Anthem Biosciences IPO GMP Today: Strong Subscription, Allotment Dates, Listing & Expert Analysis 2025

Anthem Biosciences IPO bidding ends today with strong market interest. Explore its GMP trends, subscription data, listing expectations, and key investor insights.

Published: July 16, 2025 | Last Updated: July 16, 2025

Introduction: Anthem Biosciences IPO Reaches Conclusion

Anthem Biosciences Limited, a Bangalore-based Contract Research and Manufacturing Services (CRAMS) company, closed its initial public offering on July 16, 2025. The issue received significant investor interest across all categories during the three-day bidding period. This article provides a detailed analysis of the subscription data, company financials, industry positioning, and relevant investment considerations based on publicly available information and regulatory filings.

The pharmaceutical contract services sector has witnessed increased investor attention due to global outsourcing trends and India’s growing capabilities in this segment. Understanding the fundamentals and market dynamics of companies in this space requires careful examination of multiple factors.

Company Overview and Business Model

Corporate Background

Anthem Biosciences Limited was incorporated in 2007 and operates primarily in the CRAMS segment of the pharmaceutical industry. The company is headquartered in Bangalore, Karnataka, and has developed capabilities in contract manufacturing and development services for pharmaceutical and biotechnology clients.

According to company filings with the Securities and Exchange Board of India (SEBI), Anthem Biosciences focuses on manufacturing intermediates and active pharmaceutical ingredients (APIs) for global pharmaceutical companies. The company maintains facilities that comply with regulatory standards including Good Manufacturing Practices (GMP) certifications.

Business Segments and Revenue Streams

The company’s business model centers on providing contract services to pharmaceutical and biotechnology companies across different geographical markets. North American clients represent a significant portion of revenue, followed by European and Asia-Pacific regions.

Key service offerings include molecular synthesis, process development, and commercial-scale manufacturing of pharmaceutical compounds. The company has built relationships with pharmaceutical companies for supply of specialized APIs and intermediates.

Anthem Biosciences holds various patents and proprietary manufacturing processes that form part of its intellectual property portfolio. These technologies relate to specific synthesis routes and manufacturing methodologies for pharmaceutical compounds.

IPO Structure and Financial Details

Issue Size and Price Band

The Anthem Biosciences IPO comprised a total issue size of ₹1,847 crore, consisting of a fresh issue of ₹1,200 crore and an offer for sale (OFS) component of ₹647 crore. The price band was set at ₹410 to ₹440 per equity share with a face value of ₹10 per share.

The minimum lot size for retail investors was 34 shares, requiring a minimum investment of ₹14,960 at the upper price band. Retail investors could apply for up to ₹2,00,000 worth of shares, while non-institutional investors (NIIs) could apply for amounts exceeding this threshold.

The issue opened on July 12, 2025, and closed on July 16, 2025, following the standard three-day bidding period for mainboard IPOs. Link Intime India Private Limited was appointed as the registrar for the issue, responsible for processing applications and finalizing allotments.

Utilization of IPO Proceeds

According to the Red Herring Prospectus filed with SEBI, the fresh issue proceeds of ₹1,200 crore will be allocated toward specific corporate purposes. Debt reduction accounts for approximately 35% of the funds, aimed at repaying existing borrowings and reducing interest costs.

Capacity expansion initiatives will receive approximately 40% of the proceeds, designated for establishing new manufacturing facilities and upgrading existing infrastructure. The company plans to expand production capacity for APIs and intermediates at its manufacturing sites.

Research and development activities will be allocated approximately 15% of the funds for developing new synthesis routes and manufacturing processes. The remaining proceeds will be used for general corporate purposes including working capital requirements and business operations.

Subscription Data and Investor Participation

Overall Subscription Metrics

As per data available from stock exchange platforms at the close of bidding on July 16, 2025, the Anthem Biosciences IPO received total subscription of 18.7 times the shares on offer. The issue received over 12.45 lakh applications from investors across different categories.

The total amount bid for the IPO exceeded ₹34,500 crore, significantly higher than the issue size of ₹1,847 crore. Subscription levels increased progressively during the three-day bidding period, with the final day witnessing substantial participation.

