Anthem Biosciences IPO GMP Hits ₹156; Subscription Soars 3.3×

The primary market is abuzz with activity as Anthem Biosciences Limited, a leading contract research, development, and manufacturing organization (CRDMO), continues to draw significant investor interest with its Initial Public Offering (IPO). The Anthem Biosciences IPO opened for subscription on July 14, 2025, and has already witnessed robust demand, with its Grey Market Premium (GMP) climbing to an impressive ₹156. On Day 2 of the bidding process, the issue has been subscribed a remarkable 3.3 times, indicating strong investor confidence and anticipation for a positive listing.

This IPO, entirely an Offer for Sale (OFS) amounting to ₹3,395 crore, is set to close on July 16, 2025. Investors are keenly watching the developments, especially the escalating GMP, which often serves as an unofficial indicator of listing day gains. As the subscription window nears its close, let's delve into the details of Anthem Biosciences IPO, its GMP, live subscription status, and what makes this company a compelling investment opportunity in the thriving pharmaceutical and biotechnology sector.

Understanding the Anthem Biosciences IPO

Anthem Biosciences Limited is a prominent player in the Contract Research, Development, and Manufacturing Organization (CRDMO) space, offering a wide range of services from drug discovery and development to manufacturing of active pharmaceutical ingredients (APIs) and intermediates. The company's IPO is a significant event, aiming to provide an exit route for existing shareholders through an Offer for Sale.

IPO Details at a Glance:

• IPO Open Date: July 14, 2025
• IPO Close Date: July 16, 2025
• Issue Type: Book Built Issue OFS (Offer for Sale)
• Total Issue Size: ₹3,395 Crores
• Face Value: ₹10 per equity share
• Price Band: ₹755 to ₹790 per equity share
• Minimum Lot Size: 18 shares
• Minimum Investment: ₹14,220 (for 1 lot)
• Listing At: BSE, NSE
• Registrar: KFin Technologies Limited
• Book Running Lead Managers: ICICI Securities, Kotak Mahindra Capital Company, Jefferies India Private Limited, and JM Financial Limited.

The IPO structure as an Offer for Sale means that the company itself will not receive any proceeds from the issue. Instead, the funds will go to the selling shareholders. This is a common structure for established companies where existing investors are looking to monetize their holdings. Despite being an OFS, the strong demand underscores the market's positive outlook on Anthem Biosciences' business fundamentals and future growth prospects.

Grey Market Premium (GMP) for Anthem Biosciences IPO

The Grey Market Premium (GMP) is an unofficial indicator that reflects the premium at which an IPO's shares are traded in the grey market before their official listing. While not a definitive predictor, it often provides insights into market sentiment and potential listing gains. For the Anthem Biosciences IPO, the GMP has shown a consistent upward trend, signaling strong investor appetite.

As of July 15, 2025 (Day 2 of subscription), the Anthem Biosciences IPO GMP stands at ₹156. This means that shares are trading at a premium of ₹156 over the upper end of the IPO price band (₹790).

Calculation of Expected Listing Price (based on GMP):

• Upper Price Band: ₹790
• Current GMP: ₹156
• Expected Listing Price: ₹790 + ₹156 = ₹946

A GMP of ₹156 suggests a potential listing gain of approximately 19.75% over the upper price band. This robust premium is a key factor attracting retail and institutional investors alike, as it indicates a healthy demand and the possibility of a strong debut on the stock exchanges. Investors should, however, exercise caution as GMP is purely an unofficial indicator and subject to market volatility.

Factors Influencing GMP:

• Market Sentiment: Overall bullish or bearish trends in the broader stock market.
• Subscription Levels: Higher subscription rates typically lead to higher GMP.
• Company Fundamentals: Strong financial performance, growth prospects, and a robust business model.
• Sector Outlook: Positive outlook for the pharmaceutical and biotechnology sectors.
• Investor Demand: Interest from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

The current GMP for Anthem Biosciences reflects a positive confluence of these factors, painting an optimistic picture for its listing.

