Anthem Biosciences Ltd IPOANTHEM

The IPO opens on 14 Jul 2025 & closes on 16 Jul 2025.

Anthem Biosciences Limited was originally incorporated as 'Anthem Biosciences Private Limited', dated June 13, 2006, issued by RoC. Subsequently, Company was converted from a Private Company to a Public Company , followed by the change in name of the Company to 'Anthem Biosciences Limited' and a Certificate of Incorporation was issued by RoC on December 10, 2024. The Company has been set up as a Life sciences/ Biotechnology based venture specialising in the manufacture of catalytic preparation, other organic compounds such as speciality organic molecules, biologically active peptides etc., which are high-value products used in drug, agrochemical and speciality chemicals industries. The Company started operations at Unit I and set up a Custom Synthesis Plant with a capacity of 6 KL in year 2007. It commenced discovery biology services with a fermentation capacity of 2 KL in 2008. It expanded the Custom Synthesis Plant at Unit I increasing its capacity from 6 KL to 24 KL in 2010. It set up a high potent lab at Unit I - Bommasandra Facility in 2016. The Company was merged with Anthem Cellutions (India) Private Limited by acquiring 100% of its share capital in November, 2017. It set up a flow chemistry lab scale and solid phase peptide synthesis GMP lab with a capacity of 6 KL at Unit 1. It commenced operations of the Company at Unit II and set up an automated GMP compliant custom synthesis plant with a capacity of 128 KL and a fermentation plant with a capacity of 80 KL in 2018-19. In year 2020, Company started operations to biological unit 2 earmarked for a specific client. It expanded the custom synthesis plant set up at Unit II increasing its capacity to 246 KL. In FY 2024, Company set up a wholly owned subsidiary Neoanthem Lifesciences Private Limited and commenced operations at Unit III for development in projects. Company launched the initial public offering of 59,575,319 equity shares of face value of Rs 2 each by raising funds through offer for sale aggregating to Rs 3395 Crore in July, 2025. The Company expanded the fermentation capacity to 140 KL at the Unit II in 2025.

Anthem Biosciences Ltd IPO will close on 16 Jul 2025.

<ul><li>The Company offers comprehensive one-stop service capabilities across the drug life cycle (drug discovery, development and manufacturing) for both small molecules and biologics and it is the fastest growing Indian CRDMO.</li><li>Its innovation-focused approach has enabled it to offer a spectrum of technologically advanced solutions across modalities and manufacturing practices.</li><li>Wide specialty ingredients portfolio, well positioned to capitalize on the large market opportunity for niche specialty ingredients such as GLP-1, fermentation-based products,</li><li>Fully built-out automated manufacturing infrastructure with a consistent regulatory compliance track record.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Ajay Bhardwaj</td> <td>238869615</td> <td>42.53</td> <td>238869615</td> <td>42.53</td> </tr> <tr> <td>2</td> <td>Ganesh Sambasivam</td> <td>51811812</td> <td>9.23</td> <td>45671461</td> <td>8.13</td> </tr> <tr> <td>3</td> <td>K Ravindra Chandrappa</td> <td>49788634</td> <td>8.86</td> <td>43648283</td> <td>7.77</td> </tr> <tr> <td>4</td> <td>Ishaan Bhardwaj</td> <td>57048680</td> <td>10.16</td> <td>57048680</td> <td>10.16</td> </tr> <tr> <td>5</td> <td>Krithika Ganesh</td> <td>8557302</td> <td>1.52</td> <td>8557302</td> <td>1.52</td> </tr> <tr> <td>6</td> <td>Aruna Ganesh</td> <td>8557302</td> <td>1.52</td> <td>8557302</td> <td>1.52</td> </tr> <tr> <td>7</td> <td>S Vijayalakshmi</td> <td>5704868</td> <td>1.02</td> <td>5704868</td> <td>1.02</td> </tr> <tr> <td>8</td> <td>Swara Trust</td> <td>5704868</td> <td>1.02</td> <td>5704868</td> <td>1.02</td> </tr> <tr> <td>9</td> <td>Keerthi Trust</td> <td>5704868</td> <td>1.02</td> <td>5704868</td> <td>1.02</td> </tr> </tbody> </table>

