Anthem Biosciences IPO: What GMP signals ahead of listing on Monday

Anthem Biosciences is set to debut on the stock exchanges on Monday, July 21. In the unlisted market, its shares are trading at a premium of Rs 165–170, indicating a potential listing gain of around 29% over the IPO price of Rs 570 (upper band).

While the grey market premium (GMP) reflects strong investor interest, it remains a speculative indicator and can change quickly before listing.

The Rs 3,395 crore IPO was entirely an offer for sale (OFS) and closed on July 16. It witnessed robust demand, with an overall subscription of 67.42 times. The Qualified Institutional Buyers (QIB) segment was subscribed 192.80 times, Non-Institutional Investors (NII) 44.70 times, and the retail portion 5.98 times.


The issue was priced in a band of Rs 540–570 per share, with a minimum lot size of 26 shares. The stock will list on both NSE and BSE.

About Anthem Biosciences

Founded in 2006, Anthem Biosciences operates in a niche segment of the pharma value chain, offering end-to-end drug discovery, development, and manufacturing services. It is among the few Indian CRDMOs with integrated capabilities across both small molecules (chemical-based) and large molecules (biologics).

Its differentiated fee-for-service (FFS) model has enabled it to cater to small and mid-sized biotech firms globally, which constitute a large portion of its client base. Since its inception, the company has served over 675 clients and completed more than 8,000 projects.

In FY25, Anthem reported strong financials, with an EBITDA margin of 36.8% and a Return on Net Worth (RoNW) of 20.8%. As of March 2025, the company’s net worth stood at Rs 2,410 crore.

Its facilities are cGMP-compliant and approved by global regulatory bodies such as the USFDA, ANVISA, TGA, and PMDA. The company is currently expanding its fermentation and synthesis capacities to meet growing demand for complex biologics and specialty ingredients.

JM Financial is the book-running lead manager of the Anthem Biosciences IPO, while Kfin Technologies is the registrar for the issue.

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