Anthem Biosciences: Share Price

AnaptysBio Inc. (Ticker: ANAB) – U.S. Stock

 

Anthem Biosciences Ltd – India

This Indian biotech company (BSE: 544449 / NSE: ANTHEM) is making its public debut today (July 21, 2025) following a heavily oversubscribed IPO.

• IPO Price: ₹540–₹570 per share

• Market Debut: Today, July 21, 2025, on BSE/NSE

• Grey Market Premium (GMP): ₹165–₹179 indicating potential listing levels of ₹735–₹749 (~29–31% premium)

• Pre-open indication: Shares trending at ₹670 ₹722 pre-open

• IPO size: ₹3,396 crore raised entirely via Offer‑for‑Sale Subscription levels: ~63.9× overall QIBs ~193×, NIIs ~45×, Retail ~6× 

• Business Profile: Integrated contract R&D and manufacturing services (CRDMO), with high-margin fermentation‑based APIs, revenue ~₹1,930 cr (+30%), net profit ~₹451 cr (+23%) in FY25, EBITDA margin ~37%, low debt

 IPO Overview & Timeline

• Issuer: Anthem Biosciences Ltd (Bengaluru‑based CRDMO

• IPO Dates: Bid window open July 14–16, 2025Offer Type: Entirely Offer‑for‑Sale no fresh capital raised, proceeds go to exiting shareholders

• Price Band: ₹540–₹570/share

• Lot Size: 26 shares per application

• Total Issue Size: ~₹3,395–3,396 crore

• Allotment Date: July 17, 2025

• Listing Date: July 21, 2025 on BSE/NSE

Subscription & Grey Market Premium (GMP)

• Overall subscription: ~63.9×—QIBs ~193×, NIIs ~44–45×, Retail ~6×

• Grey market trading:

  • GMP ~₹165–170 → implied ₹735–₹740 listing (~29% premium)

  • Others projected GMP ~₹144 → ~₹714 listing (~25%)

About the Company

• Founded: 2006 in Bengaluru

• Business:

  • Contract research, development & manufacturing (CRDMO)

  • Focus on fermentation‑based APIs, peptides, enzymes, probiotics, biosimilars, nutritional actives

• Facilities:

  • Two plants in Karnataka:

    • Custom synthesis capacity: 270 kL

    • Fermentation capacity: 142 kL (expanding to 182 kL by mid‑FY26)

• Customers: Over 550 clients in 44 countries including U.S., Europe, Japan

• Global positioning: Benefiting from pharma companies diversifying from China sourcing

Financials (FY 2023–25)

Metric	FY23	FY24	FY25
Revenue (₹ Cr)	1,133.99	1,483.07	1,930.29
PAT (₹ Cr)	385.19	367.31	451.26
Net Worth (₹ Cr)	1,740.67	1,924.66	2,409.86
EBITDA margin	–	–	~36.8%
Total Borrowings	125.06	232.53	108.95

• Strong YoY revenue & profit growth; reduced debt; robust margins; expanding capacity.

Valuation & Analyst Insights

• Implied P/E at ₹570 (FY25 earnings): ~70–71×

• Estimated listing premium: 25–30% based on GMP data

• Market Cap post-listing: ~₹31,867 cr

• Analyst strategy:

  • Short‑term: Take partial profits if listing surges above ₹700–₹720

  • Long‑term: Watch margins, innovation pipeline, client diversification; IPO viewed as reasonably priced backed by growth potential

Strengths & Risks

Strengths

• One‑stop CRDMO platform for small & large molecules

• High-margin fermentation & API services

• Global client base and geographic diversity

• Ongoing capacity expansion (182 kL fermenter soon)

Risks

• Fully OFS: no fresh capital for expansion

• High valuation (P/E ~70×)

• Execution risks in facility ramp‑up

• Exposure to regulatory and quality control norms

• Competition with incumbents like Syngene, Divis, Sai Life

Who Should Watch This?

• Long‑term investors bullish on India’s pharma outsourcing trend

• CRDMO/biotech sector fans seeking high‑growth specialty API exposure

• Institutional investors targeting high-margin mid-cap businesses

• Short‑term traders aiming to profit on IPO listing pop

Key Takeaways

• Closed bidding with 63.9× subscription clear demand

• GMP hints at 25–30% listing upside (₹710–₹740)

• Rich valuation, but backed by solid fundamentals & global positioning

• ONLY existing shareholders benefited no fresh equity infusion

• Listing set for July 21, 2025 tune into pre-open today (10 AM IST)