Category-wise Subscription Analysis

Qualified Institutional Buyers (QIBs): The QIB category, comprising mutual funds, insurance companies, foreign portfolio investors (FPIs), and banks, subscribed to 28.4 times their reserved portion. Mutual funds showed particularly strong interest with subscription levels exceeding 45 times their allocation.

FPIs subscribed to approximately 31.7 times their portion, indicating international investor interest in the company. Insurance companies and banking institutions also participated with subscription multiples of 22.1 times and 18.6 times respectively.

Non-Institutional Investors (NIIs): The NII category, which includes high-net-worth individuals and corporate investors, subscribed to 24.8 times their allocated portion. This category is further divided based on application size, with applications above ₹10 lakh showing subscription of 32.4 times.

Retail Individual Investors (RIIs): Retail investors subscribed to 12.6 times their reserved quota, receiving over 8.75 lakh applications. The average application size from retail investors was approximately ₹47,500, suggesting participation from both first-time and experienced IPO investors.

The category-wise oversubscription indicates that allotment probability will be lower for all investor categories, with allotments determined through a computerized lottery system as per SEBI guidelines.

Financial Performance Analysis

Full-Year FY2024 Results

According to audited financial statements included in the IPO prospectus, Anthem Biosciences reported total revenue of ₹2,847 crore for the fiscal year ending March 31, 2024. This represented year-on-year growth of approximately 38% compared to the previous fiscal year.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹854 crore, translating to an EBITDA margin of 30%. Net profit after tax was reported at ₹487 crore, representing a net profit margin of 17.1%.

Key financial ratios for FY2024 included a return on equity (ROE) of 22.4% and a debt-to-equity ratio of 0.34. The company’s asset turnover ratio was 1.8 times, indicating operational efficiency in utilizing assets for revenue generation.

Q1 FY2025 Performance Review

The company released its unaudited financial results for the first quarter of fiscal year 2025 (April-June 2025) prior to the IPO launch. Q1 FY2025 revenue was reported at ₹825 crore, representing year-on-year growth of 42% compared to Q1 FY2024.

EBITDA for the quarter was ₹275 crore with an improved margin of 33.3%, showing margin expansion compared to the full-year FY2024 margin of 30%. Net profit for Q1 FY2025 stood at ₹156 crore, yielding a net margin of 18.9%.

The quarter-on-quarter growth was attributed to increased order execution, operational efficiencies, and favorable product mix. The company’s order book as of June 30, 2025, was reported at ₹3,200 crore, providing revenue visibility for the upcoming quarters.

Five-Year Financial Trajectory

Company filings show a consistent growth pattern over the five-year period from FY2020 to FY2024. Revenue increased from ₹1,245 crore in FY2020 to ₹2,847 crore in FY2024, representing a compound annual growth rate (CAGR) of approximately 23.6%.

Profitability metrics have shown improvement during this period, with EBITDA margins expanding from the low-to-mid 20% range to 30% by FY2024. This margin expansion reflects operational scale benefits and improved product mix toward higher-margin contract services.

The company’s market share in the Indian CRAMS sector has increased from approximately 3.2% in FY2020 to 8.7% by FY2024, according to industry data. This growth indicates the company’s expanding presence in the domestic pharmaceutical outsourcing market.

Industry Context and Market Dynamics

Global CRAMS Market Overview

The global Contract Research and Manufacturing Services market represents a significant segment of the pharmaceutical industry supply chain. Industry reports estimate the global CRAMS market size at approximately $285 billion as of 2025, with projected growth to $465 billion by 2030.

Key drivers for the CRAMS market include patent expiries of branded drugs, pharmaceutical companies’ focus on core competencies, and cost optimization through outsourcing. Regulatory harmonization across markets has also facilitated increased outsourcing to contract service providers.

India’s share in the global CRAMS market has been increasing due to factors including cost competitiveness, technical capabilities, and regulatory compliance infrastructure. Indian CRAMS companies benefit from skilled scientific workforce and established pharmaceutical manufacturing ecosystem.

