Anthem Biosciences
Book Building issueMainboard₹3,395 Cr issue
+26.86%
Listing gain over issue price
Issue size
₹3,395 Cr
1 lot at cut-off
₹14,820
Lot size
26shares
Open
14 Jul 2025
Close
16 Jul 2025
Allotment
17 Jul 2025
Listing
21 Jul 2025
Listing performance
Issue price
₹570
Listed at
₹723.10
Listing-day close
₹730.35
Latest price
₹812.80
Close on 23 Oct 2026
Listing gain
+26.86%
Return since issue
+42.60%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Jul 2025 – 16 Jul 2025
- Listing date
- 21 Jul 2025
- Face value
- ₹2 per share
- Issue price
- ₹570 per share
- Lot size
- 26 shares
- Issue type
- Book Building issue
- Total issue size
- ₹3,395 Cr
- Market cap at offer price
- ₹31,867 Cr
- Promoter holding
- 76.87% → 74.68% pre-issue → post-issue
- ISIN
- INE0CZ201020
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- No.49, F1 & F2, Canara Bank Road, Bommasandra Industrial Area, Phase 1, Bommasandra, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,78,24,999 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 26 shares per lot, in multiples, at ₹570
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 26 | ₹14,820 |
| Retail (max) | 13 | 338 | ₹1,92,660 |
| S-HNI (min) | 14 | 364 | ₹2,07,480 |
| S-HNI (max) | 67 | 1,742 | ₹9,92,940 |
| B-HNI (min) | 68 | 1,768 | ₹10,07,760 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,78,24,999
Anchor portion
₹1,016 Cr
at ₹570 per share
Valuation and performance
Valuation at offer price
₹570 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.07 | 8.07 |
| P/E (×) | 70.63 | 70.63 |
| Price to book (×) | 13.23 | — |
| Market cap | — | ₹31,867 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.82%
- ROCE
- 26.88%
- Debt / equity
- 0.05
- PAT margin
- 23.38%
- EBITDA margin
- 36.81%
- NAV per share
- ₹43.10
- Price to book
- 13.23
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Anthem Biosciences
Anthem Biosciences Limited is a fully integrated CRDMO incorporated in India in 2006, offering end-to-end services spanning drug discovery, development, and commercial manufacturing. The company serves innovator-focused emerging biotech and large pharmaceutical companies globally, with capabilities across five main modalities (RNAi, ADC, peptides, lipids, and oligonucleotides) and four manufacturing capabilities (custom synthesis, flow chemistry, fermentation, and biotransformation). In Fiscal 2025, the company generated revenue of ₹18,445.53 million, with 81.65% from CRDMO services (comprising 10.87% from R&D and 70.78% from developmental and commercial manufacturing) and 18.35% from specialty ingredients. The company operates five manufacturing facilities and employs over 2,000 staff, including 591 R&D employees with advanced qualifications.
Company Analysis
from RHPAnthem Biosciences is an innovation-driven Contract Research, Development and Manufacturing Organization (CRDMO) providing integrated drug discovery, development, and manufacturing services across both chemical and biological modalities to global pharmaceutical and biotech companies.
Anthem Biosciences Limited is a fully integrated CRDMO incorporated in India in 2006, offering end-to-end services spanning drug discovery, development, and commercial manufacturing. The company serves innovator-focused emerging biotech and large pharmaceutical companies globally, with capabilities across five main modalities (RNAi, ADC, peptides, lipids, and oligonucleotides) and four manufacturing capabilities (custom synthesis, flow chemistry, fermentation, and biotransformation). In Fiscal 2025, the company generated revenue of ₹18,445.53 million, with 81.65% from CRDMO services (comprising 10.87% from R&D and 70.78% from developmental and commercial manufacturing) and 18.35% from specialty ingredients. The company operates five manufacturing facilities and employs over 2,000 staff, including 591 R&D employees with advanced qualifications.
