| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 540 to ₹ 570 | 26 | 14th Jul, 2025 – 16th Jul, 2025 | ₹3,395.56 Cr |
Anthem Biosciences Ltd.
Anthem Biosciences Limited is an innovation-driven, technology-focused Contract Research, Development, and Manufacturing Organization (CRDMO) with fully integrated operations spanning drug discovery, development, and commercial manufacturing. It is one of the few Indian companies with end-to-end capabilities for both New Chemical Entities (NCEs) and New Biological Entities (NBEs), making it a comprehensive solution provider for global pharmaceutical and biotech clients. Since its incorporation in 2006, Anthem has rapidly scaled its operations, becoming the fastest Indian CRDMO among its assessed peers to cross Rs. 10,000 mn in revenue within 14 years of operations, achieving this milestone in FY21. The company has also demonstrated superior growth momentum, recording the highest revenue growth among Indian and global CRDMO peers during FY25. Anthem’s technological strengths are underpinned by its advanced platforms in RNA interference (RNAi).Antibody-Drug Conjugates (ADCs), peptides, lipids, and oligonucleotides. It is a pioneer in India for developing ADC technologies, glycolipid-based RNAi delivery systems, and green chemistry practices such as biotransformation and flow chemistry, which improve process efficiency and sustainability. Its CRDMO platform is supported by four core manufacturing capabilities: custom synthesis, fermentation, flow chemistry, and biotransformation. The company also generates revenue from the manufacture and sale of specialty ingredients, with a presence in both regulated and semi-regulated markets. The company serves a diverse range of customers, including major global pharmaceutical companies and emerging biotech firms. Its diversified service portfolio, strong innovation culture, and global regulatory compliance (including multiple USFDA approvals) position it as a preferred partner in the global CRDMO ecosystem. The company has three manufacturing units, including one currently under construction, with completion expected by the first half of Fiscal 2026. It leads the Indian CRDMO space in fermentation capacity, reaching 142 kL as of March 2025 and projected to expand to 182 kL, over six times that of the next largest competitor (F&S Report). Facilities are cGMP-compliant and approved by global regulators, including the US FDA, ANVISA, TGA, and PMDA, supporting operations across the entire drug development lifecycle, from lab-scale to commercial-scale production.
Objective of the Anthem Biosciences IPO
The Company will not receive any proceeds from the Offer (the “Offer Proceeds”) and all the Offer Proceeds will be received by the Selling Shareholders
Rationale To Smart Coworking Spaces Limited IPO
Comprehensive one-stop service capabilities across the drug life cycle to drive financial performance
The company is one of the fastest-growing and most integrated Indian CRDMOs, providing end-to-end solutions across the drug lifecycle for both small molecules and biologics. Its comprehensive capabilities in New Chemical Entities (NCEs) and New Biological Entities (NBEs) position it uniquely among domestic peers. Its vertically integrated operations enable efficient onboarding, technology transfer, and delivery across all phases of drug development, providing cost and time advantages to global pharmaceutical and biotech clients. With over 8,000 projects delivered to more than 675 clients and 3,000 projects executed for 287 customers in FY25 alone, Anthem demonstrates strong customer retention and recurring business strength. The company maintains a diversified pipeline of 242 active projects, including 68 in the discovery phase, 145 in early development, and 16 in late-stage development. The company is well-positioned for sustained revenue visibility. In FY25, Anthem Biosciences successfully supported 10 innovator molecules from discovery to commercialization, which directly accounted for over 54% of its total revenue. Its participation in high-value commercialized molecules, with an estimated end-market sales value of $11.3 bn (FY24) and a projected CAGR of 13.5% through 2029, further underpins its strategic relevance in the global pharmaceutical supply chain. Given its deep scientific capabilities, leadership in biologics and ADCs, and strong execution in both discovery and commercial manufacturing, Anthem Biosciences is well-positioned to benefit from increasing global outsourcing trends, positioning it as a high-growth CRDMO player.
Innovation-focused approach offers a spectrum of technologically advanced solutions
The company stands out as a technologically advanced CRDMO with a strong innovation-first approach that underpins its competitive advantage in the global pharmaceutical outsourcing landscape. The company has consistently focused on building complex and differentiated technology platforms such as RNA interference (RNAi), Antibody Drug Conjugates (ADCs), peptides, lipids, and oligonucleotides positioning itself at the forefront of next-generation drug development, combined with early adoption of biotransformation and flow chemistry, reinforces its strategic vision in complex drug development. The company is the only Indian CRDMO among assessed peers with strong integrated capabilities in both small molecules and biologics a significant differentiator in an industry where biologics pose higher barriers to entry due to complexity, capital intensity, and regulatory challenges. The company’s growing patent portfolio, comprising one Indian patent, seven international patents, and 17 global applications, demonstrates its commitment to innovation and IP creation in complex synthesis and biological platforms. With broad capabilities across discovery, development, and commercial manufacturing, Anthem’s integrated CRDMO model creates operational efficiency for its clients and establishes high entry barriers for potential competitors. Its ability to serve a wide range of therapeutic areas and modalities enhances its appeal to both large pharmaceutical companies and emerging biotech companies, as demand for sophisticated biologic manufacturing and novel therapeutic platforms accelerates globally. The company has also been backed by a skilled workforce and a growing patent portfolio, which led to a high-barrier CRDMO model that enables seamless scalability and efficient delivery across the drug lifecycle. The company’s deep industry and technical knowledge has provided opportunities to partner with biotech and pharmaceutical customers across the spectrum of therapeutic areas and scientific disciplines, including those utilizing novel technologies, which further enhances capabilities in these fields.