<ul><li>Its business depends on the demand for the company CRDMO services, which contributed to 81.65% of its revenue from operations in Fiscal 2025. Any adverse impact on its CRDMO customers' business or the industries in which they operate may have a material adverse effect on the company business.</li><li>Developmental and commercial manufacturing contributed to 70.78% of its revenue from operations and 71.90% of the company total number of Projects in Fiscal 2025. Its business may be adversely affected by a failures in early phase developmental Projects or a failures to develop or manufacture commercially viable drugs, including for reasons that are not within its control.</li><li>Its financial performance is dependent on the success of the molecules the company manufacture, and its revenue from operations decreased in Fiscal 2023 compared to Fiscal 2022, partly attributable to the failures of a phase III molecule and withdrawal of a commercialized molecule. Accordingly, any unfavorable developments affecting these molecules' success rates, including failures to obtain the required regulatory approvals or withdrawal of commercialized molecules, may have an adverse impact on its business, financial condition, results of operations and prospects.</li><li>The company is subject to rapid advancements in technology which requires continuous investments. Its may not be successful in developing new technologies and improving its existing technologies to maintain the company competitive position. Any such failures to develop technologies may have a material and adverse impact on its business, financial condition and results of operations.</li><li>The company is subject to extensive government regulations, and if its fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required to operate the company business, results of operations and cash flows may be adversely affected.</li><li>The company depends on certain key customers for a significant portion of its revenues (its top 5 and top 10 customers contributed to 70.92% and 77.33%, respectively, of its revenue from operations in Fiscal 2025). Any inability to retain the company key customers or decrease in revenues from any of its key customers could negatively affect the company business and results of operations.</li><li>The company is dependent on its arrangements with DavosPharma, the affiliate of one of its Shareholders and also a Selling Shareholder, for the company business and marketing activities in the United States.</li><li>The company faces the risk of losing manufacturing revenue from services supplied to innovator pharmaceutical companies after the expiry of their patent protection period, which may lead to the availability of alternative formulations at a lower cost.</li><li>The company is highly dependent on its skilled workforce, in particular its R&D team, for the company day-to-day operations. The loss of, or its inability to attract or retain such persons may lead to knowledge loss and have a material adverse effect on the company business performance.</li><li>The Offer Price of its Equity Shares, the company price-to-earnings ratio, its enterprise value to EBITDA ratio and the company market capitalisation to total revenue from operations ratio may not be indicative of the trading price of its Equity Shares upon listing on the Stock Exchanges subsequent to the Offer and, as a result, you may lose a significant part or all of your investment.</li><li>The company is subject to stringent regulatory requirements for the development and manufacturing of pharmaceutical products imposed by regulatory authorities in India and internationally, including the USFDA, ANVISA, TGA and PMDA, which are constantly evolving, and any failures to comply with these requirements may adversely affect the company business, financial condition, results of operations and cash flows.</li><li>Its manufacturing units are subject to periodic inspections and audits by regulatory authorities and customers and any inability to obtain the required approvals in a timely manner or at all could have an adverse effect on the company business, results of operations, financial condition and cash flows.</li><li>The company has certain contingent liabilities and commitments, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.</li><li>The company operations are significantly dependent on its manufacturing facilities, comprising Unit I in Bommassandra and Unit II in Harohalli, which are in full operation and Unit III in Harohalli which is under construction as of the date of this Red Herring Prospectus. Any disruption, breakdown or shutdown of its research and development and manufacturing facilities may have a material adverse effect on the company business, financial condition, results of operations and cash flows.</li><li>The company conduct business internationally and are exposed to foreign currency fluctuation risks, particularly in relation to the translation of its financial statements and the company borrowings, which may adversely affect its results of operations, financial condition and cash flows.</li><li>As 89.65% of its revenue from R&D services under the company CRDMO services are derived from contracts based on the fee-for-service ("FFS") model in Fiscal 2025, which are contingent on successful completion of deliverable units, its may not recover some or all of the company costs or receive service fees.</li><li>The company depends on suppliers for its key raw materials (the company procurement from top 10 suppliers contributed to 34.43% of total expenses in Fiscal 2025), and any inability to retain its key suppliers could have an adverse impact on the company business.</li><li>The company is dependent on overseas suppliers, and its procurement from overseas suppliers increased from 24.60% of its total cost of materials procured in Fiscal 2024 to 48.41% of our total cost of materials procured in Fiscal 2025 primarily due to the company reliance on a single-source overseas supplier in the PRC. Any price increases or interruptions of such supply from overseas sources may adversely affect its business, financial condition, results of operations and prospects.</li><li>The Selling Shareholders, including its Promoters, will receive the entire proceeds from the Offer for Sale. The company will not receive or benefit from any proceeds from the Offer for Sale portion.</li><li>The company conduct animal testing in a small portion of its preclinical trials, which can result in adverse publicity and other issues, including potential disruption to the company facilities as a result of protests against animal testing.</li><li>One of its shareholders, Viridity Tone LLP, has transferred 1,171,120, Equity Shares, 878,340 Equity Shares, and 878,340 Equity Shares, respectively, to the company Promoters, Ajay Bhardwaj, Ganesh Sambasivam, K Ravindra Chandrappa, respectively, which has resulted in an increase in the pre-Offer shareholding of the Promoters. The said transfers will result in a gain of Rs[?] million at the upper end of the price band to the aforesaid Promoters.</li><li>Underutilization of its manufacturing capacities and an inability to accurately forecast demand for the company services and augment its manufacturing capacity could have an adverse effect on the company business, future prospects and future financial performance.</li><li>The company operates in a hazardous industry and are subject to physical and chemical hazards as its R&D and manufacturing processes and materials are highly flammable and hazardous which may adversely affect the company business, results of operations and financial condition.</li><li>The company depends on third-party transportation providers for the transportation of its raw materials and finished products.</li><li>Its Promoters and Promoter Group will continue to retain a majority shareholding in the Company after the Offer, which will allow them to exercise significant influence over it.</li><li>Pricing pressures from customers may affect its ability to maintain or increase the company specialty ingredients product prices and, in turn, its revenue from product sales, gross margin and profitability, which may adversely affect the company business, financial condition and results of operations.</li><li>Its inability to successfully implement the company business plan and growth strategy could have an adverse effect on its business, results of operations, financial condition and cash flows.