Contract Research, Development and Manufacturing (CRDMO)Pharmaceutical ManufacturingBiopharmaceutical ServicesSpecialty Ingredients
Objects of the Issue
- Offer for Sale of equity shares by Selling Shareholders; the company will not receive proceeds from the Offer ₹33,950.00 million p.113
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.113
- The Offer consists of only an Offer for Sale of Equity Shares by the Selling Shareholders, including our Promoters. The Company will not receive or benefit from any proceeds from the Offer. ₹33,950.00 million (aggregate proceeds from Offer for Sale by all Selling Shareholders) p.51
- The objects of the Offer are to (i) to carry out the Offer for Sale of up to [●] Equity Shares of face value of ₹ 2 each by the Selling Shareholders aggregating up to ₹ 33,950.00 million; and (ii) achieve the benefits of listing the Equity Shares on the Stock Exchanges. Our Company expects that listing of the Equity Shares will enhance our visibility and brand image and provide liquidity and a public market for the Equity Shares in India. ₹33,950.00 million (Offer for Sale) p.116
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹33,950.00 million
- Fresh Issue
- Not applicable (0%)
- Offer for Sale
- Up to [●] Equity Shares of face value of ₹2 each aggregating up to ₹33,950.00 million
- Price Band
- Floor Price: ₹[●] per Equity Share; Cap Price: ₹[●] per Equity Share (Cap Price shall be at least 105% of Floor Price and not more than 120% of Floor Price)
- Lot Size
- [●] Equity Shares of face value of ₹2 each and in multiples of [●] Equity Shares
- Face Value
- ₹2 each
Business Model
Revenue is generated through two primary streams: (1) Contract Research, Development and Manufacturing Operations (CRDMO) services—providing research and development studies, manufacturing of developmental batches, and commercial manufacturing of drug substances—contributing 81.65% of revenue in Fiscal 2025; and (2) Specialty Ingredients manufacturing and sale, contributing 18.35% of revenue. The company operates on a project-based model where customers place periodic orders based on anticipated volumes for specific molecules across different drug development stages (discovery, early phase, late phase, and commercial manufacturing).
Business Segments
Comprises research and development services (discovery stage and R&D studies for molecules in other stages), developmental and commercial manufacturing services (manufacturing of commercialized products and developmental batches for Early Phase, Late Phase and commercialized projects)
Manufacturing and sale of specialty ingredients
Provides contract research and development and manufacturing services including R&D services through fee-for-service (FFS) and full-time equivalent (FTE) contract models, and developmental and commercial manufacturing of molecules for pharmaceutical companies
Manufactures and sells specialty ingredients products, primarily through commission agents in semi-regulated and emerging markets
Revenue from CRDMO services comprises revenue derived from the discovery stage and R&D studies conducted for molecules in other stages as well as the manufacturing of commercialized products and developmental batches.
Revenue from SI (Specialty Ingredients) services comprises revenue derived from the manufacturing of specialty ingredients.
Drug discovery and R&D studies for molecules in discovery and early development stages, delivered primarily through Fee-For-Service (FFS) contracts.
Manufacturing of development batches for clinical trials (Phase I, II, III) and commercial production of FDA-approved drugs. Provides scalable manufacturing from small-scale development to large-scale commercial production.
Manufacturing and sale of specialty ingredients including fermentation-based products, probiotics, enzymes, and other high-value ingredients for regulated and semi-regulated markets.
Provides comprehensive, integrated and highly customizable range of end-to-end services across the NCE and NBE lifecycles, from target identification and the concept stage, preclinical development, supporting customers by manufacturing development batches of molecules used for clinical trials (Phase I, II and III) up to commercial manufacturing, for both small molecules and biologics. Services include R&D (Discovery stage) at 10.87% of revenue and Development & Manufacturing (D&M) at 70.78% of revenue. Platform comprises five main modalities: RNAi, ADC, peptides, lipids and oligonucleotides, and four manufacturing technologies: custom synthesis, flow chemistry, fermentation and biotransformation.
Manufactures and sells complex specialized fermentation-based APIs, probiotics, enzymes, peptides, nutritional actives, vitamin analogues and biosimilars. Portfolio includes Fermentation Products (Serratiopeptidase Protease and Vitamin K2), Biosimilars (microbial such as insulin, GCSF, and mammalian), Probiotics and Enzymes, Peptides (including GLP-1 agonists), Nutritional Actives, Vitamin Analogues, and APIs.
