Marquee names like Abu Dhabi Investment Authority, Government Pension Fund Global, Eastspring Investments, Amundi Funds, Optimix Wholesale Global Emerging Markets Share Trust, PineBridge Global Funds, and Societe Generale bought shares of the pharma company via anchor book.
Anthem Biosciences: Should you bid?Anand Rathi: Subscribe
Anthem biosciences is well positioned to cater in CROs and CRDMO segment the crucial players in the pharmaceutical and biotechnology industries wherein the company being niche player in with high entry barriers through its differentiated FFS model, long term relationship, strong R&D, innovation and technology driven approach across drug discovery, development and manufacturing.
The company has shown profitable track record against its peers and intend to maintain it be leveraging its integrated manufacturing and technological capabilities by focusing on building complex speciality ingredients, peptides, probiotics etc.
On valuation parse, based on annualised FY25 it is seeking PE of 70.6 times, and post issue market cap comes at ₹31,867 crore with this the issue is fairly priced.
The brokerage believes company has potential to continue to grow its revenue and profitability ratios compared to its peers. Hence, it has given a subscribe rating to the issue.
Swastika Investmart: Subscribe for listing gains
The brokerage said the company is well-positioned in a high-growth sector with robust financials and global client relationships.
If you seek exposure to the high-growth biosciences sector then subscribe for the listing gains and long term appears reasonable, the brokerage said.
The IPO is a pure Offer for Sale; no new funds will go to the company. Anthem is valued at a premium to most domestic CRDMO peers, reflecting its leading fermentation capacity, strong global client base, and robust financials.
Choice Broking: Subscribe for long term
The company has reported a declining trend in both its operating and profit margins as the CRDMO sector is highly competitive with established players like Syngene and Divi’s Labs commanding premium valuations. However, margins are better than the industry peers and going forward capacity expansion will lead to growth in revenue terms but there remains limited upside on the margin front.Therefore, considering the constrained upside potential and fierce market competition, the brokerage has recommended a subscribe for long term rating for the issue.
Anthem Biosciences IPO: Price band
The company will sell its shares in a fixed price band of ₹540 to ₹570 per share. The lot size for an application is 26.
At the upper end of the band, the company’s valuation stands at over ₹31,800 crore.
Anthem Biosciences IPO: Latest GMP
In the unofficial market, shares of Anthem Biosciences are trading at a grey market premium of ₹100 per share, suggesting an expected listing gain of nearly 18%.
However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
Anthem Biosciences IPO details
Anthem Biosciences is raising ₹3,395 crore through an initial share sale, which comprises of entirely an offer-for-sale by existing shareholders including investors Viridity Tone, and Portsmouth Technologies.
The company will not receive any from the public issue. All the funds, excluding offer expenses, will go to selling shareholders.
Incorporated in 2006, Anthem Biosciences is a full-service CRDMO offering end-to-end solutions to pharma and biotech firms, covering drug development from early research to commercial manufacturing through an
integrated model that simplifies processes and reduces compliance hassles.
JM Financial is the book-running lead manager of the Anthem Biosciences IPO, while Kfin Technologies is the registrar.
The allotment for the Anthem Biosciences IPO is expected to be finalised on July 17, while the shares will be listing on BSE, NSE with a tentative listing date fixed as July 21, 2025.
