API (Active Pharmaceutical Ingredients) production
- Biologics manufacturing
- Nutraceutical and cosmetic ingredients
Its integrated approach, innovation-driven pipeline, and advanced manufacturing facilities make it a vital player in the Indian life sciences ecosystem.
📅 IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Open Date | July 14, 2025 |
| IPO Close Date | July 16, 2025 |
| Listing Date | Expected on July 21, 2025 |
| Issue Size | ₹3,395 crore (pure OFS) |
| Price Band | ₹540 to ₹570 |
| Lot Size | 26 shares (₹14,820 per lot approx.) |
| Face Value | ₹2 per share |
| Listing Exchange | NSE & BSE |
The IPO is a 100% Offer for Sale (OFS) by existing investors and promoters, meaning no new capital will flow into the company. However, the listing will enhance brand visibility and provide an exit route to early investors.
💹 Grey Market Premium (GMP) Today
As of July 16, 2025, the GMP for Anthem Biosciences IPO stands at ₹153. This means the shares are trading in the unofficial grey market at ₹723 (₹570 issue price + ₹153 premium). This translates to an expected listing gain of over 26%.
GMP Trend (Last 5 Days):
| Date | GMP (Approx.) | Listing Price Estimate |
|---|---|---|
| July 12 | ₹110 | ₹680 |
| July 13 | ₹125 | ₹695 |
| July 14 | ₹140 | ₹710 |
| July 15 | ₹150 | ₹720 |
| July 16 | ₹153 | ₹723 |
Note: GMP is an unofficial indicator and doesn’t guarantee listing gains. But the upward trend indicates strong investor sentiment and high expected demand on listing day.
📊 Subscription Status
The IPO has been heavily oversubscribed, reflecting strong investor confidence:
| Category | Subscription (X) |
|---|---|
| Qualified Institutional Buyers (QIBs) | 182× |
| Non-Institutional Investors (NIIs) | 42× |
| Retail Individual Investors (RIIs) | 5.6× |
| Overall | 64× |
Such aggressive bidding—especially by QIBs—often points to strong fundamentals and growth potential.
🧾 Anchor Investors
Before the IPO opened to the public, Anthem Biosciences raised over ₹1,016 crore from marquee anchor investors, including:
- Abu Dhabi Investment Authority (ADIA)
- Amundi Funds
- ICICI Prudential MF
- HDFC Mutual Fund
- Kotak MF
- Axis MF
This anchor interest added credibility and momentum to the IPO.
💼 Business Strengths
1. Integrated CRDMO Platform
Anthem offers end-to-end research and manufacturing services for both small molecules and biologics, making it a one-stop solution for global pharma companies.
2. Strong Global Clientele
The company serves over 675 clients across 40+ countries, with 70% of revenue from exports.
3. High Entry Barriers
With stringent compliance, IP protection, and innovation demands, the CRDMO business is hard to replicate—giving Anthem a moat.
4. Regulatory Approvals
Facilities are approved by USFDA, EU GMP, PMDA Japan, and other global regulators.
5. Experienced Leadership
CEO Dr. Raghunandan V has steered the company with a focus on science-backed scaling and global expansion.
📈 Financial Performance
Anthem’s financials are robust, reflecting steady growth, profitability, and operational efficiency.
| Metrics (FY25 est.) | Value (₹ Cr) |
|---|---|
| Revenue | ₹1,844 crore |
| EBITDA | ₹679 crore |
| EBITDA Margin | ~36.8% |
| Net Profit | ₹451 crore |
| EPS (Diluted) | ₹8.04 |
| Return on Net Worth | 20.8% |
These numbers reflect strong margins and RoNW, comparable with listed peers like Syngene and Divi’s Laboratories.
🧮 Valuation Check
At the upper price band of ₹570:
- P/E Ratio: ~71x based on FY25 earnings
- P/B Ratio: ~12x
- Comparable to peers:
- Syngene: ~51x
- Divi’s Labs: ~83x
While the valuation is on the higher side, analysts believe it’s justified due to Anthem’s scale, innovation focus, and profitability.
✅ Pros of Investing
- High GMP, indicating likely listing gains
- Strong anchor support
- Consistent revenue and profit growth
- Growing global demand for CRDMO services
- Long-term play on biotech and pharma R&D outsourcing
⚠️ Risks to Consider
- No fresh issue: Proceeds go to selling shareholders; no new funds for expansion
- High valuation: Limits short-term upside if growth falters
- Dependence on exports: May be impacted by currency fluctuations
- Regulatory compliance risk: Any USFDA or global body observation could impact operations
📣 Expert Recommendations
Analysts from leading brokerages have mostly given a ‘Subscribe’ rating:
- HDFC Securities: “Subscribe for long term. Consistent profitability, global exposure, and innovation are positives.”
- Canara Bank Securities: “Valuation is at a premium, but justified. GMP supports short-term gains too.”
- Choice Broking: “Good visibility on margins and global demand makes this a solid mid-cap play.”
📌 Verdict: Should You Subscribe?
If you’re looking for listing gains:
The strong GMP of ₹150+ and 64x subscription suggest a good chance of a 25–30% pop on listing day.
If you’re thinking long-term:
Anthem has everything going for it—innovation, global clients, solid margins, and a scalable business model. Long-term investors seeking pharma exposure could benefit.
If you’re cautious:
Keep in mind that the IPO is 100% OFS, and you’re buying into a premium valuation. Enter with a clear view on goals—flip or hold.
📆 Key Dates to Remember
| Event | Date |
|---|---|
| IPO Close | July 16, 2025 |
| Allotment Finalization | July 17, 2025 |
| Refunds Initiated | July 18, 2025 |
| Demat Credit | July 19, 2025 |
| Listing on NSE/BSE | July 21, 2025 |
✍️ Final Thoughts
The Anthem Biosciences IPO has all the right ingredients: solid business fundamentals, a favorable sector outlook, and overwhelming investor interest. The GMP and subscription levels show optimism for listing-day performance, while long-term investors can view Anthem as a play on India’s rising role in global pharmaceutical R&D and manufacturing.
As always, weigh your risk appetite, investment horizon, and goals before applying. But if you’re on the fence, this IPO seems to offer both short-term spark and long-term promise.