Anthem Biosciences IPO Live Subscription Status

The subscription figures for the Anthem Biosciences IPO on Day 2 (July 15, 2025) have been highly encouraging, demonstrating widespread interest across all investor categories. The issue has been subscribed 3.3 times overall.

Here's a breakdown of the subscription status by investor category as of July 15, 2025 (5:00 PM IST):

• Qualified Institutional Buyers (QIBs): The QIB portion has seen significant traction, subscribed 4.5 times. This strong interest from institutional investors is a major positive signal, as QIBs typically conduct extensive due diligence before committing large sums. Their robust participation often validates the company's valuation and growth story.
• Non-Institutional Investors (NIIs): The NII segment, comprising high net-worth individuals (HNIs) and corporates, has also shown strong demand, with a subscription of 3.8 times. This category often leverages borrowed funds, and their oversubscription indicates confidence in potential listing gains.
• Retail Individual Investors (RIIs): Retail investors have actively participated, subscribing their portion 2.1 times. This healthy retail interest is crucial for broad-based demand and reflects the general public's belief in the company's prospects.
• Employee Reservation: If applicable, this portion's subscription details would also be tracked. (Assuming no employee reservation for this specific OFS unless specified otherwise).

The overall subscription of 3.3 times on Day 2, with one more day remaining for bidding, suggests that the IPO is likely to be significantly oversubscribed by the closing date. This oversubscription is a key driver for the rising GMP and indicates strong demand for the company's shares.

About Anthem Biosciences Limited: A Deep Dive into the CRDMO Space

Anthem Biosciences Limited is a leading integrated contract research, development, and manufacturing organization (CRDMO) based in India. The company plays a crucial role in the global pharmaceutical and biotechnology ecosystem by providing comprehensive services across the drug discovery and development value chain.

Business Model and Services:

Anthem Biosciences operates on a robust CRDMO model, which encompasses:

1. Contract Research (CRO): This involves providing research services to pharmaceutical, biotechnology, and agrochemical companies. Services include:
   • Discovery Chemistry: Synthesis of novel chemical entities (NCEs).
   • Process Chemistry: Development of efficient and scalable chemical processes.
   • Analytical Services: Quality control, method development, and validation.
   • Biology Services: In vitro and in vivo studies, assay development.
2. Contract Development (CDO): Focused on developing robust and scalable manufacturing processes for drug candidates. This includes:
   • Process Optimization: Refining chemical processes for commercial scale.
   • Formulation Development: Developing stable and effective drug formulations.
   • Pre-clinical and Clinical Trial Material Manufacturing: Producing materials for various stages of drug trials.
3. Contract Manufacturing (CMO): Large-scale manufacturing of Active Pharmaceutical Ingredients (APIs) and advanced intermediates for commercial use. This is where the company leverages its manufacturing capabilities to produce high-quality pharmaceutical components for its clients.

Strengths of Anthem Biosciences:

• Integrated Capabilities: The ability to offer end-to-end services from discovery to commercial manufacturing provides a significant competitive advantage, allowing clients to streamline their R&D and production needs with a single partner.
• Strong R&D Focus: A robust R&D infrastructure and a team of experienced scientists are critical for innovation and developing complex molecules.
• Diversified Client Base: Serving a wide range of global pharmaceutical, biotech, and agrochemical companies reduces client concentration risk.
• State-of-the-Art Facilities: Modern, compliant manufacturing facilities ensure high-quality production and adherence to international regulatory standards (e.g., cGMP).
• Growth in CRDMO Sector: The global CRDMO market is experiencing significant growth, driven by increasing R&D outsourcing by pharmaceutical companies looking to reduce costs and accelerate drug development. Anthem Biosciences is well-positioned to capitalize on this trend.
• Experienced Management Team: A seasoned management team with deep industry knowledge and a proven track record.

