Anthem Advances with Largest Indian CRDMO IPO
Deal News | Aug 01, 2025 | White & Case LLP
Global law firm White & Case LLP assisted the book running lead managers for the US$400 million IPO of Anthem Biosciences Limited, marking the largest IPO in India's Contract Research, Development, and Manufacturing Organisation (CRDMO) sector. The IPO, conducted under Rule 144A/ Regulation S, saw a share sale of $33.95 billion on the Bombay and National Stock Exchanges of India, with unprecedented demand—oversubscribed 63.68 times—indicating significant institutional investment interest. Notably, Anthem has excelled in integrated New Chemical and Biological Entity capabilities, achieving robust revenue growth. True North, a private equity group, also divested a part of its stake through this IPO. White & Case LLP's team included esteemed partners operating globally across London, Singapore, New York, Hong Kong, and Shanghai.
Sectors
- Pharmaceuticals & Healthcare
- Legal Services
- Private Equity
Geography
- India – The IPO took place in India, specifically on the Bombay and National Stock Exchanges, marking it as a significant financial event within the country.
- Global – The involvement of international offices of White & Case LLP illustrates the global nature of the legal advisory process in the IPO.
Industry
- Pharmaceuticals & Healthcare – The article focuses on Anthem Biosciences, a company within the Contract Research, Development, and Manufacturing Organisation sector, signifying its role in the pharmaceutical and healthcare industries.
- Legal Services – White & Case LLP, a legal advisory firm, played a critical role by advising on the IPO deal, demonstrating the legal sector's involvement.
- Private Equity – True North, an Indian private equity firm, is mentioned as a stakeholder in Anthem Biosciences, showing the influence and participation of private equity in this transaction.
Financials
- 33.95 billion (US$400 million) – The total size of Anthem Biosciences' IPO.
- 63.68 times – Level of oversubscription for the equity shares offered in the IPO.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Anthem Biosciences Limited | Target Company | Company | A leading CRDMO in India with capabilities in NCE and NBE across drug discovery, development, and manufacturing. |
| White & Case LLP | Legal Advisor | Company | A global law firm that advised on the IPO. |
| True North | Selling Company | Company | An Indian private equity group that sold a portion of its stake in Anthem Biosciences through the IPO. |
| JM Financial Limited | Book Running Lead Manager | Company | Financial advisory firm involved in managing the IPO process. |
| Citigroup Global Markets India Private Limited | Book Running Lead Manager | Company | Financial institution serving as a lead manager for the IPO. |
| J.P. Morgan India Private Limited | Book Running Lead Manager | Company | Financial services firm acting as a lead manager for the IPO. |
| Nomura Financial Advisory and Securities (India) Private Limited | Book Running Lead Manager | Company | Financial advisory company involved in the IPO management. |