Anthem Biosciences made a stellar debut on 21 July 2025, listing at ₹723—a 27% premium over the ₹570 issue price.
Pre-market grey market premium (GMP) hovered between ₹165–170, hinting at a ~29–31% listing gain.
The IPO (via Offer-for-Sale) was a massive hit—subscribed 67.4× overall, with QIBs at 192.8×, NII
s at 44.7×, and retail at 5.98×.
Anthem is a Bengaluru-based CRDMO, serving over 675 global clients across 8,000+ projects.
In FY 25, it posted ₹1,930 cr revenue (+30%) and ₹451 cr net profit (+23% YoY), with a hea
lthy EBITDA margin of 36.8% and RoNW of 20.8%.
Net worth stood at around ₹2,410 cr, with strong regulatory compliance (USFDA, ANVISA, TGA, PMDA).
The IPO was fully OFS, raising about ₹3,395 cr, with no fresh issue and no dilution to equity.
The IPO valued the firm at ~₹31,867 cr, implying a P/E of ~70.6× based on FY 25 earnings.
With such a debut, Anthem Bio sets the tone as a breakout in India’s biotech listings—a m
odel for CRDMO success.