Mumbai: Anthem Biosciences, a company that researches and manufactures drugs for other companies, has chosen JM Financial as the main banker for its initial public offering (IPO). Citi and JP Morgan will also serve as bankers, according to sources familiar with the matter.
The IPO of the Bengaluru-based startup will involve a mix of new share issues and offers for sale from current investors. It is expected to raise about Rs 3,300 crore (approximately $400 million).
The IPO is planned to launch by the end of this year or early next year, pending regulatory approval, according to one of the sources.
Anthem Biosciences, JM Financial, Citi, and JP Morgan did not respond to queries from ET by press time on Friday.
Founded by former Biocon executive Ajay Bharadwaj, Anthem Biosciences provides integrated pharmaceutical services, including drug discovery, development, and manufacturing, to global pharmaceutical and biotechnology companies. It competes with Biocon’s Syngene International and Hyderabad-based GVK Bio.
In March 2021, True North acquired about an 8% stake in Anthem Biosciences for around $85 million, valuing the company at about $1 billion. Anthem Biosciences reported a turnover of Rs 1,057 crore for the financial year ending in March 2023, with a net profit of Rs 385 crore. The company operates two manufacturing facilities near Bengaluru, in Bommasandra and Harohalli.
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