Anthem Biosciences Limited is an innovation-driven and technology-focused Contract Research, Development and Manufacturing Organization ('CRDMO') with fully integrated operations spanning across drug discovery, development and manufacturing. They are one of the few companies in India with integrated New Chemical Entity (“NCE”) and New Biological Entity (“NBE”) capabilities across drug discovery, development, and commercial manufacturing. As a one-stop service provider, they serve a range of customers, encompassing innovator-focused emerging biotech and large pharmaceutical companies globally. Over the last 15 years, company has completed over 8,000 unique programs commissioned by their customers and worked on molecules with more than 675 customers at various stages of the drug development lifecycle under the CRDMO business. For Fiscal 2025, they manufactured API and advance intermediates for 10 commercialized molecules, all of which they have supported since discovery. These 5 commercialized molecules they manufacture for the 3 large pharmaceutical companies (including after acquisitions or consolidations), had a collective endmarket sales value of US$ 11.3 billion in 2024 and are expected to grow at a CAGR of 13.5% to US$ 21.4 billion in value with a 1.5% market share by 2029. Their existing Projects as of March 31, 2025 involve complex molecules across various modalities and stages of development, including 7 in the ADC space, 2 RNAi, 10 lipids, 10 peptides and 1 oligonucleotide. They have a diverse mix of 242 Projects, with 68 discovery Projects (relating to 355 discovery molecules synthesized), 145 Early Phase Projects, 16 Late Phase Projects (relating to 10 Late Phase molecules) and 13 commercial manufacturing Projects (relating to API and advance intermediates for 10 commercialized molecules) for Fiscal 2025. As of March 31, 2025, they had more than 550 customers across both the CRDMO and specialty ingredients businesses, respectively, spread over more than 44 countries including the United States, European countries and Japan, many of whom they have a long-standing relationship with. In the CRDMO business, as of March 31, 2025, they have served over 150 customers, ranging from small pharmaceutical and emerging biotech companies to mid-scale and large pharmaceutical companies. They also serve 3 large pharmaceutical companies for whom they manufactured 5 of the top 6 commercialized molecules by revenue in Fiscal 2025 (including after acquisitions or consolidations), Company makes investments in manufacturing capacity and technology, where they anticipate the needs of the customers throughout their drug discovery to commercialization lifecycle and augment the capacity from lab-scale to commercial-scale manufacturing accordingly. They have three manufuacturing facilities, namely Unit I in Bommassandra, Unit II in Harohalli and Unit III in Harohalli, which is under construction and is expected to be completed by the first half of Fiscal 2026. They are supported by a team of more than 1,500 highly qualified employees with a science and/or engineering background in various departments across manufacturing, quality and R&D (including 35 PhDs and more than 1,100 Masters-degree holders which comprises 57.32% of the total number of employees), with an average industry experience of 7.24 years, as of March 31, 2025. As per financial performance, Anthem Biosciences Limited has posted total income / net profits of Rs 1,483.07 Cr / 385.19 Cr (FY23), Rs 1,133.99 Cr / Rs 367.31 Cr (FY24) and Rs 1,930.29 Cr / 451.26 Cr (FY25). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 7.31 and average RoNW of 21.24% for last three fiscals. Issue is priced at a P/BV of 13.23 as per NAV of Rs 13.23/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 83.11, 87.15 and 70.94 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, four lead managers JM Financial Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are associated with this IPO, and have handled 83 IPOs in last three fiscals. ( As on 13.07.25 ) As per financials, Anthem Biosciences Limited has shown good growth, RoNW is 20.82% and P/E is 83.11, 87.15 and 70.94 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced when compared with peers. Company is an innovation-driven and technology-focused Contract Research, Development and Manufacturing Organization ('CRDMO'). So, we give SUBSCRIBE rating for this IPO for long term investment and we may expect upto 10 to 15% listing gains. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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