India's Anthem Biosciences' IPO Fully Subscribed on Day Two for $395 Million

India's Anthem Biosciences has fully subscribed its $395 million IPO on day two. Reliance Inc. is a diversified metal solutions provider with a metals service center in North America. It offers value-added metals processing services and distributes over 100,000 metal products to various industries, including general manufacturing, non-residential construction, transportation, aerospace, and energy. Reliance has a network of 315 locations in 40 states and 12 foreign countries.

Anthem Biosciences Limited, a contract research, development, and manufacturing organization (CRDMO) based in India, has successfully subscribed its $395 million initial public offering (IPO) on the second day of public subscription. The IPO, which is entirely an offer for sale (OFS), has received a strong response from investors, with the company aiming to raise ₹3,395 crore from the listing.

The IPO opened on July 15, 2025, and has been subscribed to around 77 per cent, receiving bids for 33.83 million equity shares compared to the issue size of 4.4 million shares [2]. The non-institutional investors (NIIs) subscribed about 1.66 times the quota reserved for them, while the retail investor portion was booked at 0.61 per cent. Qualified institutional buyers (QIBs) subscribed only 37 per cent of the quota.

Anthem Biosciences has a strong financial track record, with revenues of ₹1,844.55 crore and a profit after tax (PAT) of ₹451 crore for the year ended March 25, 2025. The company reported a net margin of 23.4 per cent and an earnings per share (EPS) of ₹8.04 [1]. The company's valuation is based on a post-issue price-to-earnings (P/E) multiple of 70.9x based on FY25 earnings [2].

The IPO is fairly priced, with a superior return and margin profile compared to its peers. Analysts at SBI Securities have given a 'Subscribe' rating to the IPO at the cut-off price for a long-term investment horizon [2]. The mainline issue will close for public subscription on Wednesday, July 16, and the basis of allotment of shares is likely to be finalised on Thursday, July 17. Anthem Biosciences IPO is proposed for listing on the BSE and the NSE on Monday, July 21 [2].

References:
[1] https://www.livemint.com/market/ipo/anthem-biosciences-ipo-day-1-live-gmp-subscription-status-review-other-details-buy-or-not-11752466429050.html
[2] https://www.business-standard.com/markets/news/anthem-biosciences-ipo-day-2-updates-subscription-lags-at-77-niis-lead-125071500265_1.html