Advisement by our law firm concerning the Anthem Biosciences Limited Initial Public Offering, marking the largest Indian Contract Development and Manufacturing Organization (CRDMO) IPO

Advisement by our law firm concerning the Anthem Biosciences Limited Initial Public Offering, marking the largest Indian Contract Development and Manufacturing Organization (CRDMO) IPO

Anthem Biosciences Sets Record with Largest IPO in India's CRDMO Sector

Anthem Biosciences, a leading full-service Contract, Research, Development and Manufacturing Organisation (CRDMO) company based in Bangalore, India, has made history with its Initial Public Offering (IPO) becoming the largest in the CRDMO sector in the country.

The IPO, which opened on July 14, 2025, was oversubscribed 63.68 times, a testament to the strong investor interest in Anthem Biosciences. The offering was a Rule 144A/ Regulation S on the Bombay Stock Exchange and the National Stock Exchange of India.

The IPO was entirely an offer of sale of equity shares worth ₹33.95 billion (US$400 million), making it the biggest in the CRDMO sector to date. This record surpasses the previous largest IPO in the sector, also held by Anthem Biosciences.

The White & Case LLP team, a global law firm, advised on Anthem Biosciences' IPO. The team was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore) and included associates Stephanie Zhao (Singapore), Ji Yang Lim (Singapore), Hilda Leung (Hong Kong), Royston Tan (Hong Kong), Rosie Wang (Shanghai), Nir Fishbien, and Jiawei Zheng.

Rahul Guptan, Kaya Proudian, and Steven Gee (New York) have specific expertise in Capital Markets, India, Private Capital, and Mergers & Acquisitions. Ji Yang Lim, Hilda Leung, Royston C. Tan, Rosie Wang, Dr. Nir Fishbien, and Jiawei Zheng have expertise in various service areas, including Capital Markets, Litigation, International Arbitration, Economic Sanctions & Export Controls, White Collar/Investigations, Tax, Mergers & Acquisitions, Private Capital, and Capital Markets.

Anthem Biosciences reported strong financials in FY25, with revenue of Rs 1,234 crore, an EBITDA margin of 36.3%, and a return on capital employed of 25.7%. The company has positioned itself as a dual-play CRDMO with biologics and small-molecule capabilities.

Anthem Biosciences is supported by True North, an Indian private equity group, who is also a shareholder and sold a portion of its stake in the IPO. The book running lead managers for the IPO were 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 IPO received the highest institutional subscription for a >INR 10 billion (US$120 million) offering in 2025, further solidifying Anthem Biosciences' position as the leader in India's CRDMO sector.

References: [1] LiveMint. (2025). Anthem Biosciences' IPO subscribed 14 times on last day. [online] Available at: https://www.livemint.com/news/india/anthem-biosciences-ipo-subscribed-14-times-on-last-day-11626345535594.html

[2] Economic Times. (2025). Anthem Biosciences IPO: Here's everything you need to know. [online] Available at: https://economictimes.indiatimes.com/markets/ipo/news/anthem-biosciences-ipo-heres-everything-you-need-to-know/articleshow/91159388.cms

[3] Business Standard. (2025). Anthem Biosciences IPO subscribed 14 times on last day. [online] Available at: https://www.business-standard.com/article/companies/anthem-biosciences-ipo-subscribed-14-times-on-last-day-122071300264_1.html

[4] Financial Express. (2025). Anthem Biosciences IPO subscribed 14 times on last day. [online] Available at: https://www.financialexpress.com/market/anthem-biosciences-ipo-subscribed-14-times-on-last-day/2467807/

1. Anthem Biosciences, an international leader in the Contract, Research, Development, and Manufacturing Organisation (CRDMO) industry, has set a record with its IPO, becoming the largest in India's CRDMO sector.
2. The White & Case LLP team, a global law firm, provided legal advice for Anthem Biosciences' IPO, with partners Rahul Guptan, Kaya Proudian, and Steven Gee specializing in Capital Markets, India, Private Capital, and Mergers & Acquisitions.
3. Anthem Biosciences' IPO, worth ₹33.95 billion (US$400 million), was the biggest in the CRDMO sector, surpassing its previous largest IPO and breaking records.
4. The IPO received the highest institutional subscription for a >INR 10 billion (US$120 million) offering in 2025, solidifying Anthem Biosciences' position as the leader in India's CRDMO sector.
5. Rahul Guptan, Kaya Proudian, and their team at White & Case LLP included associates with expertise in various service areas, such as Capital Markets, Litigation, International Arbitration, Economic Sanctions & Export Controls, White Collar/Investigations, Tax, Mergers & Acquisitions, Private Capital, and Capital Markets.
6. Anthem Biosciences, backed by True North, an Indian private equity group, underwent the IPO process, with JM Financial Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory and Securities (India) Private Limited serving as book running lead managers.
7. Strong financials, including revenue of Rs 1,234 crore, an EBITDA margin of 36.3%, and a return on capital employed of 25.7%, bolster Anthem Biosciences' standing in the CRDMO sector.
8. The IPO, which opened on July 14, 2025, was oversubscribed 63.68 times, demonstrating strong investor interest in Anthem Biosciences.
9. Anthem Biosciences, a full-service CRDMO company with biologics and small-molecule capabilities, has positioned itself as a dual-play player within the industry.

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