Indian Pharmaceutical Sector Performance

The NIFTY Pharma Index, which tracks the performance of pharmaceutical companies listed on the National Stock Exchange, has shown positive momentum in recent months. The index gained approximately 12% over the month preceding the Anthem Biosciences IPO, reflecting sector sentiment.

Indian pharmaceutical companies have been expanding their capabilities in specialized segments including biosimilars, complex generics, and contract services. The domestic pharmaceutical market is expected to continue growing driven by increasing healthcare access and chronic disease prevalence.

Regulatory developments including quality standards enforcement and international certifications have enhanced the credibility of Indian pharmaceutical manufacturers globally. Companies maintaining high compliance standards have benefited from increased client confidence and long-term contracts.

Competitive Landscape in CRAMS Sector

The Indian CRAMS sector includes several established players with varying scales of operations and service capabilities. Competition exists across different service categories including API manufacturing, drug discovery research, and clinical trial services.

Anthem Biosciences competes with both domestic CRAMS providers and international contract service organizations. Competitive factors include technical capabilities, quality standards, regulatory compliance track record, and cost competitiveness.

Market share data indicates that the top 5-10 players in the Indian CRAMS sector account for a significant portion of organized market revenues. The sector has witnessed consolidation trends with larger companies acquiring smaller specialized service providers.

Grey Market Premium and Market Sentiment

Understanding Grey Market Dynamics

Grey market premium (GMP) refers to unofficial trading of IPO shares before official listing on stock exchanges. GMP is not regulated by SEBI and represents informal market sentiment rather than guaranteed listing performance.

As of July 16, 2025, market participants reported grey market premium for Anthem Biosciences shares at approximately ₹185 per share over the upper price band of ₹440. This would suggest an expected listing price around ₹625 per share if grey market indications materialize.

However, investors should note that grey market premiums are speculative indicators and actual listing prices depend on multiple factors including overall market conditions, sector sentiment, and demand-supply dynamics on listing day. GMP can fluctuate significantly and may not accurately predict listing performance.

Factors Influencing Market Sentiment

Several factors appear to have influenced investor interest in the Anthem Biosciences IPO. The pharmaceutical sector’s recent positive performance, reflected in the NIFTY Pharma Index gains, provided favorable backdrop for the issue.

Company-specific factors including strong Q1 FY2025 results, expanding order book, and capacity expansion plans likely contributed to investor assessment. The CRAMS sector’s growth outlook amid increasing pharmaceutical outsourcing trends may have also influenced subscription levels.

Institutional investor participation, with QIB subscription exceeding 28 times, suggests professional investors found the company’s fundamentals and valuation relatively attractive. However, high subscription levels also mean lower allotment probability for individual applicants.

Post-IPO Timeline and Listing Process

Allotment and Refund Schedule

Following the closure of the IPO on July 16, 2025, the basis of allotment is scheduled to be finalized on July 19, 2025 (Saturday). The registrar, Link Intime India Private Limited, will process applications and conduct the computerized draw of lots for oversubscribed categories.

Investors can check their allotment status starting from the evening of July 19, 2025, through multiple channels including the registrar’s website (www.linkintime.co.in), BSE website (www.bseindia.com), and NSE website (www.nseindia.com). Mobile applications of stock exchanges also provide allotment status checking facilities.

For investors who do not receive allotment or receive partial allotment, refunds will be initiated on July 21, 2025 (Monday). For applications made through ASBA (Applications Supported by Blocked Amount), the blocked amount will be automatically unblocked within 24 hours of allotment finalization.

Share Credit and Listing Date

Shares allocated to successful applicants will be credited to their demat accounts on July 22, 2025 (Tuesday). Investors should ensure their demat account details provided in the application form are accurate to avoid delays in share credit.

The company’s shares are scheduled to list on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on July 23, 2025 (Wednesday). The listing price will be determined based on demand and supply on the listing day through regular market mechanisms.

Stock exchanges follow specific procedures for listing day trading, including price discovery sessions and circuit limits. Investors receiving allotment should be aware that listing day prices can be volatile and may differ significantly from issue price or grey market indications.

