Anthem Biosciences Ltd. IPO

🧪 Company Overview

Founded in 2006 by Ajay Bhardwaj, Anthem operates in Bengaluru with two existing manufacturing units (Bommasandra & Harohalli), and a third under construction.
It offers end-to-end services including drug discovery, pre‑clinical testing, custom synthesis (small molecules, peptides, ADCs, oligonucleotides), and large-scale manufacturing of fermentation-based APIs like probiotics, enzymes, peptides, vitamins, and biosimilars.

⚙️ Capacity & Facilities

Two operational plants with combined 270 kL custom-synthesis and 142 kL fermentation capacity as of Sept 2024.
A third facility (Unit III/Neoanthem) is set to be completed in H1 FY26, adding significant capacity.
Emphasizes compliance, with cGMP operations and approvals from US FDA, ANVISA, TGA, and PMDA.

✅ Strengths & ⚠️ Risks

Strengths

Rapid revenue and profit growth; class-leading margins (~37%)
Integrated capabilities from early discovery to commercial manufacturing
Global regulatory-ready facilities; low input dependency on China
Expansion roadmap and strong client pipeline (16+ late-stage projects).

Risks

Heavy reliance on a few key clients (~70% revenue from top 5)
OFS provides no capital to the company; fresh expansion financed through operations
IPO market volatility; this is amid broader Indian IPO slowdown.

🧭 Summary

Anthem Biosciences is a strong mid-sized CRDMO with integrated services, robust margin profile, and a global footprint. It’s riding momentum in API offshoring and fermentation-based manufacturing. However, the IPO is a pure secondary sale—so the company itself sees no direct infusion of funds—and is subject to concentration risks and market sentiment. The ₹540–570 price band sets valuation expectations, and listing performance may reflect both its fundamentals and broader IPO market mood.