Anthem Biosciences IPO day 2 Live: GMP, subscription status, review, other details. Buy or not?

The initial public offering (IPO) of Anthem Biosciences Limited has commenced today, marking its debut on the Indian primary market. The three-day book-build issue, open from 14 July to 16 July 2025, offers shares in a price band of ₹540 to ₹570 per equity share. With plans to raise ₹3,395 crore entirely through an offer-for-sale (OFS), the IPO is set for listing on both the BSE and NSE. Ahead of the subscription opening, the company's shares are already trading at a premium of ₹118 in the grey market, signaling strong investor interest.

Subscription Status and Demand

By the end of Day 2, the IPO was subscribed 3.29 times, with varying levels of interest across investor categories. The retail portion saw 2.08× booking, while non-institutional investors (NIIs) showed robust demand at 9.72×. However, qualified institutional buyers (QIBs) were relatively cautious, subscribing just 0.59× of their allotted quota.

Critical IPO Details

Price Band: ₹540–570 per share

Lot Size: 26 shares per lot

Allotment Date: Expected by 17 July 2025

Listing Date: Tentatively scheduled for 21 July 2025

Registrar: KFin Technologies Ltd

Lead Managers: JM Financial, Citigroup Global Markets, JP Morgan India, and Nomura Financial Advisors

Expert Opinion: Should You Invest?

Arun Kejriwal of Kejriwal Research and Investment Services recommends subscribing, highlighting Anthem Biosciences' strong position as a Contract Research, Development, and Manufacturing Organization (CRDMO). The firm reported ₹1,844.55 crore in revenue and ₹451 crore in PAT for FY25, with healthy net margins of 23.4%. Despite a high P/E ratio of 67.16–70.90×, the fact that promoters retain 52% ownership without offloading shares in this OFS adds credibility.