Anthem Biosciences IPO: GMP, Valuation, And Price

Anthem Biosciences IPO - Complete Overview 

Anthem Biosciences IPO, a Mainboard IPO, is a book-built issue of Rs. 3395 Cr (5.96 Cr  Shares) by Anthem Biosciences Limited. The company was established in 2006 and is an integrated Contract Research, Development and Manufacturing Organisation (“CRDMO”) with fully integrated operations encompassing drug discovery, development, and manufacturing processes. 

The company serves diverse customers, including innovative, emerging biotech firms and large pharmaceutical companies on a global scale. It manufactures specialised fermentation-based APIs, including probiotics, enzymes, peptides, vitamin analogues, and biosimilars, nutritionally active peptides.

The firm actively engages in the manufacture of active pharmaceutical ingredients (API) and intermediates for ten commercial molecules, all of which have been supported since their discovery.

It had over 425 and 550 customers in our CRDMO and specialty ingredients businesses, spanning more than 44 countries, including the USA, Europe ,and Japan. As of 31 March 2024, the company served over 150 customers from small biotech to large pharmaceutical companies.

The company holds one patent in India, seven overseas, and has 24 global patent applications pending, including process patents for the synthesis of glycolipids and GLP-1 analogues as of 30 September 2024.

This new IPO is to be launched on 14 July 2025, and the initial public offering of this upcoming IPO will end on 16 July 2025.

If you want to apply for the IPO, click to open a Demat Account.

 

Anthem Biosciences IPO Details

The Rs. 3395 crore mainline IPO comprises a wholly an offer for sale (OFS) of 5.96 crore shares.

The IPO listing date is on Monday, 21 July 2025, and it will be listed at BSE and NSE. Anthem Biosciences IPO price band is Rs. 540 to Rs. 570 for each Share.

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	2,807.58	2,398.11	2,014.46
Total Revenue	1,930.29	1,483.07	1,133.99
PAT	451.26	367.31	385.19
Net Worth	2,409.86	1,924.66	1,740.67
Reserves and Surplus	2,298.05	1,815.39	1,628.88
Borrowings	108.95	232.53	125.06

 

 

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	4,183.36	1,401.51	3,059.85
Net Cash Flow Investing Activities	(1,521.13)	(2,214.59)	(3,760.16)
Net Cash Flow Financing Activities	(1,336)	(771.81)	639.74

 

Business-wise Revenue Breakdown

Geography-wise Revenue Breakdown

(Source RHP)

 

The Objective of The Issue

The company won't get any money from the selling shareholders' offer to sell.

 

Click to check the IPO application status.

 

Peers of Anthem Biosciences Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Syngene International Ltd.	10	12.35	51.54
Sai Life Sciences Limited	1	8.83	92.18
Cohance Lifesciences Limited	1	10.52	97.29
DIVI'S LABORATORIES Limited	2	82.53	83.22

 

Anthem IPO GMP Evaluation

Anthem IPO price is between Rs. 540 to Rs. 570 for each Share.

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 8.07 from the last year, the resulting P/E ratio is 70.63x.

Considering the weighted EPS of Rs. 7.32 for the last three years, the P/E ratio is 77.86x.

Explore the Indogulf Cropsciences IPO.

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 81.06x.

Particulars	P/E Ratio (x)
Highest	97.29
Lowest	51.54
Average	81.06

In simple words, the P/E ratio of this IPO is 70.63x, compared with the industry’s average P/E of 81.06x, indicating an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

 

IPO's Strengths 

• The innovation-centric approach taken in this company has allowed us to provide a range of sophisticated solutions across modalities and technology-advanced manufacturing practices.

• Strategic collaboration with small pharmaceutical and biotech companies from the discovery stage to the advanced stages of tech transfer and manufacturing.

• Well-established contacts with a large and diversified customer base and loyal, longstanding clients.

• Diverse and qualified scientific personnel support professional and experienced members of the leadership team.

 

IPO’s Weaknesses 

• From its CRDMO (Contract Research, Development, and Manufacturing Organisation) segment, Anthem Biosciences derives over 80% of operational revenue. Any adverse effects on the business ecosystem of its CRDMO clientele or the sectors in which they operate could greatly impact the company’s financial performance.

• Anthem suffers notable revenue loss from the failure of a phase III molecule. A considerable portion of the company’s revenue relies on specific developmental and commercial manufacturing projects. These projects must succeed, particularly in the early development phase and throughout the regulatory approvals. In the absence of success, substantial financial losses can be incurred by Anthem.

• Anthem's revenue is highly concentrated within a small number of customers. In FY 25, the company reported the top 5 and top 10 customers contributed 70.92% and 77.33% of revenue. Anticipating any loss of these essential clients poses an existential threat to revenue and cash flow which would be corrosive.

 

 Anthem Biosciences IPO GMP 

Anthem Biosciences IPO GMP today is Rs. 109 as of 14 July 2025, while writing this information. Hence, its estimated listing price might be Rs. 679 (cap price + latest GMP).

 

Anthem Biosciences IPO Timetable (Tentative)

The IPO open date is from Jul 14 to Jul 16, with IPO allotment on Jul 17, refund initiation on Jul 18, and listing on Monday, Jul 21, 2025.

Events	Date
IPO Opening Date	Jul 14, 2025
IPO Closing Date	Jul 16, 2025
IPO Allotment Date	Jul 17, 2025
Refund Initiation	Jul 18, 2025
IPO Listing Date	Jul 21, 2025

 

 

Anthem Biosciences IPO Details 

The IPO with a face value of Rs. 2 per Share offers a total issue size of 5,95,61,404 Shares (Rs. 3395 Cr) and will be listed at BSE and NSE.

IPO Opening & Closing Date	Jul 14, 2025 to Jul 16, 2025
Face Value	Rs. 02 per Share
Issue Price	Rs. 540 to Rs. 570
Lot Size	26 Shares
Issue Size	5,95,61,404 Shares (Rs. 3395 Cr)
Offer for Sale	5,95,61,404 Shares (Rs. 3395 Cr)
Fresh Issue	-
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Limited

Anthem Biosciences IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (26 Shares) amounting to Rs. 14820 and 13 Lots (338 Shares) amounting to Rs. 1,92,660, respectively, while for HNI investors, the minimum Lot is 14 (364 Shares) amounting to Rs. 2,07,480.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	67 Lots
B-HNI (Minimum)	68 Lots

Anthem Biosciences IPO Reservation

Institutional Share Portion	49.87%
Retail Investors' Share Portion	34.91%
Non-Institutional Shares Portion	14.96%

 

Anthem Biosciences IPO Lead Managers

• JM Financial Limited. 

 

Dividend Policy

The company has paid no dividends in the last three fiscal years.

 

Conclusion

Anthem Biosciences' IPO is an opportunity within the CRDMO industry owing to its diversified global clients, innovative capabilities, and exceptional financial metrics. Taking into account the industry’s below-average P/E ratio alongside robust GMP multiples, the IPO appears to be fairly valued. However, the concentration of revenues and dependence on just a few projects is a risk.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.