Market Overview & Latest Updates

Latest Update: Anthem Biosciences shares made a strong debut on July 21, 2025, listing at ₹723.05 on NSE and ₹723.10 on BSE, delivering impressive gains of 26.85% over the IPO price of ₹570.

₹723.05

+₹153.05 (+26.85%) from IPO Price

NSE: ₹723.05

BSE: ₹723.10

₹32,012 Cr

Market Cap

₹1,930 Cr

FY25 Revenue

₹451 Cr

FY25 Net Profit

Key Highlights

Company: Leading Contract Research, Development & Manufacturing Organization (CRDMO)
Listing Date: July 21, 2025
Stock Symbol: ANTHEM (NSE) | 544449 (BSE)
Sector: Pharmaceuticals – Contract Manufacturing
Promoter Holding: 74.7%

Listing Performance Analysis

Strong Debut Performance

Anthem Biosciences shares opened with a robust premium of approximately 27% on both major exchanges, reflecting strong investor confidence in India’s CRDMO sector and the company’s growth prospects.

Exchange-wise Performance

Exchange	Listing Price	IPO Price	Gain (%)
NSE	₹723.05	₹570.00	+26.85%
BSE	₹723.10	₹570.00	+26.86%

Grey Market Premium (GMP) vs Actual

₹143-175

Pre-listing GMP Range

₹153.05

Actual Listing Premium

The actual listing gains were within the expected GMP range, indicating accurate market sentiment prediction.

Investor Returns: Retail investors who were allotted shares at the IPO price of ₹570 gained approximately ₹153 per share on listing day, representing a 26.85% return on investment.

IPO Details & Timeline

IPO Summary

Issue Size	₹3,395 Crores
Issue Type	Offer for Sale (OFS) only
Price Band	₹540 – ₹570 per share
Lot Size	26 shares
Min Investment	₹14,820
Face Value	₹2 per share

IPO Timeline

Anchor Date	July 11, 2025
IPO Open	July 14, 2025
IPO Close	July 16, 2025
Allotment Date	July 17, 2025
Listing Date	July 21, 2025

Subscription Details

The IPO witnessed overwhelming response from investors across all categories:

182.65x

QIB Subscription

42.36x

NII Subscription

5.64x

Retail Subscription

Overall Subscription: The IPO was oversubscribed 63.86 times, receiving bids worth over ₹1.6 lakh crores against the issue size of ₹3,395 crores.

Lead Managers & Registrar

Book Running Lead Managers

JM Financial Limited
Citigroup Global Markets India Private Limited
J.P. Morgan India Private Limited
Nomura Financial Advisory And Securities (India) Pvt Ltd

Registrar

Kfin Technologies Limited

Phone: 040-67162222, 040-79611000

Email: einward.ris@kfintech.com

Business Model & Competitive Advantages

About Anthem Biosciences

Founded in 2006, Anthem Biosciences is an innovation-driven Contract Research, Development, and Manufacturing Organization (CRDMO) headquartered in Bengaluru. The company provides end-to-end integrated services across drug discovery, development, and manufacturing for global pharmaceutical and biotechnology companies.

Core Business Segments

Segment	Revenue %	Description
CRDMO Services	81.13%	Drug discovery, development & manufacturing
Specialty Ingredients	18.35%	Probiotics, enzymes, fermentation products

Key Differentiators

Integrated Capabilities: End-to-end services from discovery to commercial manufacturing
Dual Expertise: Both small molecules (NCE) and biologics (NBE)
Advanced Technologies: RNAi, ADCs, peptides, oligonucleotides
Fermentation Leadership: Largest capacity among Indian CRDMOs (142kL)

Manufacturing Infrastructure

3

Manufacturing Facilities

4,00,000

Sq. Ft. Total Space

42

Commercial Reactors

Expansion Plans: ₹450 crore CAPEX planned over next 3 years to double manufacturing capacity, with Unit III expected to be operational in 2025.

Global Client Base & Market Reach

Client Statistics

550+ Active Clients across 44+ countries
8,000+ Projects completed successfully
675+ Unique Molecules worked on
96.76% Success Rate in fee-for-service model

Geographic Revenue Mix

Europe & North America: Primary markets
Regulated Markets: US, EU, Japan approvals
Emerging Markets: Growing presence in Asia
Average Client Relationship: 12+ years with top clients

Financial Performance Analysis

Revenue Growth Trajectory

Profitability Trends

Key Financial Metrics (FY25)

₹1,930 Cr

Total Revenue

+30% YoY

36.81%

EBITDA Margin

Industry Leading

₹451 Cr

Net Profit

+23% YoY

Three-Year Financial Summary

Particulars (₹ Crores)	FY23	FY24	FY25	CAGR
Total Revenue	1,057	1,483	1,930	35.3%
EBITDA	429	528	671	25.1%
Net Profit	385	367	451	8.2%
ROE (%)	28.2	19.4	20.8	–
ROCE (%)	34.7	24.1	26.9	–

Financial Highlights: Anthem delivered the highest revenue growth (30%) among Indian CRDMO peers in FY25, with industry-leading EBITDA margins and strong return ratios.