Provides contract research and development services including GMP synthesis of specialty organic compounds at scales ranging from milligram to kilogram and multi-kilogram scales
Manufactures specialty organic molecules and biologically active peptides for use in drug, agrochemical and specialty chemicals industries
Engaged in the business of discovering, developing, manufacturing and commercializing biopharmaceutical products that address significant unmet needs and provide biological solutions
Comprises R&D services (discovery stage and R&D studies for molecules without manufacturing requirements) and Development & Manufacturing services (manufacturing of commercialized products and developmental batches for Early Phase, Late Phase and commercialized Projects)
Revenue derived from the discovery stage and R&D studies conducted for molecules in other stages without any manufacturing requirements
Revenue derived from the manufacturing of commercialized products and developmental batches for Early Phase, Late Phase and commercialized Projects
Manufacturing and sale of specialty ingredients targeting both regulated markets (United States and Europe) as well as semi-regulated markets (India, South and Southeast Asia, Latin America and Middle East)
SWOT Analysis
Strengths
- • USFDA compliant manufacturing facilities with multi-year regulatory track record(p.46)
- • Achieved high success rate in FFS contracts demonstrating execution capability(p.49)
- • Diversified revenue base with strong export orientation(p.48)
- • Geographic revenue diversification across North America, Europe, and India(p.47)
- • Comprehensive one-stop CRDMO capabilities across drug lifecycle(p.119)
- • Innovation-focused approach with technologically advanced solutions(p.119)
- • Differentiated business model serving small pharma and emerging biotech(p.119)
- • Large, diversified and loyal customer base with long-standing relationships(p.119)
- • Wide specialty ingredients portfolio positioned for niche markets(p.119)
- • Fully built-out automated manufacturing with strong regulatory compliance(p.119)
- • Industry-leading growth, profitability and capital efficiency(p.119)
- • Professional leadership team with qualified scientific talent(p.119)
- • One of few Indian CRDMOs with integrated NCE and NBE capabilities across all drug discovery, development and manufacturing stages(p.192)
- • Largest fermentation capacity among Indian CRDMO peers at 142 kL, expanding to 182 kL by H1 FY26(p.190)
- • Fastest Indian CRDMO to reach ₹10,000 million revenue milestone in just 14 years of operations(p.192)
- • Highest revenue growth among all assessed Indian and global peers (30% YoY in FY25)(p.190)
- • Industry-leading profitability metrics with 36.81% EBITDA margin and 23.38% PAT margin in FY25(p.190)
- • Highest post-tax ROCE (26.88%) among all assessed peers, demonstrating superior capital efficiency(p.190)
- • Pioneer in advanced green chemistry and manufacturing technologies including biotransformation, flow chemistry and ADC development(p.192)
- • Highest number of customers (500+) among assessed Indian CRDMO peers, demonstrating market traction(p.189)
- • Strong long-term customer relationships with top 5 customers accounting for 70.92% of FY25 revenue and top 5 consistently among top 15 for 8 years(p.189)
- • 89% renewable energy usage, lowest GHG intensity among assessed Indian peers(p.177)
- • Integrated CRDMO platform with diverse modalities and advanced manufacturing capabilities(p.202)
- • Industry-leading fermentation capacity positioning(p.197)
- • Early-mover advantage in complex biologics modalities(p.194)
- • Highest revenue growth and profitability metrics among peers(p.199)
- • Long-standing customer relationships with high stability(p.196)
- • High-quality, scientifically advanced workforce(p.194)
- • Differentiated business model targeting emerging biotech and small pharma(p.195)
- • Superior capital efficiency metrics(p.199)
- • Experienced founding team with 40+ years in life sciences and pharmaceutical manufacturing(p.246)
- • Strong R&D capability with Chief Scientific Officer having 31+ years in process R&D(p.246)
- • Robust financial position with strong profitability and cash generation(p.275)
- • High revenue growth trajectory with 30% CAGR over three years(p.306)
- • Experienced operations management with 25+ years in pharmaceutical and biopharmaceutical industry(p.246)
- • Composite independent board with 4 independent directors including expertise across multiple sectors(p.244)
- • Integrated NCE and NBE capabilities across drug discovery, development, and manufacturing(p.329)
