Anthem IPO Gets 1.80 Times Subscription Applications by Midday of Day 2

Mumbai, 15 July 2025: The Anthem Biosciences IPO has received 1.80 times times subscription applications by 12:24 PM of Day 2. While retail and employee segments showed steady participation, the bulk of the momentum was driven by Non-Institutional Investors (NII). In contrast, the Qualified Institutional Buyers (QIB) segment remained relatively quiet, with expectations of stronger activity closer to the final bidding window.

Non-Institutional Investor Category Records Strongest Interest at 4.77x

The NII segment has seen the highest level of interest so far, with total bids reaching 4.77 times the available quota. Within this:

• Big NIIs (bids above ₹10 lakh) have subscribed 4.64 times, bidding for over 2.75 crore shares, with a total value of ₹1,569.85 crore.
• Small NIIs (bids below ₹10 lakh) have shown even greater enthusiasm, with a 5.04x subscription, aggregating ₹853.58 crore across 1.49 crore shares.

Together, the NII category has seen bids for more than 4.25 crore shares against an offer of 89.12 lakh shares, translating to total demand worth ₹2,423.43 crore.

Retail Investors Continue Steady Momentum with 1.32x Subscription

The retail investor segment has maintained healthy interest, being subscribed 1.32 times by 12:24 PM. Investors in this category have bid for 2.73 crore shares compared to the 2.08 crore offered. The retail value of bids stood at approximately ₹1,559.08 crore, signalling rising investor confidence ahead of the close.

Employee Quota Oversubscribed; Internal Interest Remains Strong

The employee reservation portion has also seen a positive response, being subscribed 1.74 times. A total of 2.75 lakh shares have been bid for against the 1.58 lakh shares reserved. These shares are being offered at a discount of ₹50 to the final issue price.

QIB Segment Remains Flat at 0.41x; Institutional Bidding Expected to Pick Up

While anchor investors had already committed ₹1,016.02 crore on 11 July 2025, the QIB category remains modestly subscribed at 0.41 times. So far, this segment has seen bids for 48.55 lakh shares, amounting to approximately ₹276.74 crore, out of the 1.18 crore shares available. Institutional activity is expected to accelerate closer to the IPO’s closing window.

Updated Subscription Overview (as of 12:24 PM, July 15, 2025)

• Total subscription: 1.80 times

• Total shares offered (excluding anchor): 4.17 crore
• Total shares bid for: 7.49 crore
• Total value of bids received: ₹4,274.95 crore
• Total applications received: 8,20,502

IPO Structure and Share Allocation Breakdown

The Anthem Biosciences IPO is a complete Offer for Sale (OFS) of 5.96 crore shares, aggregating to ₹3,395 crore, and is structured across key investor categories:

• Retail Individual Investors: 2.08 crore shares (34.91%)
• Qualified Institutional Buyers: 2.97 crore shares (49.87%)
• Non-Institutional Investors: 89.12 lakh shares (14.96%)
• Employees: 1.58 lakh shares (0.27%)
• Anchor Investors: 1.78 crore shares (23.03%) – fully subscribed on July 11

Key IPO Dates and Listing Schedule

• IPO Opened: July 14, 2025
• IPO Closes: July 16, 2025
• Allotment Date: July 17, 2025
• Refunds Initiation: July 18, 2025
• Credit of Shares to Demat: July 18, 2025
• Tentative Listing Date: July 21, 2025
• UPI Mandate Cut-Off: 5:00 PM on July 16, 2025

Price Band, Lot Size, and Minimum Investment

• Price Band: ₹540-₹570 per share
• Minimum Lot Size: 26 shares
• Retail Investment Minimum: ₹14,040 (1 lot)
• Retail Maximum: ₹1,92,660 (13 lots)
• sNII Minimum Investment: ₹2,07,480 (14 lots)
• bNII Minimum Investment: ₹10,07,760 (68 lots)

Anthem Biosciences: Company Snapshot and Promoters

Founded in 2006, Anthem Biosciences Ltd. is a leading Contract Research, Development, and Manufacturing Organisation (CRDMO), offering end-to-end services across the pharmaceutical value chain. It caters to both established global pharmaceutical players and emerging biotech companies.

The company is involved in:

• Manufacturing fermentation-based APIs and intermediates
• Producing enzymes, probiotics, peptides, vitamin analogues, and biosimilars
• Operating over 196 active projects including 13 commercial-scale manufacturing assignments

As of September 30, 2024, it had over 550 clients across its CRDMO and specialty ingredients verticals.

Promoters of the company include Ajay Bhardwaj, Ganesh Sambasivam, K Ravindra Chandrappa, and Ishaan Bhardwaj, whose pre-issue shareholding stands at 76.87%, to be reduced to 74.68% post-issue.

Lead Managers and Registrar

• Book-Running Lead Manager: JM Financial Limited
• Registrar: Kfin Technologies Limited

With just one day left for bidding, all eyes are now on institutional investors, who are expected to shape the final leg of the Anthem Biosciences IPO

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