Trilegal advised on Anthem Biosciences’ ₹ 33.95 billion IPO
Trilegal advised on the initial public offering of equity shares by Anthem Biosciences Limited (“Anthem”) aggregating to ₹ 33.95 billion (“IPO”).
Trilegal represented Anthem together with its promoter and other selling shareholders in this landmark IPO.
Recognised as an innovation-led and technology-driven contract research, development and manufacturing organization (CRDMO), Anthem operates fully integrated facilities covering the entire spectrum of drug discovery, development and manufacturing. Notably, Anthem is among India’s youngest CRDMO companies and holds the distinction of being the fastest in the segment to reach ₹10,000 million in revenue within just 14 years of operations. Through this pure offer for sale, investors such as True North and Daavos Chemical Corporation secured a partial exit.
The IPO witnessed strong demand, being oversubscribed 63.86 times and marking the highest institutional subscription for a >₹1,000 crore IPO in 2025. Anthem’s listing was equally robust, delivering a 27% premium on debut.
The syndicate of book running lead managers comprised 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 Trilegal team advising on the matter was led by Richa Choudhary (Partner), with support from Maitreya Rajurkar (Counsel), Avanti Kale (Counsel), Sanya Chaudhari (Senior Associate), Shivayana Balodia (Senior Associate), Anushri Maskara (Associate), Siddhant Mishra (Associate) and Anay Jain (Associate).
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