- • Fastest Indian CRDMO to achieve ₹10,000 million revenue milestone in 14 years(p.329)
- • Highest revenue growth compared to assessed peers(p.329)
- • Largest fermentation capacity among Indian CRDMOs(p.333)
- • Industry-leading profitability and capital efficiency metrics(p.333)
- • Highest Post-tax ROCE and highest ROE among assessed peers(p.333)
- • Most number of customers compared to assessed Indian peers(p.332)
- • Long-standing relationships with large pharmaceutical companies serving blockbuster molecules(p.332)
- • Intellectual property ownership and control over company-developed IP(p.468)
- • Experienced management with Key Employee retention mechanisms(p.469)
- • Professional auditor appointment and financial controls(p.469)
Weaknesses
- • High concentration of raw material procurement from single overseas supplier (40.46% from PRC)(p.51)
- • Low fermentation capacity utilization at Unit II (47.53% utilization)(p.53)
- • Rising inventory levels with extended inventory days (135.26 days in Fiscal 2025)(p.60)
- • Subsidiary operating at a loss with accumulated losses impacting profitability(p.67)
- • Significant contingent liabilities of ₹491.94 million from unacknowledged claims(p.47)
- • High reliance on Fee-For-Service contracts (89.65% of R&D services revenue) with execution risks(p.49)
- • Prior incident of 3 fatalities in 2018 at Unit II facility due to operational failure(p.54)
- • High customer concentration with largest customer representing 24.22% of FY25 revenue(p.189)
- • Dependence on top 5 customers for 70.92% of revenue from operations creates concentration risk(p.189)
- • Early stage company with only 14 years of operations, limited track record versus established global peers(p.192)
- • Relatively small scale compared to global peers like Lonza and Catalent in absolute revenue terms(p.190)
- • Unit III manufacturing facility still under construction, expected completion only by H1 FY26(p.190)
- • Heavy concentration on top customers(p.217)
- • Significant reliance on single-source overseas supplier(p.198)
- • Dependence on developmental and commercial manufacturing revenue(p.201)
- • Customer acquisition cost implications from DavosPharma intermediary arrangement(p.195)
- • Significant concentration of shareholding with three promoters holding 60.91% of company(p.263)
- • Heavy debt burden with combined borrowings of ₹1,089.55 million as of March 31, 2025(p.301)
- • Loss-making subsidiary with accumulated losses of ₹633.49 million(p.242)
- • Dependence on export markets with 83.4% of revenue from exports in FY2025(p.306)
- • High concentration of revenue in top customers (top 5 customers at 70.92% of revenue)(p.332)
- • Significant dependence on three large pharmaceutical companies for 92.67% of revenue increase(p.347)
- • High inventory levels and increased working capital requirements(p.339)
- • Rising employee benefits expense and compensation costs(p.339)
- • High dependence on DavosPharma as intermediary for US market access(p.335)
- • Dependence on overseas suppliers, particularly from PRC, with increased import reliance(p.339)
- • Share-based compensation expense creating profit margin pressure(p.347)
- • Significant litigation related to drugs and cosmetics regulatory violations(p.363)
- • Multiple unresolved regulatory compliance cases with tax authorities(p.364)
- • Outstanding tax disputes totaling substantial amounts(p.365)
- • Material creditors with overdue payments(p.367)
- • Directors facing criminal proceedings unrelated to company operations(p.365)
- • Dependence on Principal Shareholders and Key Employees(p.486)
- • Key employee concentration risk and non-compete restrictions on key personnel(p.468)
- • Founder lock-in restrictions limiting liquidity and control flexibility(p.471)
- • Significant borrowing limits and restrictions on financial leverage(p.489)
Opportunities
- • Capacity expansion underway: Unit II expansion (130 kL total, 54 kL completed) and Unit III (phased commissioning)(p.47)
- • Growing global CRDMO market with high fragmentation offering consolidation opportunities(p.62)
- • Successfully de-risked supply chain by commencing in-house production of key intermediate(p.51)
- • Strong revenue growth trajectory: 74.1% CAGR in revenue from operations (FY2023 to FY2025)(p.86)
- • Government PLI schemes promoting bulk drug manufacturing(p.142)
- • India positioned to benefit from China +1 supply chain diversification(p.142)
- • Growing global pharma market driven by chronic diseases and aging population(p.143)
- • Significant patent cliff opportunity worth USD 130 billion in developed markets(p.143)
