Anthem Biosciences IPO Day 2: Live Status, GMP & Review

Anthem Biosciences IPO Day 2:- Are you closely tracking the pulse of the Indian primary market, eager to identify the next big investment opportunity? The Anthem Biosciences IPO, a highly anticipated offering from a leading Contract Research, Development, and Manufacturing Organization (CRDMO), has certainly captured the attention of investors. As the bidding window progresses to Anthem Biosciences IPO Day 2 Live, many are looking for real-time updates on its subscription status, the Grey Market Premium (GMP), and a comprehensive review to inform their investment decisions.

Should you buy this IPO for listing gains, or is it a long-term play? This in-depth article will provide all the crucial details, dissecting the company’s strengths, risks, and market sentiment to help you navigate this exciting public issue.

The pharmaceutical and biotechnology sectors have been robust performers, driven by innovation, increasing R&D outsourcing, and global supply chain realignments. Within this dynamic landscape, CRDMOs like Anthem Biosciences play a pivotal role, offering specialized services that accelerate drug discovery and development. Understanding the nuances of their business model, coupled with live IPO data, is key to making an informed choice. Join us as we delve into the core aspects of the Anthem Biosciences IPO on its second day of subscription.

Anthem Biosciences IPO: Key Details at a Glance

Before we dive into the live updates, let’s establish the fundamental details of the Anthem Biosciences IPO:

• Issue Opening Date: July 14, 2025
• Issue Closing Date: July 16, 2025
• Price Band: ₹540 to ₹570 per equity share
• Issue Size: ₹3,395 crore
• Issue Type: 100% Offer for Sale (OFS). This means the entire proceeds will go to the existing shareholders selling their stakes, and the company itself will not receive any funds from the IPO.
• Face Value: ₹2 per equity share
• Lot Size: 26 shares
• Minimum Retail Investment: ₹14,040 (at the lower price band) / ₹14,820 (at the upper price band)
• Listing Exchanges: BSE and NSE
• Tentative Allotment Date: July 17, 2025
• Tentative Listing Date: July 21, 2025
• Book Running Lead Managers (BRLMs): JM Financial Limited, Citigroup Global Markets India, J.P. Morgan India, Nomura Financial Advisory and Securities (India) Pvt Ltd
• Registrar to the Issue: Kfin Technologies Limited

Anthem Biosciences IPO Day 2 Live: Subscription Status Unveiled

Today, July 15, 2025, marks the second day of the Anthem Biosciences IPO subscription. Investor enthusiasm has been building, and the latest figures reveal a dynamic picture across different investor categories. As of mid-day on Day 2, the overall subscription for the Anthem Biosciences IPO has shown a significant uptick, reflecting growing confidence in the company’s prospects.

Anthem Biosciences IPO Day 2 Subscription Status (as of July 15, 2025, 5:00 PM IST)

Investor Category	Shares Offered (Lakhs)	Shares Bid For (Lakhs)	Subscription (X Times)
Qualified Institutional Buyers (QIB)	118.83	74.06	0.62x
Non-Institutional Investors (NII/HNI)	89.12	914.42	10.26x
Retail Individual Investors (RII)	207.95	458.79	2.21x
Employees	1.58	4.34	2.74x
Total	417.50	1451.62	3.48x

Note: Subscription figures can vary slightly depending on the reporting source and the exact time of compilation. The above reflects a comprehensive update as of the late afternoon on Day 2.

Analysis of Day 2 Subscription

• Non-Institutional Investors (NIIs) have emerged as the driving force behind the robust subscription numbers on Day 2. Their segment has been oversubscribed by an impressive margin, indicating strong interest from High Net-worth Individuals (HNIs) and other non-institutional participants. This significant demand from the NII segment is often seen as a positive indicator, suggesting confidence in the company’s business model and growth potential.
• Retail Individual Investors (RIIs) have also shown healthy participation, with their portion being comfortably oversubscribed. This widespread retail interest underscores the general public’s belief in Anthem Biosciences’ performance and future prospects.
• Qualified Institutional Buyers (QIBs), while not fully subscribed yet, typically see a surge in bidding activity on the final day. Their current moderate response is not uncommon, as institutional investors often wait closer to the closing date to place their bids after detailed evaluations. The anchor investor portion, which is part of the QIB quota, was fully subscribed before the IPO opened.
• The Employee portion has also seen decent oversubscription, reflecting internal conviction in the company’s value proposition.

