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Anthem Biosciences files DRHP for Rs. 3,395 crore IPO

Our Bureau, Bengaluru
Thursday, January 2, 2025, 10:30 Hrs  [IST]

Anthem Biosciences Limited, an innovation-driven and technology-focused contract research, development and manufacturing organization (CRDMO) with fully integrated operations spanning across drug discovery, development and manufacturing has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise funds through an initial public offering (IPO).
 
Ajay Bhardwajm, chairman, MD & CEO, Ishaan Bhardwaj, vice president, Ganesh Sambasivam, executive director, and K Ravindra Chandrappa, executive director, are the promoters of the company.
 
The IPO of the Bengaluru based company comprises an offer for sale (OFS) of equity shares aggregating up to Rs. 3,395 crore by the selling shareholders.
 
The OFS comprises of equity shares aggregating up to Rs. 350 crore are held each by Ganesh Sambasivam and K Ravindra Chandrappa who are the promoter selling shareholders. The equity shares aggregating up to Rs. 1,325 crore by Viridity Tone LLP and up to Rs. 320 crore by Portsmouth Technologies LLC are the investor selling shareholders. Equity shares aggregating up to Rs. 320 crore are held each by Malay J Barua, Rupesh N Kinekar, Satish Sharma, up to Rs. 80 crore by Prakash Kariabettan and up to Rs. 10 crore by K Ramakrishnan who are the other selling shareholders.
 
The company which was incorporated in 2006, has two operational manufacturing facilities in India, Unit I at Bommassandra and Unit II at Harohalli, both in Karnataka, with an aggregate annual custom synthesis capacity and fermentation capacity of 270 kL and 142 kL, respectively, as of September 30, 2024. The third manufacturing facility which is  Unit III in Harohalli is under construction and is expected to be fully operational in the first half of 2025.
 
The Bengaluru-based Anthem’s business comprises of CRDMO services and the manufacture and sale of specialty ingredients. It offers a comprehensive, integrated and highly customizable range of CRDMO services across the new chemical entity (NCE) and new biological entity (NBE) lifecycles. It has a strong presence across various modalities, such as RNAi, ADC, peptides, lipids and oligonucleotides, and manufacturing techniques, such as flow chemistry, enzymatic processes, biocatalysis and fermentation, offering a broad range of technology capabilities for drug development.
 
It also manufactures and sells complex specialized fermentation-based active pharmaceutical ingredients (APIs), including probiotics, enzymes, peptides, nutritional actives, vitamin analogues and biosimilars. Its revenue from operations increased by 34.3% to Rs. 1,419 crore in fiscal 2024 from Rs. 1,056 crore in fiscal 2023. The PAT for the year ended March 31, 2024 was Rs. 367 crore.
 
Sai Life Sciences Limited, Syngene International Limited, Suven Life Sciences Limited and Divi’s Laboratories Limited are the listed peers of Anthem Biosciences as per its DRHP.
 
The Book Running Lead Managers to the offer are JM Financial Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited. The equity shares are proposed to be listed on BSE and NSE.

 

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