</li><li>The company has high working capital requirements and have incurred significant capital expenditure and increasing net working capital during the last three Fiscals. Its may require substantial financing for the company business operations and planned capital expenditure, including for the expansion of its facilities, and the failures to obtain additional financing on terms commercially acceptable to it or at all may have an adverse effect on the company business, results of operations, financial condition and cash flows.</li><li>Certain of its investments may be subject to market risk and the company has not made any provisions for a potential decline of the value of such investments.</li><li>If the company is unable to patent new processes and protect its proprietary information or other intellectual property, the company business may be adversely affected.</li><li>The company relies on advanced information and communication systems to run its operations and any data security breaches or failures to safeguard the trade secrets, sensitive information and other business information of its customers and partners may have an adverse effect on the company business.</li><li>The company is subject to the risk of loss due to fire, accidents and other natural calamities which may result in manufacturing interruptions or delays that could affect its ability to meet customer demand and adversely affect its business, financial condition and results of operations.</li><li>If the company is inadvertently infringe on the patents, proprietary technology or other intellectual property rights of others, its may be subjected to legal disputes and the company business and reputation may be adversely affected.</li><li>Its failures to maintain optimum inventory levels could adversely affect the company business, financial condition, results of operation and cash flow.</li><li>Its CRDMO business is subject to seasonality, which may result in seasonal fluctuations in operating results and cash flows.</li><li>Its existing and proposed manufacturing facilities are all located in the state of Karnataka and the company is exposed to risks originating from economic, regulatory, political and other changes in this region, including natural disasters, which could adversely affect its business, results of operations and financial condition.</li><li>The Company is involved in certain legal proceedings. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business, financial condition, results of operations and cash flows.</li><li>The company faces significant competitive pressures in its business from other CRDMO and specialty ingredients manufacturers which may affect its pricing and profitability. The company inability to compete effectively would be detrimental to its business and prospects for future growth. </li><li>Its reputation is key to our success and any negative publicity may adversely affect the company business, financial condition and results of operation and prospects.</li><li>Any failures to comply with quality standards may subject us to contamination risks during the manufacturing process which impacts product integrity and lead to product recalls and other product liability risks that could have a material adverse effect on its results of operations and financial condition.</li><li>The company is dependent on its Key Managerial Personnel and the company Senior Management for its business. The loss of or its inability to attract or retain such persons could have a material adverse effect on the company business performance.</li><li>Its financing agreements contain covenants that limit the company flexibility in operating its business. If the company is not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, its lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on its business and financial condition.</li><li>A downgrade of its existing credit ratings could adversely affect the company cost of financing or ability to incur additional indebtedness, which may have a material adverse effect on its business, financial condition, results of operations, cash flows and prospects.</li><li>The company has significant power and fuel requirements and any disruption to power sources could increase its production costs and adversely affect the company results of operations and cash flows.</li><li>The company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments or other defaults by customers may adversely affect its business, results of operations and cash flows.</li><li>The company enter into, and will continue to enter into, related party transactions which may potentially involve conflicts of interest.</li><li>Its Subsidiary has incurred losses in the past and may continue to do so in the future, which may adversely impact the company business and the value of the Equity Shares.</li><li>Reforms in the healthcare industry in India and other countries which we operate in, and the uncertainty associated with pharmaceutical pricing and reimbursement could adversely affect the pricing and demand for its products.</li><li>Its insurance coverage may not be adequate to protect it against all potential losses, which may have a material adverse effect on the company business, financial condition, cash flows and results of operations.</li><li>The company depends on certain licensing arrangements in respect of certain intellectual property rights owned by or licensed to it by the company customers, and any inability to continue with such arrangements may adversely affect its ability to business, financial condition, results of operations and prospects.</li><li>Health epidemics, such as the COVID-19 pandemic, had and could in the future have a material and adverse impact on its business and operations, and the markets in which the company and its customers are present in.</li><li>If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, its financial risks. Despite the company internal control systems, its may be exposed to operational risks, including fraud, petty theft and embezzlement, which may adversely affect the company reputation, business, financial condition, results of operations and cash flows.</li><li>Failures or disruption of its information technology systems may adversely affect the company business, financial condition, results of operations, cash flows and prospects.</li><li>Its inability to safeguard the trade secrets, sensitive information and other business information of the company customers and partners may have an adverse effect on its business.</li><li>Improper storage, processing and handling of its raw materials, work products and products could damage the company inventories and, as a result, have an adverse effect on our business, results of operations and cash flows.</li><li>Its operations could be adversely affected by strikes or increased wage demands by its employees or any other kind of disputes with the company's employees.</li><li>The company relies on contract labor for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on its results of operations, cash flows and financial condition.</li><li>Its Unit III and proposed Unit IV facilities and part of the company Unit II facility are located on leased premises. There can be no assurance that such lease agreements will be renewed upon termination or that the company will be able to obtain other premises on lease on the same or similar commercial terms.</li><li>The company is currently entitled to certain tax benefits. These tax benefits are available for a definite period of time, which, on expiry or if withdrawn prematurely, may adversely affect its business, financial condition, results of operations, cash flows and prospects.</li><li>The company has commissioned an industry report from Frost & Sullivan (India) Private Limited, which has been used for industry related data in this Red Herring Prospectus.</li><li>The company has presented certain Non-GAAP Measures of its performance and liquidity which are not prepared under or required under Ind AS.</li><li>Information relating to historical installed capacity and estimated capacity utilization of its manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and the company future production and capacity utilization may vary. Underutilization of its manufacturing capacity and an inability to effectively utilize the company manufacturing facilities may have an adverse effect on its business and future financial performance.</li><li>Its ability to pay dividends in the future will depends on the company future cash flows, working capital requirements, capital expenditures and financial condition.</li></ul>