Overall, the Day 2 subscription status for the Anthem Biosciences IPO is highly encouraging, with the issue being substantially oversubscribed across key investor categories, barring QIBs, which are expected to pick up pace.

Anthem Biosciences IPO GMP Today: What the Grey Market is Signaling

The Grey Market Premium (GMP) serves as an unofficial indicator of an IPO’s potential listing performance. It reflects the premium at which IPO shares are being traded in the grey market before their official listing. A higher GMP generally suggests a strong demand and the likelihood of a positive listing.

Anthem Biosciences IPO GMP on Day 2 (July 15, 2025)

As of July 15, 2025, the Anthem Biosciences IPO GMP is hovering in the range of ₹116 to ₹124 per share.

Based on the upper end of the IPO price band (₹570) and the reported GMP of ₹124, the estimated listing price for Anthem Biosciences shares could be around ₹694 (₹570 + ₹124). This translates to a potential listing gain of approximately 21.75% over the upper price band.

Disclaimer: It is crucial to remember that GMP is an unofficial, unauthenticated figure and subject to market volatility. It should not be the sole factor influencing your investment decision. While it provides a sentiment indicator, actual listing performance can vary.

The consistent and firm GMP for Anthem Biosciences throughout its initial bidding days suggests a positive sentiment among grey market participants, anticipating a healthy debut on the exchanges.

Anthem Biosciences: A Deep Dive into the Company and Its Business Model

Anthem Biosciences Limited (ABL), established in 2006 and headquartered in Bengaluru, India, is an innovation-driven and technology-focused Contract Research, Development, and Manufacturing Organization (CRDMO). It offers fully integrated operations spanning across the entire drug discovery, development, and manufacturing lifecycle. What sets Anthem apart is its comprehensive capabilities, catering to both New Chemical Entities (NCEs) and New Biological Entities (NBEs), making it one of the few Indian companies with such integrated offerings.

Core Business Segments

Anthem Biosciences’ business model revolves around providing end-to-end services, which include:

• Drug Discovery Services: Assisting clients in identifying and validating potential drug candidates.
• Process Development: Optimizing chemical and biological processes for manufacturing.
• Manufacturing: Large-scale commercial manufacturing of Active Pharmaceutical Ingredients (APIs) and other complex intermediates.

The company specializes in the production of fermentation-based APIs, including high-value products like probiotics, enzymes, peptides, vitamin analogues, and biosimilars. Anthem Biosciences prides itself on adopting cutting-edge technologies such as RNAi, Antibody-Drug Conjugates (ADCs), flow chemistry, and green chemistry initiatives, positioning itself as a niche player in the pharmaceutical and biotech sectors.

Infrastructure and Global Footprint

With two cGMP-compliant manufacturing facilities in Karnataka (Bommasandra and Harohalli), Anthem boasts a significant fermentation capacity of 142 kL, which is the largest among Indian CRDMOs. The company has plans to expand this to 182 kL by mid-FY26, further solidifying its manufacturing prowess. Anthem serves a diverse and global client base, with over 550 clients across 44+ countries, including major contributions from highly regulated markets like the US, Europe, and Japan. Its adherence to stringent quality standards is evidenced by over 100 successful audits in the past three years.

Financial Performance (as per DRHP for FY23, FY24, FY25)

Anthem Biosciences has demonstrated a strong financial trajectory. For the fiscal year ending March 31, 2025 (FY25):

• Revenue from Operations: ₹1,930.29 crore (up from ₹1,483.07 crore in FY24, a 30% YoY growth).
• Profit After Tax (PAT): ₹451.26 crore (up from ₹367.31 crore in FY24, a 23% YoY growth).
• EBITDA Margin: A healthy 37% in FY25, outperforming many listed peers.
• PAT Margin: 23% in FY25.
• Return on Equity (ROE): Approximately 21% in FY25.
• Return on Capital Employed (ROCE): Approximately 27% in FY25.
• The company has consistently generated positive cash flow from operations over the last three years and maintains very low debt.

