Trilegal, CAM, White & Case acts on Anthem Biosciences ₹3,395 crore IPO

Anthem Biosciences Limited has made an initial public offering of equity shares aggregating to ₹3,395 crore.

Trilegal represented Anthem Biosciences along with the promoter and other selling shareholders in the IPO.

The transaction team was led by Richa Choudhary (Partner) and supported by Counsel: Maitreya Rajurkar and Avanti Kale; Senior Associates: Sanya Chaudhari and Shivayana Balodia; and Associates: Anushri Maskara, Siddhant Mishra, and Anay Jain.

Cyril Amarchand Mangaldas advised the book running lead managers - JM Financial, Citigroup Global Markets India, J.P. Morgan India and Nomura Financial Advisory and Securities (India), on this IPO.

The transaction team was led by Reuben Chacko (Partner, Regional Co-head - Capital Markets - South), Vartika Jain (Partner), with assistance from Associates - Bhaskar Kumar, Dhruv Sharma, Prakhar Jain, Rakshitha V and Joe George.

White & Case served as international legal counsel for the BRLMs.

Anthem is an innovation-driven and technology-focused contract research, development and manufacturing organization (“CRDMO”) with fully integrated operations spanning across drug discovery, development and manufacturing. Anthem is also one of the youngest Indian CRDMO companies and the fastest Indian CRDMO to achieve a milestone of ₹10,000 million of revenue within 14 years of operations.

The IPO is a pure offer for sale, provides a partial exit to investors such True North and Daavos Chemical Corporation. The IPO was over-subscribed 63.86 times, recording the highest institutional subscription for a >₹1,000 crore IPO in 2025. Anthem listed with a strong debut, delivering a 27% premium on the bourses.

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