Indian CDMO Anthem Biosciences plans $397 million IPO

Bengaluru-based contract drugmaker Anthem Biosciences has filed for an initial public offering worth 33.95 billion rupees ($397 million), according to draft filings. 

The company’s move comes as India experiences a record-breaking year for public listings, fueled by robust investor interest in the pharmaceutical and biotech sectors.

Anthem has stated that it will not issue new shares in the offering. Instead, existing stakeholders, including private equity firm True North and drugmaker DavosPharma, will sell part of their holdings. True North acquired a minority stake in Anthem for $85 million in 2021.