These figures highlight Anthem’s ability to drive revenue growth while maintaining superior profitability and efficient capital utilization. According to a Frost & Sullivan Report, Anthem Biosciences recorded the highest revenue growth among its assessed peers in India and globally during FY24–25.

Anthem Biosciences IPO Review: Strengths vs. Risks – Buy or Not?

Deciding whether to subscribe to an IPO requires a careful balancing act, weighing the company’s inherent strengths against potential risks and the prevailing market conditions. Here’s a comprehensive review of Anthem Biosciences to help you make an informed decision:

Strengths that Bolster the Case for “Buy”

1. Leading Position in a High-Growth Segment: Anthem Biosciences operates in the burgeoning CRDMO market, which is driven by increasing outsourcing by pharmaceutical companies, a trend accelerated by rising R&D costs and the need for specialized expertise. The Indian CRDMO industry is projected to outpace global growth, indicating strong tailwinds for companies like Anthem.
2. Integrated Capabilities (NCE & NBE): Anthem’s unique ability to offer services across both New Chemical Entities (small molecules) and New Biological Entities (large molecules like biologics, peptides, ADCs) provides a significant competitive advantage. This comprehensive offering makes it a one-stop solution for diverse client needs, fostering long-term client relationships.
3. Strong Financial Track Record: Consistent double-digit revenue and profit growth, coupled with industry-leading margins (EBITDA margin of 37%, PAT margin of 23% in FY25), demonstrate the company’s operational efficiency and financial health. Positive operating cash flows and low debt further enhance its financial stability.
4. Robust R&D and Technological Prowess: Anthem’s commitment to innovation, adoption of advanced technologies (RNAi, ADCs, green chemistry), and significant fermentation capacity position it well for future growth. Its ability to handle complex and niche projects attracts a high-value client base.
5. Global Client Base and “China Plus One” Beneficiary: Serving over 550 clients across 44 countries, with a significant portion of revenue from regulated markets, diversifies its revenue streams. Furthermore, geopolitical shifts and the “China Plus One” strategy are redirecting global pharmaceutical supply chains towards India, potentially benefiting Anthem Biosciences.
6. Experienced Management and Promoter Commitment: The company is led by experienced professionals, including the founder, Ajay Bhardwaj, who is not selling any shares in this OFS. This retention of a substantial promoter stake (over 52% post-IPO) is a strong vote of confidence in the company’s future and aligns promoter interests with those of public shareholders.

Risks and Concerns to Consider Before You “Buy”

1. Pure Offer for Sale (OFS): The IPO is entirely an Offer for Sale (OFS), meaning the company will not receive any direct proceeds from the issue. The funds will go to the selling shareholders. While this is not inherently negative (it provides liquidity to early investors), it means the company won’t directly use IPO funds for expansion or debt reduction.
2. Client Concentration: A significant portion of Anthem’s revenue (approximately 71% in FY25) is derived from its top five customers. While these are typically long-standing relationships, heavy dependence on a few clients poses a risk. Any significant reduction in business from these key customers could impact financial performance.
3. Competitive Landscape: The global CRDMO market is fragmented and highly competitive, with numerous domestic and international players. While Anthem has a niche, continuous innovation and aggressive strategies are required to maintain market share.
4. Valuation: Based on FY25 earnings, the IPO is seeking a Price-to-Earnings (P/E) ratio of approximately 70-71x at the upper price band. While analysts generally suggest it’s “fairly priced” or “attractive” compared to industry averages (which can be higher), some might consider this valuation aggressive, especially for an OFS.
5. Reliance on Overseas Suppliers: The company’s reliance on overseas suppliers for raw materials has increased, with a notable dependence on a single-source supplier in China for some critical inputs. Supply chain disruptions or price hikes from these sources could impact operations and profitability.
6. Working Capital Cycle: Anthem Biosciences has a relatively high working capital cycle due to long trade receivables, which can impact liquidity.