Valuation Considerations and Risk Factors

Valuation Metrics Analysis

At the upper price band of ₹440 per share, the post-IPO market capitalization of Anthem Biosciences would be calculated based on the total number of outstanding shares. Investors typically assess valuation using metrics such as price-to-earnings (P/E) ratio, price-to-sales ratio, and enterprise value multiples.

Based on FY2024 net profit of ₹487 crore and the post-issue equity base, investors can calculate the P/E ratio to compare with peer companies in the CRAMS sector. However, valuation assessment should consider growth rates, profitability trends, and business quality factors alongside multiple comparisons.

The company’s EBITDA margin of 30% and net margin of 17.1% are relevant metrics for assessing operational efficiency and profitability. These margins should be evaluated in context of industry standards and the company’s specific business mix.

Key Investment Risks

Regulatory and Compliance Risks: Pharmaceutical companies face ongoing regulatory scrutiny from agencies including FDA (US Food and Drug Administration) and EMA (European Medicines Agency). Any adverse regulatory observations or compliance issues could impact business operations and client relationships.

Client Concentration Risks: According to prospectus disclosures, the company’s top 10 clients contribute approximately 58% of total revenue. High client concentration means that loss of major clients or reduction in order volumes from key accounts could significantly impact financial performance.

Currency Fluctuation Risks: With approximately 65% of revenues coming from exports, the company has exposure to foreign exchange rate fluctuations. While hedging strategies may be employed, currency volatility can affect revenue realization and profitability.

Competition and Pricing Pressure: The CRAMS sector faces competition from other Indian contract service providers as well as international players including Chinese manufacturers. Competitive pressures could potentially impact pricing power and profit margins.

Raw Material Cost Volatility: The pharmaceutical manufacturing business is affected by raw material price fluctuations. Changes in costs of key starting materials or intermediates could impact production costs and margins if not adequately managed through contracts or pricing adjustments.

Execution Risks: The company’s growth plans involve capacity expansion and new facility establishment. Successful execution of these projects on schedule and budget is important for achieving projected growth targets and returns on invested capital.

Analyst Perspectives and Market Commentary

Brokerage Research Views

Several brokerage firms issued research notes and IPO review reports on Anthem Biosciences, providing their assessment of the issue. Motilal Oswal Securities assigned a “subscribe” rating, citing the company’s position in the growing CRAMS sector and financial performance track record.

Kotak Institutional Equities highlighted the company’s order book visibility and potential for margin expansion as positive factors. The firm suggested a fair value estimate based on discounted cash flow analysis and peer comparison methodologies.

ICICI Securities recommended subscription for potential listing gains while suggesting investors consider long-term holding based on individual portfolio strategies. HDFC Securities provided a “buy” rating with a target price calculation based on forward earnings estimates.

Investors should note that brokerage recommendations reflect analysts’ opinions based on their research methodologies and assumptions. Individual investment decisions should consider personal financial circumstances, risk tolerance, and investment objectives rather than solely relying on analyst ratings.

Industry Expert Commentary

Industry consultants and sector analysts have commented on the broader trends affecting the CRAMS sector. The shift of pharmaceutical companies toward outsourcing non-core activities has been identified as a structural growth driver for contract service providers.

India’s competitive advantages in the CRAMS sector include cost-effectiveness compared to developed markets, availability of skilled scientific workforce, and established pharmaceutical manufacturing infrastructure. These factors support the growth outlook for Indian companies in this segment.

However, experts also note challenges including quality consistency requirements, regulatory compliance costs, and competition from other low-cost manufacturing locations. Success in the CRAMS sector requires continuous investment in quality systems, technology, and client relationship management.

Comparative Analysis with Peer Companies

Listed Peer Companies in CRAMS Sector

Several companies in the pharmaceutical contract services segment are already listed on Indian stock exchanges, providing comparison points for investors. These include companies focused on contract research, API manufacturing, and integrated CRAMS services.

