Bengaluru-based contract development and manufacturing firm Anthem Biosciences is set to file its highly anticipated Initial Public Offering (IPO) on July 14, 2025, and this is a key milestone for India’s thriving pharmaceutical and biotech industry. The IPO will remain open for subscription till July 16 and is a complete offer-for-sale (OFS) of ₹3,395 crore by existing shareholders.
The price band has been set at ₹540–570 per share, with a lot size to be disclosed in the company’s red herring prospectus. The IPO is likely to attract substantial interest from institutional as well as retail investors, considering Anthem’s international presence, strong financials, and regulatory reputation.
The issue will not lead to any new issue of equity and is an offer-for-sale in purest form, i.e., all proceeds will directly accrue to the selling shareholders. The issue is being handled by JM Financial, Citigroup Global Markets India, JP Morgan India, and Nomura Financial Advisory and Securities (India).
Who’s Selling?
The largest sale shareholder in this IPO is Viridity Tone LLP, which is supported by private equity company True North, currently holding a 7.93% stake in Anthem Biosciences. The company will be selling shares valued at ₹1,325 crore.
Other major shareholders involved in the OFS are:
Portsmouth Technologies
Malay J. Barua
Rupesh N. Kinekar
Satish Sharma
All the individual sellers are selling shares valued at ₹320 crore each. Significantly, Portsmouth Technologies has also been a strategic contributor to the growth of the company in the U.S. market.
Strategic Alliances and Global Footprint
Anthem Biosciences’ association with DavosPharma, an entity of Portsmouth LLC, has been pivotal in increasing the company’s base in the United States. With this tie-up, Anthem was able to gain 89 new customers in the U.S. alone in the past three fiscal years, of which 83 are emerging biotech firms.
As of March 2025, Anthem Biosciences is serving more than 550 customers in 44 nations, providing Contract Research, Development, and Manufacturing Organization (CRDMO) and specialty ingredient services. The company’s top five clients generated close to 71% of its overall revenue in FY25—which speaks to the strength and focus of its business relationships.
Infrastructure and Compliance
Anthem has three large manufacturing facilities in Karnataka:
Unit I – Bommasandra
Unit II and III – Harohalli
While Units I and II are operational, Unit III is under development and expected to be ready by H1 FY26. Each of Anthem’s plants complies with current Good Manufacturing Practices (cGMP) and is accredited by international regulatory bodies such as:
US FDA
Japan’s PMDA
Having such high levels of compliance reinforces its status as a reliable global partner in biotech and pharma manufacturing.
Financial Performance
Anthem Biosciences has demonstrated steady financial expansion. During FY25, the firm recorded:
Revenue: ₹1,844.6 crore (30% YoY growth)
Net Profit: ₹451.3 crore (22.9% YoY growth)
The above numbers reflect solid operating efficiency, particularly in a highly capital-intensive sector. The financial stability, coupled with high customer retention and global diversification, positions Anthem as an appealing bet for investors looking to tap India’s pharmaceutical manufacturing growth.
Industry Context
India’s pharma and biotech sector has witnessed a sharp pick-up in IPO activity in recent years on the back of demand for contract R&D and manufacturing services globally. The trend towards outsourcing R&D and manufacturing has especially favored CRDMO players such as Anthem.
Firms operating in this segment are also registering increased valuations as regulatory
