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Anthem IPO: Do valuations justify growth outlook?

July 12, 2025

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Mint Mumbai

Strong growth momentum Anthem leads in revenue growth...

- Mayur Bhalerao

Anthem Biosciences, an innovation-led contract research, development, and manufacturing organization (CRDMO), is set to launch its ₹3,395-crore initial public offering (IPO) on Monday.

The offer-for-sale (OFS), priced between ₹540 and ₹570 per share, marks a key milestone for the company, which has demonstrated strong revenue growth, international expansion, and improving profitability over the past three years.

Having executed over 8,000 drug development projects for more than 675 clients across 44 countries, Anthem has built a solid position in the new chemical entity (NCE) and new biological entity (NBE) segments.

The company's services cater to over 550 pharmaceutical and biotech clients, primarily in the US, Europe, and Japan. Its core CRDMO segment contributes 81.7% of total revenue, with the rest coming from specialty ingredients.

However, valuation concerns, higher inventory levels, and declining research and development (R&D) intensity may temper enthusiasm. The company's strong growth trajectory is evident, but will investors look past these risks?

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