The Issue type of Anthem Biosciences Ltd is Book Building.

The minimum application for shares of Anthem Biosciences Ltd is 26.

The total shares issue of Anthem Biosciences Ltd is 59561404.

Initial public offering of 59,575,319 equity shares of face value of Rs.2 each ("Equity Shares") of Anthem Biosciences Limited ("Company" or "Issuer") for cash at a price of Rs.570 per equity share (including a share premium of Rs.568 per equity share) ("Offer Price") aggregating to Rs. 3395.00 crores (the "Offer") through an offer for sale aggregating to Rs. 3395.00 crores comprising 6,141,785 equity shares of face value of Rs.2 each by Ganesh Sambasivam aggregating to Rs. 350.00 crores, 6,141,785 equity shares of face value of Rs.2 each by K Ravindra Chandrappa, aggregating to Rs. 350.00 crores and 23,251,045 equity shares of face value of Rs.2 each by Viridity Tone llp, aggregating to Rs. 1325.00 crores and 5,615,347 equity shares of face value of Rs.2 each by Portsmouth Technologies llc, aggregating to Rs. 320.00 crores and 5,615,347 equity shares of face value of Rs.2 each by Malay J Barua, aggregating to Rs. 320.00 crores and 5,615,347 equity shares of face value of Rs.2 each by Rupesh N Kinekar, aggregating to Rs. 320.00 crores and 5,615,347 equity shares of face value of Rs.2 each by Satish Sharma, aggregating to Rs. 320.00 crores and 1,403,837 equity shares of face value of Rs.2 each by Prakash Kariabettan, aggregating to Rs. 80.00 crores and 175,479 equity shares of face value of Rs.2 each by K Ramakrishnan, aggregating to Rs. 10.00 crores (collectively, "Selling Shareholders" and such offer for sale of equity shares by the selling shareholders, the "Offer for Sale"). The offer constitutes 10.61 % of the post-offer paid up equity share capital of the company. The offer included a reservation of 158,653 equity shares of face value of Rs.2 each, aggregating to Rs. 8.25 crores (constituting 0.03% of the post-offer paid-up equity share capital) for subscription by eligible employees ("Employee Reservation Portion"). The company, in consultation with the brlms offered a discount of Rs. 50.00 of the offer price to eligible employees bidding in the employee reservation portion ("Employee Discount"), subject to necessary approvals as may be required. The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer constitutes 10.61% and 10.58% of the post-offer paid-up equity share capital of the company, respectively. The face value of the equity shares is Rs.2 each. The offer price is 285 times the face value of the equity shares.