Anthem Biosciences is a Bengaluru-based Contract Research, Development, and Manufacturing Organization (CRDMO or CDMO) founded in 2006–07. It provides end‑to‑end services across small and large molecule drug discovery, process
development, and commercial manufacturing, including APIs, biologics, peptides, fermentation-based compounds, probiotics, and nutritional actives
https://digitalinternational.in/
IPO Highlights & Market Reaction
IPO Structure: A pure Offer-for-Sale (OFS) raising ₹3,395 cr (~$397 m), with no fresh equity issued. Listing is planned on both NSE and BSE
Price Band: ₹540–₹570 per share; minimum bid: 26 shares
Subscription Update: As of July 15, the IPO is ~2.08× subscribed—strong demand, with participation from retail, QIBs, and NIIs
Grey Market Premium (GMP): Reports suggest ~₹100 over the ₹570 cap, implying a potential listing near ₹670 (≈17.5% premium)
Competitive Strengths
Integrated Capabilities: One of the few Indian CRDMOs with both small and large molecule services
Compliance & Quality: US FDA, ANVISA, TGA, PMDA approved; facilities in Bommasandra and Harohalli have passed audits with no major observations
Supply Chain Independence: <20% dependence on Chinese raw materials vs industry average 60–70%, a strategic advantage reinforced during COVID disruptions
Margins & Financials: FY25 EBITDA margin ~37%, RoNW ~20.8%, net worth ≈₹2,410 cr; revenue diversified across large pharma (50%), biotech (20%), mid-sized pharma and India (balance)
Growth Pipeline & Capacity Expansion: 16 late-stage projects; fermentation capacity targeting 182 kL, synthesis 425 kL; expanding third facility and acquiring additional land
DIGI MERCH STORE PRINT ON DEMAND
Risks & Considerations
Valuation: At a P/E of ~71× FY25 earnings, it’s priced at a premium vs peers (Syngene ~51×, Divi’s ~83×); the premium is attributed to scale, integrated services, and profitability
Sector Challenges: Vulnerable to regulatory scrutiny, competition in the pharma CDMO space, and reliance on continued client project conversions
https://digitalinternational.in/
Who Might Benefit?
Ideal for long-term investors looking to gain exposure to India’s pharmaceutical services boom, especially those bullish on companies offering both small and biologic molecule manufacturing with global compliance credentials. Growth-hungry investors may view the grey market premium and early subscription interest as positive signs—but must weigh valuation and execution risks.
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