On July 14, 2025, the Indian stock market is set to witness one of the most significant biotech IPOs in recent years: Anthem Biosciences Ltd. As one of India’s fastest-growing Contract Research, Development & Manufacturing Organizations (CRDMOs), Anthem is launching a full Offer for Sale (OFS) totaling approximately ₹3,395 crore. Unlike many recent IPOs, this offering does not raise new capital for the company—instead, all shares are being sold by existing shareholders. The bidding window is open from July 14 to July 16, with a face value of ₹2 per share. Retail investors are allocated 35% of the issue, and a dedicated portion is reserved for employees, reflecting a balanced approach to market participation.
Introduction: The New Face of Indian Biotech IPOs
The Indian IPO market has enjoyed robust growth in recent years, but Anthem’s listing marks a new milestone for the domestic biotech sector. The company operates with a comprehensive CRDMO model, delivering a full suite of services from early-stage drug discovery through development and large-scale commercial manufacturing. In the last decade, as global pharma giants have turned to outsourcing R&D and production to manage risk, accelerate timelines, and cut costs, the demand for integrated, flexible solutions has soared. Anthem has rapidly carved out a significant market share in this dynamic environment. Its primary competitive advantage lies in its Indian base, which offers lower operational costs and a large domestic market, while also positioning Anthem to serve leading international pharma companies.
Quantitative Analysis: Financial Performance and Year-on-Year Growth
Anthem’s financial disclosures underscore a clear trajectory of rapid growth. For the financial year ending 2024, the company posted revenues of ₹1,483 crore and a net profit (PAT) of ₹367.3 crore. In FY25, Anthem accelerated sharply, with revenues reaching ₹1,930 crore and net profit surging to ₹451.2 crore. This represents nearly 30% revenue growth and a strong increase in net profitability—solid evidence that Anthem is scaling up its operations while maintaining robust margins. The entire ₹3,395 crore offering comes solely from existing shareholders, including founders Ajay Bhardwaj, Ganesan Sambasivam, Ravindra Chandrappa, and Ishaan Bhardwaj, among others. No fresh funds are raised for corporate use, as the IPO is structured strictly as a liquidity event and a means to broaden public ownership.
Business Model Deep Dive: The All-in-One CRDMO Platform
Anthem’s business model encapsulates the transformation underway in global pharma. Drug companies now seek to outsource virtually every part of the R&D, development, and manufacturing chain. Anthem delivers across this spectrum: from novel molecule discovery and clinical development to regulatory management, quality control, and commercial-scale manufacturing. The company’s rapid ascent is powered by massive investments in R&D infrastructure, state-of-the-art laboratories, and a highly qualified workforce.
By combining scientific excellence, industrial-scale production, and regulatory expertise, Anthem appeals to both global and domestic clients. Its strategic focus includes flagship projects for top-tier pharma firms in the US, Europe, and Japan, while maintaining a strong base in India’s fast-growing pharma sector.
Market Positioning: Competitive Edge and Risks
While India is home to a crowded field of pharma services players, Anthem stands out for its double-digit growth, persistent profitability, and a blue-chip international client roster. However, there are risks to the OFS-only IPO structure. Without fresh capital infusion, the company does not immediately strengthen its balance sheet or fund new projects, which could weigh on post-IPO share performance. Traditionally, markets have rewarded IPOs that channel a portion of the proceeds into new growth initiatives, but Anthem’s solid financial footing may mitigate these concerns.
On the flip side, Anthem operates in a highly regulated, competitive, and rapidly evolving sector. Regulatory changes, fluctuations in demand, or failures to convert promising molecules into approved drugs could all affect financial performance. Still, with the secular global trend toward outsourced R&D and manufacturing—and with India’s domestic life sciences market expanding rapidly—Anthem is well positioned for continued momentum.
IPO Mechanics: Share Allocation and Participation Structure
The offering includes up to 23.9 million shares with a face value of ₹2 each, all supplied by existing shareholders. Key sellers include the founding team and additional shareholders such as Malav J Barua, Rajesh N Kinatur, and others. Importantly, a portion of the issue is set aside for Anthem employees, aligning their interests with the company’s long-term success. Retail investors are allocated 35% of the shares, and the structure meets all Indian regulatory requirements for institutional and non-institutional participation.
The IPO is being managed by a consortium of top-tier investment banks—JM Financial, Citi, J.P. Morgan, and Nomura—providing Anthem with global distribution, market credibility, and a broad investor base.
Strategic Implications: A Gateway for Global Capital
Anthem’s listing is a powerful signal that India’s capital markets are ready to support the next generation of globally relevant biotech companies. In recent years, there has been a wave of life sciences firms listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), capitalizing on robust investor demand, improving regulatory frameworks, and the need for innovation in healthcare. For international investors seeking new sources of growth, India’s CRDMO sector offers compelling opportunities, underpinned by scientific capability and cost advantages.
Anthem, with its proven operating performance, diversified business model, and strong R&D backbone, is set to become a reference name for global biotech investors. The IPO will broaden the company’s shareholder base, enhance transparency, and provide liquidity for early investors—while also reinforcing Anthem’s leadership position in a competitive global market.
Broader Industry Impact: Setting New Benchmarks
The Anthem IPO may mark a turning point for the Indian biotech ecosystem, encouraging more companies to access capital markets and fueling a virtuous cycle of investment and innovation. Successful execution will not only validate the CRDMO model as a driver of shareholder value but also inspire other science-based, scalable Indian firms to pursue public listings.
For global pharma and life sciences investors, Anthem represents both a bet on India’s competitive edge in research and manufacturing and an opportunity to gain exposure to the country’s world-class talent pool and integrated business model.
Conclusion: What’s Next for Anthem and the Indian Biotech IPO Market?
Anthem Biosciences’ IPO is a landmark for the Indian capital markets—not just for its scale, but for the quality of the underlying business, the maturity of the business model, and the powerful financial momentum. The deal is expected to encourage more biotech and pharma innovators to pursue IPOs as a path to capital, visibility, and further growth. For investors, Anthem offers rare exposure to the intersection of India’s scientific progress, manufacturing prowess, and the global outsourcing boom.
