IPO Details
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Schedule of Anthem Biosciences Ltd IPO
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Allotment of bids
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Listing on exchange
About Anthem Biosciences Ltd IPO
The initial public offering (IPO) of Anthem Biosciences Ltd consists of an offer for sale with equity shares of face value of ₹2, aggregating up to ₹3,395 crore. The IPO opens on TBA and closes on TBA. The shares will be allotted on TBA. The credit of shares to the demat account will take place on TBA and the initiation of refunds will take place on TBA.
Objectives of Anthem Biosciences Ltd IPO
The company will not receive any proceeds from the offer. All proceeds, after deducting expenses and taxes, will go to the Selling Shareholders. The company sees enhancing visibility, brand image, and liquidity in the public market as listing benefits.
Anthem Biosciences IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net issue |
Non-institutional Investors (NIIs) | Not less than 15% of the net issue |
Retail-individual Investors (RIIs) | Not less than 35% of the net offer |
Industry Outlook
- Government initiatives like the PLI Scheme, Make in India, and Bulk Drug Parks have been driving domestic drug manufacturing, thus boosting India’s potential as a global pharma hub and increasing CRDMOs.
- India allows up to 100% FDI in pharmaceuticals, allowing for the development of infrastructure and capabilities. FDI in the sector grew at a CAGR of 31.6% from USD 18 billion in FY2019 to USD 54 billion in FY2023.
- India has more than 3,000 drug companies, 10,500 manufacturing units, and the highest number of US FDA-approved plants outside the US, hinting at a strong manufacturing base.
- Manufacturing costs are 30-40% lower in India, when compared to those in the US or Europe. This makes it an attractive outsourcing destination.
- Many companies are diversifying supply chains to reduce their dependency on China, boosting India’s position as an alternative manufacturing hub.
Anthem Biosciences Ltd. IPO Information
Anthem Biosciences Ltd. is a leading Contract Research, Development, and Manufacturing Organisation (CRDMO) with integrated operations across drug discovery, development, and manufacturing. One of India’s fastest-growing CRDMOs, it reached ₹1,000 crore in revenue within 14 years in Fiscal 2021 and recorded the highest growth among peers in Fiscal 2023-24.
The company excels in both small and large molecule drug development, offering services across New Chemical Entity (NCE) and New Biological Entity (NBE) lifecycles. Its expertise spans advanced modalities like RNAi, ADCs, peptides, lipids, and oligonucleotides, with pioneering work in ADC linkers and monoclonal antibody payloads.
Operating in CRDMO services and specialty ingredients, the company supports regulated markets with end-to-end drug development while leveraging fermentation and biocatalysis for probiotics, enzymes, peptides, and biosimilars. With cutting-edge technology and a customer-centric approach, it remains at the forefront of pharmaceutical innovation.
Anthem Biosciences Ltd Strengths
Comprehensive CRDMO capabilities
Provides end-to-end services across the entire drug lifecycle, covering discovery, development, and manufacturing for both small molecules and biologics.
Market leadership & unique positioning
Recognised as one of the few Indian companies with integrated NCE and NBE capabilities and the only Indian CRDMO with a strong presence in both small molecules and biologics
Differentiated business model catering to small pharmaceutical and biotech companies
Provides end-to-end CRDMO services, addressing the unique challenges of small pharmaceutical and biotech companies, including funding, regulatory compliance, and scaling manufacturing, while ensuring cost-efficiency and quality. Focuses on niche modalities like monoclonal antibodies and RNA-based treatments, leveraging an FFS model that offers better pricing, higher margins, and task-specific transparency compared to the FTE model. Achieved a high success rate of 96.23% in FFS contracts over recent years, with 86.29% of CRDMO customers being small pharmaceutical and biotech companies.
Wide specialty ingredients portfolio with a focus on niche markets
The specialty ingredients business leverages advanced biological and chemical capabilities, contributing ₹1,62.993 crores and ₹3,36.201 crores in revenue for the six-month periods ended September 30, 2024, and 2023, respectively, accounting for 18.88% to 27.46% of total revenue across fiscal years. This portfolio includes biosimilars, probiotics, enzymes, peptides, nutritional actives, and vitamin analogues, with successful innovations like Vitamin K2 (Menaquinone-7) produced through biotransformation. With the largest fermentation capacity among Indian CRDMOs (142 kL as of September 30, 2024), the company secured two key contracts in 2024 for developing niche probiotics and biosimilar products for U.S. and Indian pharmaceutical companies.
Risks of Anthem Biosciences Ltd. IPO
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Dependence on CRDMO services A significant portion of revenue comes from CRDMO services, contributing 81.13% and 76.31% of total revenue in the six-month period ended September 30, 2024, and Fiscal 2024, respectively. Any decline in demand for these services could adversely impact financial performance.
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Revenue concentration in developmental and commercial manufacturing Developmental and commercial manufacturing accounted for 73.06% and 63.24% of total revenue in the six-month period ended September 30, 2024, and Fiscal 2024, respectively. A downturn in these segments could materially affect earnings.
