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Anthem Biosciences IPO
Anthem Biosciences Ltd
₹14,040 /26 sharesMinimum Investment
Anthem Biosciences IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹570.00 | ₹723.05 | ₹153.05 (26.85%) |
Anthem Biosciences IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 14 Jul ‘25 - 16 Jul ‘25 | ₹14,040 | 26 | ₹540 - ₹570 |
| Issue Size | IPO Doc |
|---|---|
| 3395.00Cr | RHP PDF |
Subscription rate
As of 16 Jul'25, 05:00 PM
| Qualified Institutional Buyers | 182.65x |
| Non-Institutional Investor | 42.31x |
| Retail Individual Investor | 5.48x |
| Employees | 6.36x |
| Total | 63.77x |
About Anthem Biosciences
Founded in
2006
Managing director
Mr Ajay Bhardwaj
Parent organisation
Anthem Biosciences Ltd
Anthem Biosciences Ltd IPO
https://www.youtube.com/watch?v=6EZNrd_bMyM
Strengths & Financials of Anthem Biosciences
Strengths
Risks
Anthem Biosciences claims to have comprehensive, integrated service capabilities across the entire drug lifecycle, including drug discovery, development, and manufacturing. It further states that it is one of the few Indian CRDMOs with strong capabilities in both small molecules and biologics (large molecules). The company claims this allows it to provide customised solutions to a range of clients, reducing lead times and offering cost efficiencies throughout the drug development process.
Anthem Biosciences claims to have developed a broad range of advanced technological solutions across various modalities, including RNA interference, antibody-drug conjugates, peptides, lipids, and oligonucleotides. The company further states that it is recognised for introducing biotransformation and flow chemistry techniques in India and has become one of the pioneers in using green chemistry methods to improve manufacturing efficiency and reduce waste.
Anthem Biosciences claims to have a differentiated business model specifically designed to cater to the needs of small pharmaceutical and emerging biotech companies. By providing end-to-end services from drug discovery to commercial manufacturing, it claims to support these companies in overcoming challenges such as regulatory compliance, funding, and scaling up manufacturing. The company further states that its success-based fee-for-service (FFS) model, with a 96.76 percent success rate as of FY25, allows it to deliver cost-effective, high-quality solutions, contributing to higher margins and long-term partnerships with these emerging players.
The company claims to have developed long-term relationships with 287 customers, including small biotech firms, mid-sized pharmaceutical companies, and large multinational corporations like Bayer AG.
The company claims to have a broad and diversified specialty ingredients portfolio, with expertise in producing high-demand niche ingredients such as glucagon-like peptide-1 (GLP-1), fermentation-based products, probiotics, enzymes, and biosimilars. By leveraging its advanced technological capabilities in both biology and chemistry, Anthem Biosciences claims to have successfully commercialised several products, including natural Vitamin K2 and probiotics.
The company claims to operate state-of-the-art, current good manufacturing practice (cGMP) compliant manufacturing facilities in India, featuring the largest fermentation capacity of any Indian CRDMO. These facilities are highly automated, incorporating advanced systems like distributed control systems (DCS) to reduce manual intervention and enhance quality output.
The company holds ISO 9001:2015 certification for its quality management systems, ISO 14001:2015 certification for its environmental management systems, and ISO 45001:2018 certification for its occupational health and safety management systems.
The company reported a consistent increase in revenue from operations. It increased from Rs 1,056.92 crore in FY23 to Rs 1,419.37 crore in FY24 and Rs 1,844.55 crore in FY25.
Anthem Biosciences derives a significant portion of its revenue from its CRDMO services. It accounted for Rs 1,506.09 crore (81.65 percent) of the company’s revenue in FY25, Rs 1,083.17 crore (76.31 percent) in FY24, and Rs 808.09 crore (76.46 percent) in FY23. Any adverse changes in demand from CRDMO customers or challenges faced by industries such as biotechnology and pharmaceuticals could significantly impact the company’s revenue and overall financial performance.