- • Rising global R&D investments creating demand for outsourced services(p.143)
- • Global pharmaceutical market projected to grow at 6.4% CAGR through 2029 to reach $2,076 billion(p.192)
- • Indian CRDMO market expected to grow at 13.4% CAGR through 2029, outpacing global 9.1% growth rate(p.192)
- • Shift in pharma industry towards small molecules and biotech companies growing at 8.5% CAGR vs large pharma at 4.9%(p.192)
- • Biologics (large molecules) market growing faster at 8.9% CAGR vs small molecules at 5.0%, reaching $794.3 billion by 2029(p.145)
- • US BIOSECURE Act reducing demand for Chinese CDMOs and driving shift to India(p.192)
- • Increasing trend toward integrated CRDMO models as pharma companies seek one-stop-shop solutions(p.192)
- • GLP-1 market expanding to $126 billion by 2029 with patent expirations creating biosimilar opportunities(p.174)
- • ADC market rapidly growing at 27.6% CAGR (fastest among biologics technologies) from $13.3 billion in 2024(p.151)
- • Cell and Gene Therapy (CGT) market growing at 39.5% CAGR to reach $46.2 billion by 2029(p.152)
- • Peptide market growing at 20% CAGR with GLP-1 representing 93.7% of peptides market reaching $126 billion by 2029(p.152)
- • Expansion into fastest-growing modalities with high market potential(p.194)
- • Capitalize on emerging biotech market growth momentum(p.195)
- • GLP-1 peptide manufacturing opportunity post-patent expiry(p.209)
- • Biosimilars market expansion with cost advantages in India(p.201)
- • Growing demand for development and manufacturing services(p.200)
- • Specialty ingredients market expansion in high-barrier categories(p.201)
- • Planned capacity expansion to serve growing demand(p.201)
- • Integration of emerging green chemistry technologies(p.202)
- • Expansion capacity through ongoing capital work-in-progress of ₹2,968.81 million(p.272)
- • Strategic business diversification through subsidiary focused on biopharmaceutical solutions(p.242)
- • Investor backing through Viridity Tone LLP holding 7.97% equity stake(p.300)
- • Strong cash position of ₹3,161.42 million available for growth initiatives(p.298)
- • Expansion of manufacturing capacity with Unit III and Unit II expansion projects(p.333)
- • Growing market share of small pharmaceutical and emerging biotech companies at 8.5% CAGR(p.332)
- • Expected revenue growth from 5 commercialized molecules with 13.5% CAGR to 2029(p.336)
- • Pipeline of 145 Early Phase Projects and 16 Late Phase Projects with commercialization potential(p.336)
- • Opportunity to reduce import dependency through domestic supplier development(p.339)
- • Innovation in modalities and advanced technologies driving differentiation(p.329)
- • Green chemistry techniques enabling cost efficiencies and competitive advantage(p.330)
- • Path to public market listing and investor exit(p.478)
- • Strategic M&A and business expansion opportunities(p.489)
- • Further capital raise and funding flexibility(p.470)
- • Qualified Sale and alternative exit mechanisms(p.478)
Threats
- • Regulatory compliance risk: evolving standards and inspection requirements across multiple jurisdictions (USFDA, PMDA, ANVISA, TGA)(p.46)
- • Significant competition from large global CRDMOs with greater resources (Lonza, Catalent, Asymchem, Wuxi AppTec)(p.62)
- • Foreign exchange exposure: 83.44% of revenues from exports with unhedged receivables(p.49)
- • Manufacturing facility concentration risk: all three units located in Karnataka (Bangalore/Harohalli region)(p.61)
- • Dependency on overseas suppliers expanded to 48.41% of material costs, vulnerable to tariffs and geopolitical disruptions(p.51)
- • Seasonal business fluctuations with 31.05% of invoices in Q4 FY2024, creating quarterly volatility(p.60)
- • Exposure to U.S. and European regulatory policy changes affecting CRDMO demand (e.g., Inflation Reduction Act pricing controls)(p.67)
- • Customer concentration risk: top 10 customers account for significant portion of revenue and Top 10 customer audits increased from 3 (FY2023) to 5 (FY2025)(p.46)
- • Global pharmaceutical market dependent on aging population and chronic disease trends(p.143)
- • Innovator drugs market growth outpacing overall pharma market growth(p.143)
- • Increasing regulatory complexity and stringent compliance requirements across multiple jurisdictions(p.155)
- • Rising drug development costs and declining R&D success rates reducing profitability of pharma sponsors(p.155)
- • Global pharmaceutical market experiencing pricing pressures from both payors and governments(p.154)
