Anthem Biosciences Limited, a Bengaluru-based innovation-driven CRDMO, raised ₹33.95 billion via an initial public offering (IPO) through an offer-for-sale comprising existing shareholders’ holdings.
The IPO was launched with a price band of ₹540–₹570 and received phenomenal response:
Total subscription: 63.86×
Institutional investors: 182.65×
Non-institutional investors: 42.35×
Retail investors: 5.64×
On 21 July 2025, the shares listed at ₹723.05 on NSE and ₹723.10 on BSE—marking a 26.85–26.86% premium over the issue price—and climbed further to approximately ₹746.70 intraday.
Also read: Kalpataru Limited Files for ₹15.90 Billion IPO — AZB Advises Bookrunners
About Anthem Biosciences
Founded in 2006, Anthem is a fully integrated CRDMO with expertise in drug discovery, development, and manufacturing. It achieved a milestone of ₹10 billion in revenue within 14 years—one of the fastest in its peer group. It operates advanced fermentation and biologics facilities in Karnataka and Tamil Nadu, serving over 550 clients across 44 countries.
Trilegal Advisory Role and Team
Trilegal represented Anthem, its promoters, and other selling shareholders, offering end-to-end IPO advisory, which included:
Structuring the offer-for-sale
Regulatory filings and drafting
Liaising with SEBI, stock exchanges, and registry
Closing documentation
Transaction Team:
Richa Choudhary – Partner
Avanti Kale – Counsel
Maitreya Rajurkar – Counsel
Sanya Chaudhari – Senior Associate
Shivayana Balodia – Senior Associate
Anushri Maskara – Associate
Siddhant Mishra – Associate
Anay Udayan Jain – Associate
Book running lead managers included JM Financial, Citigroup, J.P. Morgan India, and Nomura Securities.
Key Transaction Highlights
₹3,395 crore fully subscribed offer-for-sale; no fresh capital raised
Subscription soared to 63.86×, driven by investors’ confidence
Shares listed at ₹723 (27% premium), later reaching ₹746.70 intraday
Strong grey market premium (~29% pre-listing) matched by actual listing gains
Strategic Significance
The IPO strengthens Anthem’s equity base for further expansion in fermentation, biologics, and specialty ingredients. Listing premium and demand validate the market’s belief in the CRDMO model and Anthem’s technology-driven scalability.
Why It Matters
Reflects investor confidence in Indian biotech and CRDMO sectors
Showcases market depth and investor appetite for offer-for-sale IPOs
Anthem’s IPO marks a significant milestone for India’s biotech ecosystem, propelled by investor enthusiasm and strong legal structuring. Its successful 27% premium listing underscores the growing maturity and global relevance of India’s CRDMO players.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