The company is heavily reliant on successfully developing and manufacturing commercially viable drugs. Developmental and commercial manufacturing accounted for Rs 1,305.51 crore (70.78 percent) of the company’s revenue in FY25, Rs 897.60 crore (63.24 percent) in FY24, and Rs 634.95 crore (60.08 percent) in FY23. Any failure to develop drugs that meet regulatory approval or succeed in the market could adversely affect the company’s revenue streams and profitability.
The top five customers accounted for Rs 1,308.14 crore (70.92 percent) of the company’s revenue in FY25, Rs 923.53 crore (65.07 percent) in FY24, and Rs 695.97 crore (65.80 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from one of these clients can adversely affect the company’s business and financial standing.
The top 10 suppliers accounted for Rs 438.45 crore (34.43 percent) of the company’s total expenses in FY25, Rs 321.19 crore (31.94 percent) in FY24, and Rs 140.30 crore (20.09 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company relies significantly on overseas suppliers, with imports accounting for Rs 429.87 crore (48.41 percent) of the company’s total cost of materials procured in FY25, Rs 176.23 crore (24.60 percent) in FY24, and Rs 146.78 crore (34.34 percent) in FY23. Any interruption in the supply chain or adverse changes in pricing from international suppliers could have a material adverse effect on the company’s business, financial condition, and operations.
Anthem Biosciences has incurred substantial capital expenditure primarily to expand its manufacturing capacity and develop new facilities. It accounted for Rs 264.44 crore (20.07 percent) of the company’s total expenses in FY25, Rs 295.64 crore (29.39 percent) in FY24, and Rs 188.16 crore (26.94 percent) in FY23. The company may require substantial financing for future capital expenditure, and the inability to secure such financing on favourable terms could adversely affect its business, operations, and financial condition.
A significant portion of the company’s revenue is derived from North America (the US) and Europe. North America accounted for Rs 487.31 crore (26.42 percent) of the company’s revenue in FY25, Rs 429.30 crore (30.25 percent) in FY24, and Rs 500.20 crore (47.33 percent) in FY23. Europe accounted for Rs 1,007.35 crore (54.61 percent) of the company’s revenue in FY25, Rs 612.78 crore (43.17 percent) in FY24, and Rs 306.2 crore (28.97 percent) in FY23. This exposes the company to foreign currency fluctuation risks, particularly with transactions denominated in US dollars and euros, and any adverse movements in currency exchange rates may negatively impact its financial performance.
The company’s business is impacted by seasonality, with shipments typically peaking in the last quarter of its financial year (January to March). Any inability to address this fluctuation in demand could adversely affect its business and financial condition.
All three manufacturing facilities of the company are concentrated in Karnataka. Any adverse economic, political, or social developments in this region could have a significant impact on the company’s operations, financial condition, and results.
The company is involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Anthem derives a significant portion of its revenue from providing commercial manufacturing services to innovator pharmaceutical companies for patent-protected molecules. This segment accounted for Rs 1,003.31 crore (54.40 percent) of the company’s revenue in FY25, Rs 673.13 crore (47.42 percent) in FY24, and Rs 410.37 crore (38.83 percent) in FY23. However, once the patents on these innovator molecules expire, the products may face competition from generics, leading to a potential decline in demand and a significant loss of revenue, which could adversely impact the company’s financial condition and results of operations.
As of FY25, the company had contingent liabilities amounting to Rs 212.99 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition and cash flow.
As of FY25, the company had outstanding financial indebtedness amounting to Rs 108.95 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Anthem Biosciences Financials
*All values are in Rs. Cr
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Application Details of Anthem Biosciences IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹540 - 570 | ₹2 Lakh |
| Employee | ₹490 - 520 | ₹2 Lakh |
| High Networth Individual | ₹540 - 570 | ₹2 - 5 Lakh |
For Anthem Biosciences IPO, eligible investors can apply as Regular & Employee.