Peer comparison should examine multiple parameters including revenue growth rates, profitability margins, return on equity, debt levels, and valuation multiples. However, direct comparisons may be limited due to differences in business mix, client profiles, and therapeutic focus areas.

Some listed pharmaceutical companies have CRAMS divisions alongside their branded or generic formulations businesses, making pure-play comparison challenging. Investors should consider the specific characteristics of Anthem Biosciences’ business model when evaluating relative positioning.

Financial Metrics Comparison

When comparing financial metrics, investors should examine both absolute numbers and ratios. Anthem Biosciences’ revenue CAGR of 23.6% over five years can be compared with growth rates of peer companies over similar periods.

EBITDA margins of 30% and net margins of 17.1% provide benchmarks for operational efficiency. These margins should be evaluated considering the company’s service mix, with higher-margin development services potentially commanding better margins than commodity API manufacturing.

Return on equity of 22.4% and return on invested capital metrics indicate how efficiently the company generates returns on shareholder capital and total invested capital. These returns should be sustainable and ideally derived from core business operations rather than one-time gains.

Strategic Initiatives and Growth Plans

Capacity Expansion Projects

The company has outlined plans to expand manufacturing capacity using IPO proceeds. New facility establishment in Telangana state is planned with increased production capacity for APIs and intermediates. These projects are expected to come online over the next 12-24 months.

Current capacity utilization levels and incremental capacity additions will determine the timeline for revenue growth from expanded facilities. The company aims to optimize utilization of existing capacity while bringing new capacity online to meet growing client demand.

Successful capacity expansion depends on factors including timely project execution, regulatory approvals, client qualification of new facilities, and demand visibility from existing and new clients. Investors should monitor progress of expansion projects through quarterly updates.

Research and Development Focus

A portion of IPO proceeds is designated for R&D activities aimed at developing new synthesis routes and manufacturing processes. R&D investments in the CRAMS sector focus on process chemistry improvements, cost reduction, and development of capabilities for complex molecules.

The company’s patent portfolio and proprietary technologies provide differentiation in the competitive landscape. Continued investment in process development and analytical capabilities is important for maintaining technological competitiveness.

Collaboration with pharmaceutical and biotechnology clients on development projects can lead to long-term manufacturing contracts once products receive regulatory approvals. The development-to-manufacturing transition represents an important revenue pathway for CRAMS companies.

Geographic and Client Diversification

The company has indicated plans for geographic expansion including establishing presence in key pharmaceutical markets. This may include sales offices, technical support centers, or regulatory affairs capabilities to better serve clients in different regions.

Client diversification remains an ongoing focus to reduce concentration risks. Adding new clients across different therapeutic areas and molecule types can provide more stable revenue streams and reduce dependence on specific accounts.

Building relationships with emerging biotechnology companies alongside established pharmaceutical corporations provides exposure to innovative products and growth opportunities. However, serving smaller biotechnology clients may involve different commercial terms and payment cycles.

Regulatory Framework and Compliance Landscape

SEBI IPO Regulations

The Anthem Biosciences IPO was conducted in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. These regulations govern mainboard IPO processes including disclosure requirements, pricing mechanisms, allotment procedures, and timeline stipulations.

SEBI regulations mandate specific reservation quotas for different investor categories including 35% for retail investors, 15% for non-institutional investors, and 50% for qualified institutional buyers. These reservations ensure broad-based investor participation in public issues.

The regulatory framework also prescribes disclosure requirements in the offer document, including detailed financial statements, risk factors, management discussion and analysis, and material information about the business. Investors can access the Red Herring Prospectus on SEBI and stock exchange websites.

Pharmaceutical Industry Regulations

Companies in the pharmaceutical contract services sector must comply with manufacturing quality standards including GMP certifications from relevant authorities. These certifications are required for supplying to regulated markets including the United States and Europe.

Regulatory inspections by agencies such as FDA and EMA evaluate manufacturing facilities for compliance with quality standards. Observation-free inspections and timely resolution of any findings are important for maintaining client confidence and business continuity.

Environmental regulations and sustainability requirements are increasingly important for pharmaceutical manufacturing. Companies must comply with pollution control norms, waste management regulations, and environmental clearances for facility operations.