The “Buy or Not?” Verdict

Based on the comprehensive analysis, the Anthem Biosciences IPO appears to be a compelling opportunity, particularly for long-term investors with a moderate to high-risk appetite.

• For Listing Gains: The strong Grey Market Premium (GMP) and healthy subscription numbers on Day 2 suggest a high probability of listing at a premium, making it attractive for those seeking short-term listing gains. The robust interest from NIIs further strengthens this outlook.
• For Long-Term Investment: The company’s leadership in a high-growth sector, its integrated and technologically advanced CRDMO capabilities, strong financial performance, and experienced management team provide a solid foundation for sustainable long-term growth. The “China Plus One” narrative and increasing outsourcing trends are significant tailwinds. While the OFS structure means no direct funds for the company, the retained promoter holding offers comfort.

Recommendation: Investors who are looking to participate in the high-growth pharmaceutical CRDMO segment and believe in Anthem Biosciences’ ability to capitalize on industry trends should consider subscribing to the IPO for both potential listing gains and long-term wealth creation. However, it is prudent to apply at the cut-off price (₹570) and be mindful of the inherent risks, particularly client concentration and valuation.

Frequently Asked Questions (FAQ Section for Snippets)

To further assist potential investors and provide quick, actionable insights, here are detailed answers to frequently asked questions about the Anthem Biosciences IPO:

Q1: What are the key business strengths of Anthem Biosciences that make it an attractive investment?

Anthem Biosciences boasts several compelling business strengths that position it as a significant player in the global CRDMO landscape, making it attractive for investors. Firstly, its innovation-driven and technology-focused approach is a major differentiator. The company offers fully integrated services covering the entire drug discovery, development, and manufacturing lifecycle, with specialized capabilities in both New Chemical Entities (NCEs) and New Biological Entities (NBEs) like peptides, ADCs, and biosimilars.

This end-to-end solution, coupled with expertise in fermentation-based APIs, provides a competitive edge and caters to a broad spectrum of client needs. Secondly, Anthem has demonstrated exceptional financial performance, evidenced by its rapid revenue growth (30% YoY in FY25) and robust profitability (23% PAT margin in FY25). Its healthy EBITDA and PAT margins consistently outperform many listed peers, showcasing efficient operations and strong cost management. Thirdly, the company benefits from a diverse and global client base, serving over 550 clients across 44 countries, including major pharmaceutical companies in regulated markets such as the US, Europe, and Japan. This global reach mitigates concentration risk and provides exposure to stable and high-value markets.

Lastly, Anthem’s commitment to quality and compliance, reflected in over 100 successful audits, builds trust with international clients and reinforces its reliability as a manufacturing partner. Its significant and expanding fermentation capacity, largest among Indian CRDMOs, further solidifies its operational strength. These combined factors highlight Anthem Biosciences as a high-quality, growth-oriented company within a resilient sector.

Q2: What are the primary risks associated with investing in the Anthem Biosciences IPO, and how should an investor view the Offer for Sale (OFS) structure?

While Anthem Biosciences presents a promising investment opportunity, potential investors must be aware of certain risks. A significant point to consider is that the Anthem Biosciences IPO is entirely an Offer for Sale (OFS). This means the proceeds from the IPO will go to the existing selling shareholders (promoters and early investors), and the company itself will not receive any funds for business expansion, debt reduction, or working capital needs. While not inherently a negative, as it provides liquidity to early backers, it implies that the company’s future growth will rely solely on its internal accruals and traditional financing methods, rather than the fresh capital infusion typically associated with IPOs.

Another key risk is client concentration. As of FY25, approximately 71% of Anthem’s revenue was derived from its top five customers. While these are often established, long-term relationships, a significant reduction in business from even one of these key clients could have a noticeable adverse impact on the company’s financial performance. Furthermore, the CRDMO market is highly competitive and fragmented, requiring continuous innovation and investment to maintain market leadership.

Lastly, the company’s reliance on overseas suppliers, especially a single-source supplier in China for certain critical raw materials, exposes it to supply chain disruptions and geopolitical risks. Investors should weigh these factors carefully. While the OFS structure is a standard market mechanism, understanding its implications alongside these other risks is crucial for a balanced investment decision.

