Anthem Biosciences IPO gets lukewarm response on opening day 

Anthem Biosciences Limited’s ₹3,395 crore initial public offering received a tepid response on its first day, with the issue subscribed only 0.19 times by midday Monday. The pharma contract research and manufacturing company’s shares are priced between ₹540 and ₹570.

The retail segment showed the strongest interest among investor categories, garnering 0.22 times subscription, while qualified institutional buyers (QIBs) remained largely absent with negligible participation at 0.00 times. Non-institutional investors subscribed 0.36 times their allocated portion.

The Bengaluru-based company operates as a Contract Research Development and Manufacturing Organization (CRDMO), offering end-to-end services from drug discovery to commercial manufacturing. Anthem reached ₹1,000 crore revenue milestone within 14 years and recorded strong financial performance with revenue growing at 32 per cent CAGR between FY23 and FY25 to ₹1,845 crore.

SBI Securities has recommended investors to “subscribe for long-term investment horizon,” noting the company’s comprehensive service capabilities and expansion plans. The brokerage highlighted Anthem’s 242-project pipeline and revenue contribution from four blockbuster drugs with billion-dollar potential.

The company operates two manufacturing units with combined capacity of 270 kL for custom synthesis and 142 kL for fermentation. It plans to expand custom synthesis capacity by 130 kL through Unit III by first half of FY26.

Market watchers expect QIB participation to increase significantly on the final day, as institutional investors typically submit bids closer to the issue’s closure. The IPO closes on July 16.

Published on July 14, 2025