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Customer concentration risks The top five and top ten customers contributed 69.86% and 76.75% of revenue in the six-month period ended September 30, 2024, and 65.07% and 72.39% in Fiscal 2024. Dependence on a limited customer base increases revenue volatility.
All Financial Information about Anthem Biosciences Ltd
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Parameter | Anthem Biosciences Ltd | Syngene International Ltd | Sai Life Science Ltd | Suven Life Sciences Ltd | Divi’s Laboratories Ltd |
|---|---|---|---|---|---|
Revenue from Operations in ₹ crores | 1,419.37 | 3,579.20 | 1,494.26 | 1,113.26 | 8,184.00 |
P/E ratio | NA | 67.23 | 168.94 | 105.67 | 97.03 |
EPS Basic in ₹ for FY 24 | 6.48 | 12.71 | 4.57 | 11.80 | 60.27 |
NAV per share in ₹ for FY 24 | 34.43 | 105.91 | 53.83 | 80.56 | 511.21 |
IPO Registrar and Book Running Lead Manager
Registrar - KFIN Technologies Limited
Book Running Lead Managers – JM Financial Limited, Citigroup Global Markets India Private Limited, JP Morgan India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited
Business Model
Anthem Biosciences is a leading CRDMO in India, specialising in ADCs, RNAi, peptides, and oligonucleotides. With expertise in bio-catalysis and biosynthesis, Anthem provides tailored solutions for custom synthesis and chemical manufacturing, making it a preferred partner for large pharmaceutical and biotech firms. It caters to small pharmaceutical and biotech companies, six of which have been acquired by major pharmaceutical firms. Anthem also supports a large pharmaceutical company with CDMO services for three blockbuster molecules.
Company Growth Trajectory
Anthem Biosciences is one of the youngest and fastest-growing Indian CRDMO companies, reaching ₹1,000 crore in revenue within 14 years by FY2021. It recorded the highest revenue growth among Indian and global peers between FY23 and FY24, with sales, EBITDA, and net profit growing at CAGRs of 22.1%, 29.5%, and 41.0% from 2020 to 2024.
In FY24, Anthem achieved the highest RoCE, RoE, and gross fixed asset turnover among its Indian peers, reflecting strong operational efficiency. It also ranked second in employee productivity, with an average revenue per employee of ₹0.778 crore in FY24.
Anthem Biosciences Ltd. Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 1,483.06 | 1,133.99 | 1,280.23 |
Profit Before Tax (in ₹ crores) | 477.31 | 497.29 | 546.14 |
EBITDA (in ₹ crores) | 519.95 | 446.05 | 587.31 |
Anthem Biosciences Ltd. Cash Flow
| Parameters | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax (in ₹ crores) | 477.31 | 497.29 | 546.14 |
Net Cash from (used in) Operating Activities (in ₹ crores) | 140.15 | 305.98 | 332.91 |
Net Cash from (used in) Investing Activities (in ₹ crores) | (221.45) | (376.01) | (205.45) |
Net Cash from (used in) Financing Activities (in ₹ crores) | (77.18) | 63.97 | 180.67 |
Cash and Cash Equivalents (in ₹ crores) | (158.48) | (6.05) | 308.13 |
How to Check Allotment Status of Anthem Biosciences Ltd IPO?
1. Visit the Registrar's Website
Go to the official website of KFin Technologies, the registrar for this IPO. KFin's website has a page for checking IPO allotment status. On this page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then click the 'Submit' button. Your allotment status will be displayed.
The KFin IPO allotment status page is: https://ris.kfintech.com/ipostatus/
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.
On the BSE IPO page, follow these steps:
- Select 'Equity' from the dropdown menu
- Choose ‘Anthem Biosciences Ltd.’ in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search'
Your Anthem Biosciences Ltd IPO allotment status will be displayed.
1. Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Anthem Biosciences Ltd. IPO allotment status.
Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.
On the NSE IPO Bid Verification page, enter:
- Application number
- PAN
Then click 'Submit'. Your Anthem Biosciences Ltd IPO bid and allotment details will be displayed.
How to Apply for Anthem Biosciences Ltd IPO?
Here are the steps to apply for Anthem Biosciences Ltd IPO:
- Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Anthem Biosciences Ltd IPO FAQs
What is the Anthem Biosciences Ltd IPO?
Anthem Biosciences Ltd, a Bengaluru-based contract research, development, and manufacturing organisation, has filed for an initial public offering (IPO). The IPO is entirely an offer for sale by existing shareholders, including promoters and investors.
Is Anthem Biosciences Ltd IPO coming?
Yes, Anthem Biosciences Ltd is expected to come up with its IPO soon.
Who is the Chairman of Anthem Biosciences Ltd?
Ajay Bhardwaj is the chairman of Anthem Biosciences Ltd.
What is the lot size of shares of the Anthem Biosciences Ltd IPO?
The company hasn’t given any information on the lot size yet.
From where can I read more about the IPO of Anthem Biosciences Ltd IPO?
You may read more about Anthem Biosciences and its IPO from the company’s red draft herring prospectus (DRHP) here.