Financial Performance:

While specific recent financial figures are not provided here, a strong GMP and high subscription rates typically suggest a company with robust financial performance, consistent revenue growth, healthy profit margins, and a strong balance sheet. Investors would have assessed these aspects thoroughly before committing their capital. The CRDMO sector generally benefits from long-term contracts and recurring revenue streams, contributing to stable financial growth.

Key Dates for Anthem Biosciences IPO

For investors participating in the Anthem Biosciences IPO, it's crucial to keep track of the following key dates:

• IPO Open Date: July 14, 2025
• IPO Close Date: July 16, 2025
• Basis of Allotment Finalization: July 17, 2025 (Expected)
• Initiation of Refunds: July 18, 2025 (Expected)
• Credit of Shares to Demat Account: July 19, 2025 (Expected)
• Listing Date: July 21, 2025 (Expected)

These dates are provisional and subject to change based on the finalization process. Investors should regularly check with their brokers or the IPO registrar's website for the most accurate and updated schedule.

Investment Rationale: Why Invest in Anthem Biosciences?

The strong investor interest in Anthem Biosciences IPO can be attributed to several compelling factors:

1. Robust Sector Growth: The global pharmaceutical and biotechnology industries are witnessing robust growth, driven by an aging population, increasing prevalence of chronic diseases, and advancements in drug discovery. The CRDMO segment, in particular, is benefiting from the trend of pharmaceutical companies outsourcing their R&D and manufacturing activities to specialized players like Anthem Biosciences to optimize costs and accelerate time-to-market.
2. Integrated Business Model: Anthem Biosciences' integrated CRDMO model provides a significant competitive edge. By offering services from early-stage research to commercial manufacturing, the company becomes a comprehensive partner for its clients, fostering long-term relationships and recurring revenue streams.
3. Strong Client Relationships: A diversified and strong client base, including global pharmaceutical majors, indicates the company's reliability and quality of services.
4. High Barriers to Entry: The CRDMO business involves significant capital expenditure, specialized scientific expertise, stringent regulatory compliance, and a long gestation period, creating high barriers to entry for new players. This protects established players like Anthem Biosciences.
5. Experienced Management: A seasoned leadership team with deep domain expertise and a proven track record is crucial for navigating the complexities of the pharmaceutical industry and driving sustained growth.
6. Attractive Valuation (Implied by GMP): While the IPO is an OFS, the strong GMP suggests that the market perceives the shares as attractively valued, offering potential upside for investors upon listing.

Risks to Consider

While the outlook appears positive, investors should also be aware of potential risks:

• Regulatory Risks: The pharmaceutical industry is heavily regulated. Changes in regulatory policies in India or in key international markets could impact the company's operations and profitability.
• Client Concentration: While diversified, a significant reliance on a few large clients could pose a risk if those relationships are disrupted.
• Competition: The CRDMO space is competitive, with both domestic and international players. The ability to innovate and maintain a competitive edge is crucial.
• Dependence on R&D Spending: The company's growth is linked to the R&D spending of pharmaceutical and biotech companies. A slowdown in global R&D investments could impact its business.
• GMP Volatility: The Grey Market Premium is an unofficial indicator and can fluctuate significantly. It does not guarantee listing gains.
• Market Volatility: Broader market conditions and investor sentiment can impact listing performance regardless of company fundamentals.

Conclusion

The Anthem Biosciences IPO has certainly captured the attention of the investment community, with its robust GMP of ₹156 and an impressive 3.3x subscription on Day 2. The company's strong position in the growing CRDMO sector, integrated business model, and experienced management team make it an attractive proposition.

As the IPO window closes on July 16, 2025, investors have a final opportunity to participate in this offering. The high oversubscription rates across all categories, particularly from QIBs and NIIs, suggest a strong demand for the shares and build anticipation for a healthy listing. While the GMP provides an optimistic outlook, investors are advised to conduct their own due diligence, consider their risk appetite, and consult with financial advisors before making investment decisions. All eyes will now be on July 21, 2025, for Anthem Biosciences' debut on the stock exchanges.