Anthem Biosciences IPO Sees 0.44x Subscription Day 1

The Anthem Biosciences IPO has received a moderate response from investors, with a subscription of 0.44x by the first half of Day 1. The company is offering shares in a price band of Rs. 540 to Rs. 570 per share, with a minimum lot size of 26 shares. The issue size stands at Rs. 3,395 crore, comprising the entire offer for sale. Stay tuned for the latest updates on the Anthem Biosciences IPO subscription status as the offering progresses.

Anthem Biosciences IPO Subscription Status - Day 1

The Anthem Biosciences IPO saw an overall subscription of 0.44 times on Day 1. The Retail Category subscribed at 0.46x, while Non-Institutional Investors (NIIs) showed relatively stronger interest with 0.96x. Qualified Institutional Buyers (QIBs) remained largely cautious, subscribing only 0.01x on the opening day.

Last updated: 15:00 PM, Monday, 14 Jul 2025

Company Overview of Anthem Biosciences IPO 

Anthem Biosciences Limited is an innovation-driven and technology-focused Contract Research, Development, and Manufacturing Organisation (CRDMO). The company offers fully integrated operations spanning drug discovery, development, and manufacturing. Anthem Biosciences is one of the few Indian companies possessing integrated New Chemical Entity (NCE) and New Biological Entity (NBE) capabilities across discovery, development, and commercial manufacturing.

The company provides end-to-end CRDMO services to innovator-focused emerging biotech and large pharmaceutical companies globally. Its CRDMO platform includes five main modalities, such as RNA interference (RNAi), antibody-drug conjugates (ADC), peptides, lipids, and oligonucleotides. It also has four manufacturing capabilities, such as custom synthesis, flow chemistry, fermentation, and biotransformation. Beyond CRDMO services, Anthem Biosciences also manufactures and sells complex, specialised fermentation-based Active Pharmaceutical Ingredients (APIs), including probiotics, enzymes, peptides, and more.

They earn 70.78% from developmental and commercial manufacturing, 10.87% from research and development, and 18.35% from speciality ingredients. As of March 31, 2025, Anthem Biosciences operates two manufacturing facilities in India, Unit I in Bommasandra and Unit II in Harohalli, with Unit III in Harohalli under construction. The total custom synthesis capacity is 270 kL, and the fermentation capacity is 142 kL, and is expected to increase to 425 kL and 182 kL by H1FY26, respectively. The company has a strong focus on sustainable manufacturing practices, with approximately 90% of its energy sourced from renewable sources as of March 31, 2025. The company is led by an experienced team, including founder and CEO Mr. Ajay Bhardwaj.

Strengths and Risks of Anthem Biosciences IPO

Let’s dive into the strengths and weaknesses to assess if the Anthem Biosciences IPO is good or bad for investors.

Strengths: 

• Comprehensive One-Stop Service Capabilities: Anthem Biosciences offers end-to-end CRDMO services across the entire drug life cycle, including drug discovery, development, and manufacturing, for both small molecules and biologics. It is one of the few Indian companies with integrated NCE and NBE capabilities.

• Innovation-Focused Approach and Advanced Technologies: The company has a strong focus on innovation, offering advanced technological solutions across modalities (RNAi, ADC, peptides, lipids, oligonucleotides) and manufacturing practices (custom synthesis, flow chemistry, fermentation, biotransformation). It is a pioneer in green chemistry techniques in India.

• Differentiated Business Model: Anthem Biosciences caters to small pharmaceutical and emerging biotech companies, offering services from discovery to commercial manufacturing. It largely uses a Fee-For-Service (FFS) model, which is preferred by these companies due to its cost-effectiveness and transparency.

• Long-Standing Customer Relationships: The company has long-standing relationships with a large and diversified customer base, including large pharmaceutical companies and emerging biotechs across over 44 countries.

• Wide Speciality Ingredients Portfolio: Anthem Biosciences has a broad portfolio of niche speciality ingredients like GLP-1, fermentation-based products, probiotics, enzymes, nutritional actives, and vitamin analogues, leveraging its large fermentation capacity.

• Fully Built-Out Automated Manufacturing Infrastructure: The company operates cGMP-compliant manufacturing facilities with high automation and a consistent regulatory compliance track record, including accreditations from USFDA, ANVISA, TGA, and PMDA.

Risks:

• Dependence on CRDMO Services Demand: A significant portion of revenue (81.65% in FY25) comes from CRDMO services. Any adverse impact on customer businesses or industries can materially affect Anthem.

• Failure in Developmental Projects: The business can be adversely affected by failures in early-phase developmental projects or an inability to manufacture commercially viable drugs, as seen in FY23 with a Phase III molecule failure and commercialised molecule withdrawal.

• Rapid Technological Advancements and Investment Requirements: The industry demands continuous investments in new technologies, and failure to develop or adapt to these can impact competitiveness and demand for services.

• Extensive Government Regulations: Operations are subject to stringent domestic and international regulations. Failure to obtain, maintain, or renew licenses and approvals can adversely affect business operations.

• Customer Concentration: A significant portion of revenue comes from a few key customers (top 5 and top 10 customers contributed 70.92% and 77.33% respectively in FY25), posing a risk if these relationships are not maintained.

• High Dependency on Skilled Workforce: The business relies heavily on a skilled workforce, particularly its R&D team. Inability to attract or retain such personnel can lead to knowledge loss and adverse business performance.

Anthem Biosciences IPO Details

• IPO Date: July 14, 2025 to July 16, 2025

• Issue Price: Rs. 540 to Rs. 570 per share

• Lot Size: 26 shares

• Total Issue Size: 5,95,61,404 shares (aggregating up to Rs. 3,395.00 crore)

• Tentative Allotment Date: July 17, 2025

• Tentative Listing Date: July 21, 2025

How to Apply for Anthem Biosciences IPO

• Visit the Rupeezy app or Rupezy DOCK.

• Navigate to the IPO section on the Home Page

• Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.

• You can read the Red Herring Prospectus for the issue details.

• Click on Apply.

• Enter your UPI ID for payment & place the bid.

• While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size. 

• Submit to complete the order.