Subscribe for Anthem Biosciences Ltd IPO; Deven Choksey

IPO

Deven Choksey, Anthem Biosciences Ltd

Anthem Biosciences Limited, headquartered in Bangalore, Karnataka was founded in 2006 by Ajay Bhardwaj, Ganesh Sambasivam, and K. Ravindra Chandrappa. The company operates as an innovation-driven and fully integrated Contract Research, Development, and Manufacturing Organization (CRDMO), providing end-to-end services across the drug development lifecycle for both small molecules and biologics. It generates revenue from the manufacture and sale of specialty ingredients. Anthem serves a global clientele that includes emerging biotech firms and large pharmaceutical companies across the pharmaceutical, biotechnology, specialty chemicals, and agrochemical sectors. As of March 31, 2025, Anthem employed 2,062 people. Among its employees, 1,015 are scientific staff, including 35 PhDs and over 1,100 Master’s degree holders, with 592 personnel dedicated to R&D activities.

Valuation and Outlook

Anthem Bioscience’s initial issue is priced at 47.4x TTM EV/EBITDA compared to peer average of 42.7x TTM EV/EVITDA. Even though, the issue seems to be priced higher than the peer average, we believe it demands a premium led by stronger growth, industry leading margins, steady profitability and deep capability to produce complex products. We assign a “SUBSCRIBE” rating to the issue.

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