Ahead of listing, the stock is commanding a grey market premium (GMP) of around 30%, suggesting investor enthusiasm despite a rich valuation.
The IPO, which opened between July 14 and 16, received a strong response across categories, with the overall subscription reaching 67.4 times. Qualified institutional buyers (QIBs) led the charge, subscribing 192.8 times their allotted quota. Non-institutional investors followed with a 44.7 times bid, while the retail category was booked nearly 6 times.
Anthem’s issue had no fresh component, and the proceeds will go entirely to selling shareholders. Anchor investors had already pumped in Rs 1,016 crore prior to the IPO opening.
Founded in 2006, Anthem operates across the drug development lifecycle—discovery, development, and commercial manufacturing—for both small molecules and biologics.
With 196 projects underway, a global customer base across 44 countries, and a growing portfolio of fermentation-based APIs and specialty ingredients, the company has carved a niche in India’s pharma value chain.In FY25, Anthem reported a 30% rise in revenue to Rs 1,930 crore and a 23% growth in net profit to Rs 451 crore. EBITDA came in at Rs 684 crore with a strong margin of nearly 37%, while debt levels remained low.With solid financials, a high-margin model, and a leadership position in the CRDMO space, all eyes will now be on Anthem’s market debut. A GMP of 30% points to a likely premium listing, but given the steep valuation, the street will closely track its post-listing performance and growth trajectory.
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