Anthem Biosciences, a Bengaluru-based Contract Research, Development, and Manufacturing Organization (CRDMO), made headlines with its blockbuster IPO in July 2025. This blog explores the company background, IPO mechanics, listing performance, grey market dynamics, valuation metrics, and analysts’ share price targets for 2025.
Company Overview
Anthem Biosciences Limited operates across the full drug development lifecycle—from discovery and development to commercial manufacturing. Its offerings include fermentation-based APIs, probiotics, enzymes, peptides, vitamin analogues, and biosimilars. The company serves a global clientele that ranges from innovative biotech startups to large pharmaceutical giants, leveraging integrated capabilities in both small-molecule and biologics platforms.
IPO Mechanics
- Issue Size: ₹3,395.79 crore (100% Offer-for-Sale of 5.96 crore shares)
- Price Band: ₹540–570 per share
- Lot Size: 26 shares
- Subscription Window: July 14–16, 2025
- Allotment Date: July 17, 2025
- Listing Date: July 21, 2025 on BSE & NSE
Reservation and Bidding
- Qualified Institutional Buyers (QIB): 50%
- Non-Institutional Investors (NII): 15% (split between small and big NII)
- Retail Investors: 35%
- Employee Reservation: Up to 1,58,653 shares at a ₹50 discount
Grey Market Premium (GMP) & Expected Listing
Grey market premium (GMP) provides an early gauge of listing sentiment:
| Date | GMP (₹) | Implied Listing (₹) | Gain over Issue (%) |
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A sustained GMP near ₹177–179 reflected strong investor conviction and set expectations for a ~31% listing gain.
Listing Day Performance
On July 21, 2025, Anthem Biosciences shares debuted with a robust premium:
- Opening Price: ₹723.05 (NSE) / ₹723.10 (BSE)
- Issue Price: ₹570
- Listing Gain: 26.85% premium at open
- Intraday Peak: Traded up to ₹730.75 on NSE by 10:30 AM (28.2% above issue price)
Current Share Price Snapshot
As of mid-day on listing day:
- NSE: ₹730.75 (28.2% above issue price)
- BSE: ₹730.70 (28.19% above issue price)
Valuation Metrics & Peer Comparison
| Metric | Anthem Biosciences | CRDMO Peers (Avg.) |
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Anthem’s P/E multiple is slightly below sector peers, reflecting high growth potential with comparatively lower valuation stretch.
Share Price Target for 2025
Some market commentators and forecasting models anticipate the share price range for the remainder of 2025:
- Target Range: ₹472–713 per share
- Basis: Technical momentum, sector outlook, company fundamentals
Investors should treat these targets as indicative and supplement them with ongoing financial updates.
Investment Considerations
Strengths
- Integrated CRDMO services from discovery through manufacturing
- High entry barriers via specialized fermentation and biologics capabilities
- Global client base spanning 44+ countries
Risks
- Regulatory compliance in multiple jurisdictions
- Margin pressure in raw-material intensive API manufacturing
- Dependence on successful pipeline molecules for future revenue
Conclusion & Outlook
Anthem Biosciences’ IPO delivered one of the strongest listings in India’s biotech space for 2025, rewarding early investors with a near-27% immediate gain. With robust financials, global client relationships, and innovative R&D platforms, the company is well-positioned for sustained growth. Investors eyeing long-term exposure in CRDMOs may find Anthem’s valuation compelling relative to peers, while monitoring regulatory developments and margin trends.
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