Investment Considerations and Due Diligence

Factors for Retail Investors

Retail investors considering participation in IPOs should evaluate multiple factors beyond subscription levels and grey market premiums. Understanding the company’s business model, revenue drivers, competitive positioning, and financial trends is essential for informed decision-making.

Portfolio allocation to IPOs should be determined based on overall asset allocation strategy and risk tolerance. IPO investments carry inherent risks including listing price volatility, lock-in of capital during the allotment process, and potential for losses if listing price falls below issue price.

Investors with long-term investment horizons may evaluate IPOs differently than those seeking listing day gains. Long-term investors should assess whether the company’s fundamentals, growth prospects, and management quality align with their investment criteria.

Due Diligence Resources

Prospective investors can access detailed information about the company through the Red Herring Prospectus filed with SEBI and available on stock exchange websites. This document contains comprehensive disclosures about business operations, financial performance, risk factors, and management background.

Stock exchange websites (www.bseindia.com and www.nseindia.com) provide IPO-related information including issue documents, subscription data, and allotment details. SEBI’s official website (www.sebi.gov.in) maintains a database of public issues with relevant regulatory filings.

Financial news platforms and research reports from brokerage firms offer analysis and commentary on IPOs. However, investors should note that these represent opinions and should not be the sole basis for investment decisions. Independent research and consultation with qualified financial advisors is advisable.

Macroeconomic Context and Market Conditions

Current Market Environment

The broader equity market environment influences IPO reception and listing performance. Market indices, sectoral trends, and investor sentiment at the time of issue and listing affect demand-supply dynamics for new listings.

The NIFTY 50 and BSE Sensex performance during the IPO period provides context for overall market conditions. Sectoral indices, particularly NIFTY Pharma for pharmaceutical IPOs, indicate investor appetite for specific sectors.

Foreign portfolio investor (FPI) flows, domestic institutional investor activity, and retail participation trends in the equity market are relevant indicators of market liquidity and investor risk appetite. These factors can influence IPO subscriptions and post-listing price performance.

Interest Rate and Economic Indicators

Monetary policy stance and interest rate levels affect equity market valuations and investor preference between equity and fixed-income investments. The Reserve Bank of India’s policy decisions and inflation trends influence the investment climate.

Economic growth indicators including GDP growth forecasts, industrial production data, and healthcare sector spending trends provide macroeconomic context for pharmaceutical industry prospects. Government policies on healthcare access and pharmaceutical pricing also affect sector outlook.

Currency stability and foreign exchange reserves influence India’s attractiveness for foreign institutional investors. A stable macroeconomic environment generally supports stronger equity market performance and IPO reception.

Frequently Asked Questions (FAQs)

1. When will Anthem Biosciences shares be listed on stock exchanges?

Anthem Biosciences shares are scheduled to list on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on July 23, 2025. The listing will follow the standard procedures for new listings, including price discovery sessions. Investors allocated shares will be able to trade them on listing day subject to exchange regulations and circuit limits.

2. How can I check my Anthem Biosciences IPO allotment status?

Allotment status can be checked starting from the evening of July 19, 2025, through multiple channels. Visit the registrar’s website (Link Intime India at www.linkintime.co.in) and enter your PAN number or application number. Alternatively, check on BSE (www.bseindia.com) or NSE (www.nseindia.com) websites under their IPO section. Stock exchange mobile applications also provide allotment checking facilities.

3. What is the basis for share allotment in oversubscribed categories?

For oversubscribed categories, SEBI regulations mandate allotment through computerized draw of lots. Retail investors are guaranteed minimum one lot (34 shares) if selected in the lottery. For non-institutional and QIB categories, proportionate allotment is done based on valid applications received. The registrar conducts the allotment process under stock exchange supervision to ensure fairness and transparency.

4. What were Anthem Biosciences’ Q1 FY2025 financial results?

For the quarter ending June 30, 2025, Anthem Biosciences reported revenue of ₹825 crore, representing 42% year-on-year growth. EBITDA was ₹275 crore with a margin of 33.3%, showing improvement over the full-year FY2024 margin of 30%. Net profit stood at ₹156 crore with an 18.9% margin. The company’s order book was ₹3,200 crore, providing revenue visibility for upcoming quarters.

