Anthem Biosciences Ltd Files DRHP with SEBI

Anthem Biosciences Limited, a Bengaluru-based Contract Research, Development, and Manufacturing Organization (CRDMO), has filed a Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering (IPO). The ₹3,395 crore offering consists entirely of an Offer for Sale (OFS) by existing shareholders, with no new shares being issued. The company plans to list its equity shares on both the BSE and NSE.

Shareholders Selling Stakes

Several promoters and investors will offload their shares as part of the OFS:

• Viridity Tone LLP (₹1,325 crore)
• Ganesh Sambasivam and K Ravindra Chandrappa (₹350 crore each)
• Portsmouth Technologies LLC, Malay J. Barua, Rupesh N. Kinekar, and Satish Sharma (₹320 crore each)
• Prakash Kariabettan (₹80 crore)
• K Ramakrishnan (₹10 crore)

IPO Management

The IPO is managed by JM Financial, Citigroup Global Markets India, J.P. Morgan India, and Nomura Financial Advisory. KFin Technologies Limited is the registrar. This offering positions Anthem Biosciences as an entrant to the public market, showing the growing demand for CRDMO services.

Business Model and Services

Incorporated in 2006, Anthem Biosciences provides CRDMO services throughout the lifecycle of New Chemical Entities (NCEs) and New Biological Entities (NBEs). The company is into drug discovery, efficacy testing, and advanced manufacturing processes like enzymatic processes, flow chemistry, biocatalysis, and fermentation. It also produces fermentation-based active pharmaceutical ingredients (APIs), including probiotics, enzymes, peptides, and vitamin analogues.

Manufacturing Capacity

The company operates two facilities in Karnataka, with a combined annual capacity of 270 kL for custom synthesis and 142 kL for fermentation. A third facility in Harohalli is under construction and expected to be operational by mid-2025.

Financial Performance

For FY24, Anthem Biosciences reported revenue of ₹1,419 crore, a 34.3% increase from ₹1,056 crore in FY23. However, its profit after tax (PAT) dipped to ₹365 crore in FY24 from ₹385 crore in FY23.

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