- • Intense competition from over 1,000-1,500 global CROs and CDMOs creating pricing and margin pressure(p.175)
- • Reliance on skilled workforce with limited availability in emerging pharmaceutical talent markets(p.171)
- • Risk of excess production capacity and associated underutilization costs in CRDMO facilities(p.171)
- • Evolving and increasingly stringent ESG and sustainable manufacturing requirements(p.171)
- • Exposure to geopolitical risks including China-related trade restrictions and supply chain vulnerabilities(p.190)
- • Intense competitive pressure in fragmented CRDMO market(p.222)
- • Global supply chain disruptions from single-source overseas dependency(p.202)
- • Regulatory compliance and inspection risks across multiple jurisdictions(p.213)
- • Limited competition in biologics but complexity presents high entry barriers(p.194)
- • Seasonal revenue fluctuations impacting cash flow predictability(p.225)
- • Project development and commercialization failure risks(p.207)
- • Exposure to foreign exchange volatility with significant export revenue base(p.274)
- • Regulatory and compliance risks in pharmaceutical manufacturing and EOU scheme(p.277)
- • Dependency on specialized equipment and manufacturing capacity with significant CWIP(p.286)
- • Performance guarantee deposits of ₹131.53 million indicating contract obligations and performance risks(p.304)
- • Highly fragmented CRDMO market with over 1,000-1,500 global competitors(p.340)
- • Intense competition from competitors with greater financial and technical resources(p.340)
- • Pricing pressure from competitors offering lower production costs(p.340)
- • Customer loss risk if unable to maintain regulatory approvals or face inspection failures(p.338)
- • Regulatory and compliance costs increasing and risk of non-compliance(p.338)
- • Foreign exchange risk from significant USD revenues and INR cost base(p.341)
- • Inventory write-down risk from demand variations and excess capacity(p.338)
- • Seasonality risk with Q4 revenue concentration(p.356)
- • Regulatory risk from anti-bribery and anti-corruption compliance(p.484)
- • Regulatory and listing requirement compliance obligations(p.477)
- • Force majeure and material adverse change risk(p.482)
- • Litigation and regulatory investigation risk(p.483)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ajay Bhardwaj | Promoter | 42.53% | — |
| Ganesh Sambasivam | Promoter | 9.23% | — |
| K Ravindra Chandrappa | Promoter | 8.86% | — |
| Ishaan Bhardwaj | Promoter | 10.16% | — |
| Ajay Bhardwaj | Promoter | — | — |
| Ganesh Sambasivam | Promoter | — | — |
| K Ravindra Chandrappa | Promoter | — | — |
| Viridity Tone LLP | Promoter Group | — | — |
| Portsmouth LLC | Promoter Group/Shareholder | — | — |
| Ajay Bhardwaj | Promoter | 42.53% | — |
| Ishaan Bhardwaj | Promoter | 10.16% | — |
| Ganesh Sambasivam | Promoter | 9.23% | — |
| K Ravindra Chandrappa | Promoter | 8.86% | — |
| Ajay Bhardwaj | Founder/Promoter | — | — |
| True North (through Viridity Tone LLP) | Financial Investor/Shareholder | — | — |
| Portsmouth LLC | Shareholder (parent of DavosPharma sales partner) | — | — |
| Ajay Bhardwaj | Founder and Managing Director | — | — |
| K Ravindra Chandrappa | Co-founder and Chief Operating Officer | — | — |
| True North / Viridity Tone LLP | Financial Investor | — | — |
| Ajay Bhardwaj | Promoter | 42.53% | — |
| Ganesh Sambasivam | Promoter | 9.23% | — |
| K Ravindra Chandrappa | Promoter | 8.86% | — |
| Ishaan Bhardwaj | Promoter | 10.16% | — |
| Ajay Bhardwaj | Promoter/Managing Director | — | — |
| Ganesh Sambasivam | Selling Shareholder | — | — |
| K Ravindra Chandrappa | Selling Shareholder | — | — |
| Viridity Tone LLP | Selling Shareholder | — | — |
| Portsmouth Technologies LLC | Selling Shareholder | — | — |
| Malay J Barua | Selling Shareholder | — | — |
| Rupesh N Kinekar | Selling Shareholder | — | — |
| Satish Sharma | Selling Shareholder | — | — |
| Prakash Kariabettan | Selling Shareholder | — | — |
| K Ramakrishnan | Selling Shareholder | — | — |
Leadership
Ajay Bhardwaj · Chairman, Managing Director and Chief Executive Officer
Mohammed Gawir Baig · Chief Financial Officer
Divya Prasad · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Anthem Biosciences IPO FAQs
What is the lot size of Anthem Biosciences IPO?
The minimum lot size of Anthem Biosciences IPO is 26 shares. One lot costs ₹14,820 at the cut-off price.
When does Anthem Biosciences IPO open and close?
Anthem Biosciences IPO opened for subscription on 14 Jul 2025 and closed on 16 Jul 2025.
What is the listing date of Anthem Biosciences IPO?
Anthem Biosciences IPO listed on 21 Jul 2025.