Anthem Biosciences IPO Sees 0.77 Times Subscription on Day 1 as Retail and NII Lead Early Interest

Mumbai, 14 July 2025: Anthem Biosciences Ltd’s much-anticipated ₹3,395 crore IPO opened for subscription on 14 July 2025, registering an overall subscription of 0.77 times by 5:04 PM on Day 1. While institutional participation was muted, individual and non-institutional investors responded actively, indicating early traction in India’s largest life sciences IPO this season.

Retail and NII Categories Show Interest as QIB Participation Remains Tepid

The initial response was led by the retail and non-institutional investor (NII) categories:

• Retail investors subscribed 0.62 times, bidding for 1,28,68,674 shares against the offer of 2,07,95,833 shares.
• The NII segment was subscribed 1.64 times, with 1,45,76,276 shares bid versus 89,12,500 offered.
  • Within this, small NII investors (bids below ₹10 lakh) subscribed 2.02 times, while large NIIs (above ₹10 lakh) subscribed 1.44 times.
• Qualified Institutional Buyers (QIBs) showed limited interest on Day 1, with only 0.39 times subscription for 1,18,83,334 shares.
• The employee portion, which includes a ₹50 per share discount, was subscribed 1.04 times.
• In total, the IPO received 3,22,28,066 bids from 3,85,359 applications, amounting to a bid value of ₹1,837 crore.

This early momentum suggests stronger retail and HNI trust in the company’s business model and growth trajectory, while institutional investors may wait for later stages.

IPO Structure and Issue Details: Offer for Sale with Broad Investor Allocation

Anthem Biosciences IPO is a pure offer for sale comprising 5.96 crore equity shares, with the following distribution:

• 2.08 crore shares reserved for retail investors
• 2.97 crore shares allocated to qualified institutional buyers
• 89.12 lakh shares reserved for non-institutional investors (NII)
• 1.78 crore shares already allocated to anchor investors, raising ₹1,016.02 crore prior to opening
• 1.58 lakh shares set aside for eligible employees, who are offered shares at a discount of ₹50 per share

The price band has been fixed between ₹540 to ₹570 per share, and the lot size is 26 shares. A retail investor must invest at least ₹14,040, while the minimum investment for sNII (small NII) is 14 lots (₹2,07,480) and for bNII (big NII) it is 68 lots (₹10,07,760).

Subscription Timeline and Tentative Listing on BSE, NSE

• IPO Subscription Window: 14 July to 16 July 2025

• Basis of Allotment Finalisation: 17 July 2025
• Expected Listing Date: 21 July 2025 on BSE and NSE

With two days of bidding left, market experts anticipate institutional activity to pick up, potentially pushing overall subscription figures significantly higher by the closing day.

Use of Offer Proceeds and Shareholding Status

Since the IPO is entirely an offer for sale, no fresh capital will be raised for the company. Instead, the offering allows existing shareholders to monetise part of their holdings. Consequently, the total pre-issue and post-issue shareholding will remain unchanged at 55,90,77,100 shares.

Business Overview: Global CDMO with Focus on Specialised Fermentation-Based APIs

Anthem Biosciences is a leading Contract Research, Development, and Manufacturing Organization (CRDMO) with fully integrated capabilities spanning drug discovery to commercial production. Headquartered in India, the company caters to global biotech firms and pharmaceutical giants.

Its portfolio includes:

• Specialised fermentation-based active pharmaceutical ingredients (APIs) such as probiotics, enzymes, peptides, biosimilars, vitamin analogues, and nutritional actives.
• Support for ten commercial API molecules, all of which were backed by Anthem from the discovery stage.
• The company maintains advanced infrastructure to handle complex development programs across multiple therapeutic areas.

Lead Managers and Registrar

• JM Financial Ltd is acting as the book-running lead manager for the IPO.
• KFin Technologies Ltd is the appointed registrar for the issue.

IPO Progress Amid Shifting Demand Trends in Pharma Manufacturing Landscape

Despite a total subscription of 0.77 times on Day 1, the IPO saw higher participation from non-institutional and retail investors, while bids from qualified institutional buyers remained lower. Subscription activity may vary over the remaining days of the issue period.

The IPO comes at a time when global pharmaceutical outsourcing is gaining traction, and India’s contract manufacturing ecosystem is expanding rapidly. If the trend continues, Anthem Biosciences may conclude its public offering with a solid oversubscription by closing day.

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