Q3: How has the Anthem Biosciences IPO GMP trended, and what does it indicate about potential listing gains?

The Grey Market Premium (GMP) for the Anthem Biosciences IPO has shown a positive and firm trend leading up to and during the initial days of subscription. On Day 2, July 15, 2025, the GMP is reported to be in the range of ₹116 to ₹124 per share. This figure is calculated as the premium at which shares are trading in the unofficial grey market over the IPO’s upper price band of ₹570. For instance, with a GMP of ₹124, the estimated listing price would be approximately ₹570 (upper price band) + ₹124 (GMP) = ₹694.

This suggests a potential listing gain of around 21.75%. Historically, a consistent and rising GMP often correlates with a strong listing performance, as it reflects high demand and positive market sentiment among early investors. The fact that the GMP has remained robust throughout Day 1 and Day 2 of the bidding, combined with strong oversubscription in the Non-Institutional Investor (NII) and Retail categories, indicates that the market expects a healthy premium on listing day.

However, it’s vital to reiterate that GMP is an informal indicator and does not guarantee listing gains. Actual listing performance is influenced by numerous factors, including broader market conditions, institutional bidding on the final day, and post-IPO analyst sentiment. Nevertheless, the current GMP certainly points towards a favorable debut for Anthem Biosciences shares.

Q4: Should I buy the Anthem Biosciences IPO for listing gains, long-term investment, or both?

The decision to buy the Anthem Biosciences IPO depends on your investment horizon and risk appetite. For those primarily seeking listing gains, the current market sentiment, as reflected by the robust Grey Market Premium (GMP) of around ₹116-₹124 and the strong initial subscription figures (particularly from NIIs and Retail investors), suggests a high probability of a positive debut. The potential for a 20-21% listing premium makes it an attractive proposition for short-term gains.

However, the IPO is arguably even more compelling for long-term investors. Anthem Biosciences operates in the structurally growing CRDMO sector, which is benefiting from increasing outsourcing by global pharmaceutical companies and the “China Plus One” diversification strategy. The company’s strengths, including its integrated capabilities across NCEs and NBEs, strong R&D focus, market-leading fermentation capacity, and consistent financial performance with healthy margins, provide a solid foundation for sustainable growth. The experienced management team and the founder’s decision to retain a significant stake post-OFS also instill confidence.

Therefore, for investors with a moderate to high-risk appetite and a long-term investment horizon (2-3 years or more), subscribing to the Anthem Biosciences IPO appears to be a sound decision. It offers the dual potential of decent listing gains and significant long-term capital appreciation by participating in a high-quality company within a thriving industry. For optimal allocation, applying at the cut-off price of ₹570 per share is generally recommended for retail investors. While the P/E valuation might seem high at first glance (around 70x FY25 earnings), it is often justifiable for high-growth, specialized CRDMO businesses and is within industry averages.

Conclusion

The Anthem Biosciences IPO has generated considerable buzz in the primary market, and its performance on Anthem Biosciences IPO Day 2 Live has only reinforced the positive sentiment. With strong subscription across retail and NII segments, and a healthy Grey Market Premium signaling potential listing gains of over 20%, the issue clearly resonates with investors.

Anthem Biosciences stands out as a high-growth CRDMO with impressive financial performance, integrated R&D and manufacturing capabilities, and a global client base that positions it to capitalize on the robust tailwinds in the pharmaceutical and biotechnology sectors. While the entirely Offer for Sale (OFS) structure means no direct funds accrue to the company, the underlying business strengths and commitment from the promoters offer a strong basis for long-term confidence.

For investors considering participation, the current data suggests a promising outlook for both listing gains and long-term value creation. Evaluate your own risk tolerance and investment objectives, and consider consulting with a financial advisor.

What are your thoughts on the Anthem Biosciences IPO? Do you plan to subscribe? Share your insights and questions in the comments below! Don’t forget to share this article with fellow investors who might benefit from this comprehensive analysis, and subscribe to our newsletter for more real-time IPO updates and market insights.