Peer Comparison & Industry Position

Competitive Landscape

Company	Revenue (₹ Cr)	EBITDA Margin (%)	ROE (%)	Market Cap (₹ Cr)	P/E Ratio
Anthem Biosciences	1,930	36.81	20.8	32,012	~70x
Syngene International	3,021	26.8	15.2	58,500	75x
Divi’s Laboratories	8,421	35.2	18.9	1,24,000	45x
Sai Life Sciences	1,205	22.1	12.8	15,800	82x

Competitive Strengths

✓ Highest EBITDA margins in peer group (36.81%)
✓ Fastest revenue growth rate (30% in FY25)
✓ Superior ROE and ROCE ratios
✓ Largest fermentation capacity among Indian peers
✓ Dual expertise in small molecules and biologics

Areas for Improvement

⚠ Smaller scale compared to established players
⚠ Client concentration risk (top 10 = 76.75%)
⚠ Geographic concentration in select markets
⚠ Higher import dependency for raw materials

Market Position Analysis

Anthem Biosciences occupies a unique position in the Indian CRDMO landscape as one of the few companies offering integrated capabilities across both small molecules and biologics. While smaller in scale compared to industry giants like Divi’s Labs, Anthem’s superior margins, growth trajectory, and technological capabilities position it as a formidable competitor in the high-value CRDMO segment.

Industry Growth: The Indian CRDMO market is projected to grow from $8.4 billion in 2024 to $15.4 billion by 2029, with a CAGR of 13.4%, driven by increasing outsourcing trends and India’s cost advantages.

Investment Outlook & Recommendations

Investment Positives

📈 Strong financial performance with 30% revenue growth
🔬 Advanced technology platforms and R&D capabilities
🌍 Global client base with long-term relationships
💰 Industry-leading margins and capital efficiency
🏭 Capacity expansion plans to capture growth

Key Risk Factors

⚠️ High client concentration risk
🌐 Regulatory compliance challenges
💱 Currency and import dependency risks
🏭 Operational risks in manufacturing
📊 No fresh capital raised through IPO

Investment Recommendation

For Long-term Investors

SUBSCRIBE – Anthem Biosciences offers exposure to India’s fast-growing CRDMO sector with strong fundamentals, technological capabilities, and growth prospects.

For Risk-averse Investors

WATCH & WAIT – Consider the stock post-listing volatility settles and quarterly performance establishes a trend.

Target Price Analysis

₹850-900

Bull Case Target (12 months)

₹750-800

Base Case Target (12 months)

₹650-700

Bear Case Target (12 months)

Disclaimer: Price targets are estimates based on current market conditions and company fundamentals. Actual performance may vary significantly. Investors should conduct their own research before making investment decisions.

Strategic Growth Drivers

Near-term Catalysts (1-2 years)

Unit III facility operationalization
Capacity expansion completion
New client acquisitions in biologics
Geographic market expansion

Long-term Growth Themes (3-5 years)

Biologics and biosimilars market growth
Specialty ingredients segment expansion
Technology platform commercialization
Strategic partnerships and acquisitions

Frequently Asked Questions

What is Anthem Biosciences’ current share price? ▼

Anthem Biosciences shares are currently trading at approximately ₹723-730 on both NSE and BSE. The stock listed on July 21, 2025, at ₹723.05 on NSE and ₹723.10 on BSE, representing a 26.85% premium over the IPO price of ₹570.

Is Anthem Biosciences a good investment for long-term? ▼

For long-term investors, Anthem Biosciences presents a compelling opportunity in India’s growing CRDMO sector. The company demonstrates strong financial performance, technological capabilities, and is well-positioned to benefit from the outsourcing trend in pharmaceutical R&D and manufacturing. However, investors should consider the risks including client concentration and regulatory challenges.

What are the key business segments of Anthem Biosciences? ▼

Anthem Biosciences operates in two main segments: CRDMO Services (81.13% of revenue) which includes drug discovery, development, and manufacturing; and Specialty Ingredients (18.35% of revenue) covering probiotics, enzymes, and fermentation-based products. The company serves both small molecule and biologics markets.

How does Anthem Biosciences compare to competitors like Syngene and Divi’s Labs? ▼

Anthem Biosciences stands out with the highest EBITDA margins (36.81%) among peers and fastest revenue growth (30% in FY25). While smaller in scale compared to Divi’s Labs or Syngene, Anthem offers unique integrated capabilities in both NCE and NBE, superior return ratios, and the largest fermentation capacity among Indian CRDMOs.

What were the IPO subscription numbers? ▼

The Anthem Biosciences IPO was heavily oversubscribed at 63.86 times overall. QIBs subscribed 182.65 times, NIIs 42.36 times, and retail investors 5.64 times. The strong subscription reflected high investor confidence in the company’s growth prospects.

What are the major risks associated with investing in Anthem Biosciences? ▼

Key risks include high client concentration (top 10 clients contribute 76.75% revenue), regulatory compliance challenges across multiple jurisdictions, currency fluctuation due to import dependency, operational risks in manufacturing facilities, and the fact that no fresh capital was raised through the IPO for growth investments.

What is the growth outlook for the CRDMO industry in India? ▼

The Indian CRDMO industry is projected to grow from $8.4 billion in 2024 to $15.4 billion by 2029, representing a CAGR of 13.4%. Growth drivers include increasing outsourcing by global pharmaceutical companies, cost advantages in India, rising demand for biologics and biosimilars, and India’s improving regulatory and infrastructure capabilities.

Should I buy Anthem Biosciences shares after listing? ▼

Investment decisions should be based on individual risk appetite and investment horizon. While Anthem shows strong fundamentals and growth prospects, the stock is trading at premium valuations post-listing. Long-term investors may consider accumulating on dips, while short-term traders should exercise caution given potential volatility in early trading sessions.