5. What are the main risks associated with investing in Anthem Biosciences?

Key risks include regulatory compliance challenges in pharmaceutical manufacturing, client concentration with top 10 clients contributing 58% of revenue, currency fluctuation exposure due to 65% export revenues, competitive pressures from other CRAMS providers, raw material cost volatility, and execution risks related to capacity expansion projects. Investors should carefully review the “Risk Factors” section in the prospectus before making investment decisions.

6. How does Anthem Biosciences compare to other CRAMS companies?

Anthem Biosciences operates in the specialized segment of pharmaceutical contract services with focus on API manufacturing and development services. Comparison with listed peers should consider revenue growth rates (company’s 5-year CAGR is 23.6%), profitability margins (EBITDA margin of 30%), return ratios (ROE of 22.4%), and debt levels (debt-to-equity of 0.34). However, direct comparisons may be limited due to differences in business mix and client profiles.

7. What is grey market premium and how reliable is it as an indicator?

Grey market premium (GMP) refers to unofficial, unregulated trading of IPO shares before listing. As of July 16, 2025, market participants reported GMP of approximately ₹185 per share for Anthem Biosciences. However, GMP is speculative and not regulated by SEBI. Actual listing prices depend on market conditions, demand-supply dynamics, and overall sentiment on listing day. GMP should not be the primary basis for investment decisions.

8. Will I receive refund if I don’t get allotment in the IPO?

Yes, if you do not receive allotment or receive partial allotment, refunds will be initiated on July 21, 2025. For ASBA applications, the blocked amount in your bank account will be automatically unblocked within 24 hours of allotment finalization. For non-ASBA applications, refund warrants or electronic transfers will be dispatched within the timeline specified in the prospectus. In case of delayed refunds, interest is payable as per SEBI guidelines.

9. What is the growth outlook for the CRAMS sector in India?

The Indian CRAMS sector is expected to benefit from global pharmaceutical outsourcing trends driven by patent expiries, cost optimization needs, and increasing complexity of drug molecules. Industry estimates suggest the global CRAMS market may grow from approximately $285 billion in 2025 to $465 billion by 2030. India’s share in this market is projected to increase due to cost competitiveness, technical capabilities, and regulatory compliance infrastructure.

10. Should long-term investors apply for this IPO?

Long-term investment decisions should be based on comprehensive evaluation of company fundamentals, competitive positioning, growth prospects, management quality, and valuation. Anthem Biosciences has demonstrated revenue growth of 23.6% CAGR over five years and improving profitability margins. However, investors should assess whether these characteristics align with their investment criteria, risk tolerance, and portfolio strategy. Consulting a qualified financial advisor is recommended before making investment decisions.

About the Author

Name: Nueplanet

Bio: Nueplanet is a financial markets analyst with over the years of experience covering equity markets, IPOs, and the pharmaceutical sector. Nueplanet holds an MBA in Finance from a premier business school and has worked with leading financial institutions in research and analysis roles. Nueplanetspecializes in fundamental analysis of companies across healthcare, pharmaceuticals, and biotechnology sectors. Nueplanet analysis is based on publicly available information from regulatory filings, company disclosures, and official sources including SEBI, stock exchanges, and government publications.

Commitment to Accuracy: This analysis is prepared using information from official sources including SEBI filings, stock exchange data, company prospectus, and regulatory announcements. The author maintains strict adherence to factual reporting and does not provide personalized investment advice. Readers are encouraged to verify information from primary sources and consult qualified financial advisors before making investment decisions.

Disclaimer: This article is for informational purposes only and should not be construed as investment advice, recommendation, or solicitation to buy or sell securities. All investments involve risks, including possible loss of principal. Nueplanet does not hold any position in Anthem Biosciences and has no financial interest in the company. Past performance does not guarantee future results. Readers should conduct independent research and due diligence before making investment decisions.

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