Anthem Biosciences Limited (MAINBOARD) IPO analysis , Anthem Biosciences GMP

 



Price₹540 - ₹570
Premium₹91
Lot size26
AllotmentJul 17, 2025
ListingJul 21, 2025


CategoryLot(s)QtyAmountReserved
Retail12614820799840
sHNI143642074808162
bHNI681768100776016323
IPO Details
Total Issue Size59,561,404 shares (aggregating up to 3,395.00 Cr)
Offer For Sale59,561,404 shares (aggregating up to 3,395.00 Cr)
Issue TypeBookbuilding IPO
Listing AtBSE, NSE
Share Holding Pre Issue55,90,77,100 shares
   
IPO Reservation
Investor CategoryShares Offered
QIB Shares OfferedNot more than 50.00% of the Net Issue
Retail Shares OfferedNot less than 35.00% of the Net Issue
NII Shares OfferedNot less than 15.00% of the Net Issue

Key Performance Indicator (KPI)
KPIMar-25Mar-24Mar-23
ROE20.82%20.04%24.89%
ROCE26.88%25.71%31.69%
RONW20.82%20.03%24.93%
EPS
(basic)
8.046.486.75
P/E Pre IPO70.62
P/E Post IPO 70.62

Comapny Financial In Crore
Period EndedMar-25Mar-24Mar-23Mar-22
Assets2,807.58 2,398.112,014.461,618.87
Revenue1,930.281,483.071,133.991,280.24
Profit After Tax451.25367.31385.19405.54
Net Worth2,409.86 1,924.661,740.671,355
Total Borrowing108.95232.53125.0635.49

 About Company

Anthem Biosciences Limited: Company Overview

Established in 2006, Anthem Biosciences Limited is a rapidly growing Indian Contract Research, Development, and Manufacturing Organization (CRDMO). The company provides end-to-end support across the drug development journey, covering everything from early-stage discovery to full-scale commercial manufacturing.


Products and Services

Anthem Biosciences specializes in producing fermentation-derived active pharmaceutical ingredients (APIs). These include:

------> Probiotics

------> Enzymes

------> Peptides

------> Vitamin analogues

------> Biosimilars

Their integrated services span the entire lifecycle of a pharmaceutical molecule, making them a trusted partner for drug discovery, formulation, development, and market-scale production.


Global Reach and Clientele

As of September 30, 2024, the company had built a global footprint, working with 425+ clients across 44 countries. This diverse base includes top markets like the United States, Europe, and Japan. Clients range from small biotech startups to multinational pharmaceutical giants, reflecting the company’s versatile service model.


Research, Development & Intellectual Property

Anthem maintains a strong innovation pipeline, with 196 active projects in various stages—ranging from discovery to commercial execution. The company also holds a valuable IP portfolio comprising:

------> 8 granted patents (1 in India, 7 internationally)

------> 24 patent applications pending across global jurisdictions


Workforce and Expertise

By September 2024, Anthem employed a team of 600 professionals, including chemists, biologists, and engineers. This highly skilled talent pool operates across multiple scientific domains, reinforcing the company’s technical edge in the pharmaceutical sector.


Key Strengths

1. Comprehensive CRDMO Services for Both Small and Large Molecules

Anthem offers a fully integrated and customizable platform for pharmaceutical clients, covering both small molecules (NCEs) and biologics (NBEs). It is recognized as India’s fastest-growing CRDMO and is the only one with a strong position across all molecule categories, as per the F&S Report.

2. Strategic Focus on Emerging Pharma and Biotech Companies

Unlike conventional players, Anthem focuses on emerging pharmaceutical and biotech firms, helping them scale by providing regulatory expertise, advanced infrastructure, and scalable manufacturing support. This niche focus allows the company to tap into high-growth segments driven by innovation.

3. Scalable Manufacturing and World-Class Infrastructure

Anthem operates two cGMP-compliant production facilities, with a fermentation capacity of 142 kL (as of September 2024). The company is also expanding capacity to 182 kL, which is six times larger than the next-biggest Indian CRDMO. This significant scale, backed by heavy capital investment, ensures high-volume, compliant, and automated manufacturing operations.


Identified Weaknesses

1. Risk from Regulatory Inspections and Compliance Challenges

Anthem’s production units are routinely inspected by global regulatory bodies such as the USFDA and PMDA Japan. Any delays or issues in meeting compliance standards—particularly in ESG and evolving quality frameworks—can negatively impact manufacturing timelines and revenues.

2. Dependence on Limited Manufacturing Units

The company is heavily reliant on its Unit I, Unit II, and the under-construction Unit III. Any operational disruption—such as technical failures, labor shortages, or raw material constraints—can result in project delays, cost overruns, and revenue losses, impacting both the CRDMO and specialty ingredients divisions.

3. Exposure to Industrial Hazards

Anthem's research and manufacturing involve flammable and hazardous materials, increasing the risk of accidents or fires. Despite upgrading safety protocols following a fatal incident in 2018, the company remains exposed to potential industrial hazards or natural disasters. Such events could lead to operational shutdowns, increased costs, and human or material damage.





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