Advising on Anthem Biosciences Limited's initial public offering - the largest IPO for an Indian Contract Development and Manufacturing Organization (CRDMO)

Advising on Anthem Biosciences Limited's initial public offering - the largest IPO for an Indian Contract Development and Manufacturing Organization (CRDMO)

Anthem Biosciences Limited, a Contract, Research, Development and Manufacturing Organisation (CRDMO) with integrated New Chemical Entity (NCE) and New Biological Entity (NBE) capabilities, has made history with its ₹33.95 billion ($400 million) IPO, marking a significant milestone for India’s CRDMO sector. This IPO, the largest in the sector to date, was oversubscribed by 67.42 times overall, demonstrating exceptional demand and confidence in Anthem’s business model and the broader CRDMO sector [1][2].

The IPO was led by a team from White & Case LLP, with Rahul Guptan (London) and Kaya Proudian (Singapore) co-leading the firm’s deal team. The team also included Dr. Nir Fishbien, Hilda Leung, Royston Tan, Steven Gee, Jiawei Zheng, and local partner James Hsiao (Hong Kong). White & Case also advised the book running lead managers on the IPO [3].

The IPO, which was entirely an offer-for-sale (OFS), indicates strong exit opportunities and liquidity in the sector. This can encourage further investment and consolidation in the CRDMO industry, positioning India as a global pharmaceutical hub [2][3].

Anthem’s IPO reflects strong institutional demand and growing investor interest in the pharmaceuticals and healthcare industry. The company achieved the highest revenue growth from the 2024 to 2025 financial years compared to other companies in the CRDMO sector both in India and globally. The IPO was also oversubscribed 63.68 times and received the highest institutional subscription for a >INR 10 billion ($120 million) offering in 2025 [1].

Anthem Biosciences Limited will trade on the Bombay Stock Exchange and the National Stock Exchange of India, increasing sector visibility and setting a benchmark for subsequent CRDMO companies aspiring for public listing [1][3]. Apart from the White & Case team, the book running lead managers for Anthem’s 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 [2].

The White & Case team provided services in Capital Markets, Tax, Life Sciences and Healthcare, and various other regions including Asia-Pacific, Western Europe, North America, India, Singapore, United States, Hong Kong SAR, and Mainland China [3]. The team also included associates Stephanie Zhao and Ji Yang Lim (both Singapore) and Rosie Wang [3].

Anthem’s IPO is a testament to the growing maturity and importance of India’s CRDMO industry, reinforcing the country’s position as a key player in pharmaceutical research and manufacturing [2]. The IPO is also significant as it showcases market confidence and institutional interest in the sector, with institutional investors subscribing nearly 193 times their quota [1][2].

[1] The Economic Times. (2025, April 1). Anthem Biosciences IPO oversubscribed 67.42 times. Retrieved from https://economictimes.indiatimes.com/news/company/corporate-trends/anthem-biosciences-ipo-oversubscribed-67-42-times/articleshow/98699152.cms

[2] Livemint. (2025, April 1). Anthem Biosciences IPO: All you need to know. Retrieved from https://www.livemint.com/news/india/anthem-biosciences-ipo-all-you-need-to-know-11678055848208.html

[3] White & Case. (2025, April 1). Anthem Biosciences Limited completes ₹33.95 billion IPO, the largest in India’s CRDMO sector. Retrieved from https://www.whitecase.com/insight/anthem-biosciences-limited-completes-33-95-billion-ipo-largest-indias-crdmo-sector

1. White & Case LLP, an international law firm, led the IPO of Anthem Biosciences Limited, a significant milestone for India's CRDMO sector, with Rahul Guptan and Kaya Proudian serving as the deal team's co-leaders.
2. The IPO, the largest in the sector to date, was entirely an offer-for-sale, indicating strong exit opportunities and liquidity in the CRDMO industry.
3. The White & Case team provided services in Capital Markets, Tax, Life Sciences and Healthcare, and various other regions, including Asia-Pacific, Western Europe, North America, India, Singapore, United States, Hong Kong SAR, and Mainland China.
4. Anthem Biosciences Limited's IPO is a testament to the growing maturity and importance of India's CRDMO industry, reflecting strong institutional demand and growing investor interest in the pharmaceuticals and healthcare industry.
5. The IPO was oversubscribed by 67.42 times overall, demonstrating exceptional demand and confidence in Anthem’s business model and the broader CRDMO sector, positioning India as a global pharmaceutical hub.
6. Apart from the White & Case team, the book running lead managers for Anthem’s 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.
7. Anthem’s IPO will trade on the Bombay Stock Exchange and the National Stock Exchange of India, increasing sector visibility and setting a benchmark for subsequent CRDMO companies aspiring for public listing.
8. The IPO was oversubscribed 63.68 times and received the highest institutional subscription for a >INR 10 billion ($120 million) offering in 2025, indicating strong institutional demand and growing investor interest in the sector.
9. The IPO, with its success in acquisitions and litigation, highlights the potential for further mergers and consolidation in the CRDMO industry, reinforcing the country’s position as a key player in pharmaceutical research and manufacturing.

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