Anthem Biosciences Makes Strong Stock Market Debut With Nearly 27 Per Cent Listing Premium

The Bengaluru-based contract research, development, and manufacturing organisation (CRDMO) saw overwhelming investor demand, with the Rs 3,395-crore IPO getting subscribed 67.42 times overall.

Though the listing was considered strong, it fell slightly short of grey market expectations.

Source : Fisdom

Anthem Biosciences made an impressive stock market debut on Monday, with shares listing at Rs 723 on both BSE and NSE, registering a solid 27 per cent premium over its IPO price of Rs 570.

The Bengaluru-based contract research, development, and manufacturing organisation (CRDMO) saw overwhelming investor demand, with the Rs 3,395-crore IPO getting subscribed 67.42 times overall.

The public offering witnessed an exceptional response across all categories, with Qualified Institutional Buyers leading with a massive 182.65 times subscription, followed by Non-Institutional Investors bidding 42.36 times their quota, reported Business Today. Meanwhile, retail investors applied for the IPO 5.64 times.

Strong Listing, But Misses GMP Estimates

Though the listing was considered strong, it fell slightly short of grey market expectations. Prior to the stock’s debut, shares of Anthem Biosciences were trading at a grey market premium (GMP) of Rs 175–180, indicating a possible listing gain of around 31–32 per cent. At the time the public issue closed, the GMP was recorded at Rs 145 per share.

This overwhelming demand reflected growing confidence in India's pharmaceutical outsourcing sector and Anthem's strategic positioning in the high-growth CRDMO space. The IPO was entirely an Offer for Sale (OFS) by existing shareholders, meaning no fresh equity was issued and the company's capital structure remained intact.

Founded in 2006, Anthem Biosciences is a contract research, development, and manufacturing organisation (CRDMO) with end-to-end capabilities in drug discovery, development, and commercial manufacturing. Its innovation-driven and tech-focused business model positions it as a key player in the pharmaceutical outsourcing industry.

Brokerage firms had largely given a thumbs up to the IPO, advising investors to subscribe. JM Financial, JP Morgan India, Citigroup Global Markets India, and Nomura Financial Advisory & Securities (India) acted as book-running lead managers, with Kfin Technologies serving as the registrar to the issue.