Anthem Biosciences Limited IPO

Anthem IPO Subscription Data

Subscription Rate Source: NSE/BSE
Category	Shares Offered	Shares Bid For	Subscription (x)
QIBs	1,25,43,518	2,29,10,95,976	182.65x
NIIs	94,07,639	39,84,46,204	42.35x
Retails	2,19,51,158	12,37,82,230	5.64x
Employees	1,68,367	11,10,330	6.59x
Total	4,40,70,682	2,81,44,34,740	63.86x
Last Updated: 16 July 2025 Time: 5 PM (Note: This data is updated every 2 hours)

Core Business & Overview

• Nature of business: Anthem is a Bengaluru-based Contract Research, Development and Manufacturing Organisation (CRDMO). It provides integrated services across the pharmaceutical value chain—including new chemical and biological entity discovery, development, and commercial manufacturing—as well as specialty ingredients like probiotics, enzymes, peptides, vitamin analogues, and biosimilars.
• Infrastructure & capacity: Operating two Good Manufacturing Practice (cGMP) facilities, Anthem boasts a 270 kL custom synthesis and 142 kL fermentation capacity, with plans to expand up to ~425 kL by H1 FY26.
• Clientele & scale: As of FY25, the firm serviced 550+ clients across 44+ countries, including US, Europe, and Japan, with a global portfolio spanning discovery to commercial-stage projects.

 Strengths

1. Complete lifecycle CRDMO offerings: One of the few Indian firms with end-to-end capabilities—from early discovery to commercial production, for both small molecules and biologics.
2. Robust fermentation capacity: Largest in the peer group among Indian CRDMOs (~142 kL, soon to be 182 kL), enabling niche fermentation-based specialty ingredient production.
3. Innovative and tech-driven: Employs advanced modalities (RNAi, ADCs, peptides, oligonucleotides) and green chemistry practices; holds 1 Indian + 7 granted international patents and ~24 applications pending.
4. Strong customer retention: Long-term relationships—average ~12 years among top-10 clients—with diversified global partnerships, supporting sustainable growth.
5. Healthy financial performance: FY25 saw 30% revenue growth (₹1,419 cr → ₹1,844 cr) and PAT up 22.9% (₹365 → ₹451 cr), with margin-rich operations and low debt.

Potential Risks & Challenges

1. Client concentration: Top-5 and top-10 customers accounted for ~70.9% and ~77.3% of FY25 revenue, increasing vulnerability to client loss.
2. High dependency on CRDMO demand: ~81.6% of revenues come from CRDMO operations; any slowdown in client pipelines could materially affect performance.
3. Project failure risk: As seen in FY23, setbacks in molecules (Phase III failure, withdrawal) can impact revenues—70.8% of revenue tied to developmental/commercial projects.
4. Regulatory and approval risks: cGMP and international compliance (US FDA, EU, PMDA, ANVISA) expose the business to licensing and quality challenges.
5. Technology and inventory management: Lower internal R&D investment (1.1% of revenue), rising inventory days (98 → 135 days) may signal overstocking or shifting focus away from innovation.

Outcome

Anthem Biosciences is a high-performing, integrated CRDMO with strong global foothold, advanced technological capabilities, and solid financials, making it a standout among Indian outsourcing players. Its end-to-end offerings, fermentation edge, and client loyalty are compelling strengths.

However, investor attention must pivot on concentration risk, project-level uncertainties, and ensuring sustained innovation investments. Long-term success hinges on mitigating thesevulnerabilities while capitalizing on burgeoning global demand for outsourced pharmaceutical services and scaling its fermentation and specialty ingredients platform.

Bottom line: Anthem presents a strong growth story in a booming CRDMO sector. Its strengths outweigh the risks—but future returns depend on continued execution, diversification, and a balanced push for innovation.

Financial Performance Analysis (in ₹ Crore)

Financial Year	Revenue	Profit	Total Assets
FY 2023	1056.92	385.18	2014.46
FY 2024	1419.37	367.31	2398.11
FY 2025	1844.55	451.26	2807.58

Revenue

• FY 2023 → FY 2024:
  Growth of ₹362.45 crore → 34.29%
• FY 2024 → FY 2025:
  Growth of ₹425.18 crore → 29.94%

Analysis: Anthem has shown consistent revenue growth, indicating rising demand for its CRDMO services and increased customer base globally.

Profit

• FY 2023 → FY 2024:
  Drop of ₹17.87 crore → -4.64%
• FY 2024 → FY 2025:
  Growth of ₹83.95 crore → 22.85%

Analysis: A temporary dip in FY24 profit might reflect operational or R&D-related investments. FY25 recovery shows improved efficiency and profitability.

Total Assets

• FY 2023 → FY 2024:
  Growth of ₹383.65 crore → 19.05%
• FY 2024 → FY 2025:
  Growth of ₹409.47 crore → 17.07%

Analysis: Steady increase in assets reflects capital expansion (likely new facilities and capacity addition), indicating long-term growth planning.

 Summary

• Anthem Biosciences has demonstrated strong revenue growth and asset expansion, reinforcing its market positioning.
• The profit dip in FY24 appears to be a strategic phase before a strong FY25 recovery.
• These trends show Anthem is scaling aggressively, possibly in preparation for its IPO and international expansion.