Valuation of Anthem Biosciences IPO
Anthem Biosciences Limited is a leading innovation-driven Indian CRDMO with fully integrated capabilities across the drug development value chain. The company’s core strategic focus has been on early investments in building integrated capabilities across both small molecules and biologics (large molecules), enabling it to serve the entire drug development value chain, from discovery to commercial-scale manufacturing. The company focuses on innovation in advanced technologies such as ADCs, RNAi, peptides, and biotransformation, providing a distinct edge. It is the only Indian CRDMO with fully integrated capabilities across both New Chemical Entities and New Biological Entities, allowing it to deliver comprehensive services from discovery to commercialization. The company has leveraged its early-mover advantage in these platforms to establish high entry barriers and differentiated positioning. Furthermore, Anthem Biosciences has complemented its scientific capabilities with technology-led manufacturing techniques such as flow chemistry, biotransformation, and green chemistry, which improve sustainability and enhance process economics. The company also employs a customer-centric strategy that emphasizes long-term relationships with innovative pharmaceutical and biotech companies. Its ability to support over 675 clients and contribute to the lifecycle of 10 commercialized molecules (which contributed ~54% to FY25 revenue) reflects its trusted partner status. On the financial front, the company has demonstrated stable and improving performance over the past three years, supported by strong operating performance and capital efficiency. In FY25, the company reported healthy annual revenue growth, driven by scale-up across its integrated CRDMO platforms and strong client demand for both small and large molecule development. Additionally, the company’s prudent capital allocation and focus on expanding high-margin service verticals have enabled it to deliver industry-leading EBITDA margins (36.8% in FY25) and strong ROCE. With industry-leading growth, superior return ratios, differentiated capabilities in high-barrier segments, and strong global customer relationships, Anthem Biosciences stands out as a premium CRDMO player. The issue is valued at a P/E ratio of 70.9x based on the upper price band, using FY25 earnings. We thus recommend a “SUBSCRIBE” rating for this issue
What is the Anthem Biosciences Limited IPO?
The initial public offer (IPO) of Crizac Limited offers an early investment opportunity in Anthem Biosciences Ltd . A stock market investor can buy Anthem Biosciences Ltd IPO shares by applying in IPO before Anthem Biosciences Ltd shares get listed at the stock exchanges. An investor could invest in Anthem Biosciences Ltd IPO for short term listing gain or a long term.
How to apply for the Anthem Biosciences Ltd IPO through StoxBox?
To apply for the Anthem Biosciences Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Anthem Biosciences Ltd IPO open?
Anthem Biosciences Ltd IPO is opening on 14th Jul 2025. Apply Now
What is the lot size of the Anthem Biosciences Ltd IPO?
The Lot Size of Smart Works Coworking Space Limited IPO is 26 equity shares. Login to your account now.
When is the Anthem Biosciences Ltd allotment date?
The allotment Date for Anthem Biosciences Ltd IPO is 17th Jul 2025. Login to your account now.
When is the Anthem Biosciences Ltd IPO listing date?
The listing Date for Anthem Biosciences Ltd IPO is 21st July 2025. Login to your account now
What is the minimum investment required for the Anthem Biosciences Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,820. Login to your account now
What is the maximum investment allowed for the Smart Works Coworking Space Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,92,660. Login to your account now
What are the risks associated with investing in the Anthem Biosciences Ltd IPO?
- The company’s business is dependent on the demand for CRDMO services, which contributed 81.65% of our revenue from operations in Fiscal 2025. Any adverse impact on our CRDMO customers’ business or the industries in which they operate may have a material adverse effect on our business.
- The company’s developmental and commercial manufacturing contributed to 70.78% of revenue from operations and 71.90% of the total number of Projects in FY25. The company’s business may be adversely affected by a failure in early-phase developmental Projects or a failure to develop or manufacture commercially viable drugs, including for reasons beyond our control.
- The company financial performance is significantly dependent on the success of the molecules it manufactures and supports through various stages of the drug development lifecycle. This reliance poses a critical business risk, as any unfavorable development in these molecules such as failure in clinical trials or withdrawal from the market can materially impact revenues. This was evidenced in Fiscal 2023, where revenue from operations declined compared to Fiscal 2022, primarily due to the failure of a Phase III molecule and the withdrawal of a previously commercialized product.
When will the Anthem Bioscience Ltd IPO shares be credited to my Demat account?
The Smart Works Coworking Space Limited. IPO be credited to the account on allotment date which is 18th Jul 2025. Login to your account now
Where can I find the Anthem Bioscience Limited IPO prospectus?
The prospectus of Anthem Bioscience Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
