Anthem Biosciences IPO Day 1: Check subscription status, GMP, allotment date & more

The initial public offering (IPO) of Anthem Biosciences was off to day decent bidding from the investors as it crossed the halfway mark during the first day of the bidding process as the bidding was mostly led by HNI and retail bidders. The issue, which kicked off on Thursday, July 10, shall close for bidding on Monday, July 14.

Anthem Biosciences is selling its shares in the price band of Rs 540-570 apiece. Investors can apply for a minimum of 26 shares and its multiples thereafter. It is looking to raise Rs 3,395 crore via IPO, which is entirely a fresh share sale of up to 5,95,61,404 equity shares by promoters and other shareholders of the company.

According to the data, the investors made bids for 2,49,17,516 equity shares, or 57 per cent, compared to the 4,40,70,682 equity shares offered for the subscription by 3.30 pm on Monday, July 14, 2025. The three-day bidding for the issue shall continue for three-days.

The allocation for retail investors was subscribed 47 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 1.04 times. Allocation of employees was booked 66 per cent. However, the quota set aside for qualified institutional bidders (QIBs) was subscribed 36 per cent as of the same time.

Incorporated in 2006, Bengaluru-based Anthem Biosciences is an innovation-driven and technology-focused contract research, development, and manufacturing organization (CRDMO) with fully integrated operations encompassing drug discovery, development, and manufacturing processes.

The grey market premium (GMP) of Anthem Biosciences has surged higher despite the rising volatility in the broader markets. Last heard, the company was commanding a premium of Rs 105-110 per share in the unofficial market, suggesting 17-18 per cent listing gains for the investors.

Analysts mostly have a positive view on this issue and suggest subscribing to it citing its strong financial performance, market leadership, reasonable valuations, and strong business model. However, complete OFS nature and strictness in the overseas market are the major concerns for the issue.

Anthem Biosciences has built a strong global presence, backed by a significant level of expertise from its founders and management team. It holds a unique position in the industry led by its integrated capabilities to manufacture both small molecules and biologics, coupled with a diverse range of modalities, said Nirmal Bang Securities.

"Anthem IPO is issued at a slightly lower valuation 71x to FY25 EPS when compared with its peers. However, we believe company’s strong business model, focus on driving the growth adopting sustainability and historical robust financial performance to attract higher valuation in the future. Thus, we recommend 'subscribe' to the issue," it said.

Anthem Biosciences raised Rs 1,016.02 crore from 60 anchor investors. For the financial year ended on March 31, 2025, Anthem Biosciences reported a net profit of Rs 451.26 crore with a revenue of Rs 1,930.29 crore. It clocked a net profit of Rs 367.31 crore with a revenue of Rs 1,483.07 crore for the fiscal year 2023-24. It shall command a total market capitalization of 31,867.39 crore.

The company has reserved shares worth Rs 8.25 crore for its eligible employees, who will get a discount of Rs 50 in the IPO. Of the net offer, 50 per cent shares shall be reserved for qualified institutional bidders, while non-institutional investors (NIIs) will have 15 per cent for the allocation. Retail investors will have 35 per cent of allocation in the IPO.

We assign 'subscribe' rating to this IPO as the company is the fastest growing Indian CRDMO along with differentiated business model catering to the needs of small pharmaceutical and emerging biotech companies, from discovery to commercial manufacturing, said Marwadi Financial Services. "It is available at a reasonable valuation as compared to its peers," it said.

JM Financial, Citigroup Global Markets India, JP Morgan India and Nomura Financial Advisory & Securities (India) are the book-running lead managers of the Anthem Biosciences IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Monday, July 21.