Anthem Biosciences Considers $400 Million IPO in India

(Bloomberg) -- Anthem Biosciences Pvt., a Bengaluru-based contract drug researcher and manufacturer, is considering an initial public offering in India that could raise about $400 million, according to people familiar with the matter. 

The company, in which Indian private equity firm True North bought a minority stake in 2021, could seek a valuation of as much as $3 billion to $4 billion in an IPO, the people said, asking not to be identified because the matter is private. Anthem Biosciences would issue new shares, while some of its existing investors may sell down as part of the offering, they said.

Anthem Biosciences is close to appointing advisers with the aim of listing in the fourth quarter this year or in early 2025, though details such as timing and size could change as considerations are preliminary, the people said. 

A representative for Anthem Biosciences declined to comment. A representative for True North confirmed that an IPO is being considered, but declined to give further details.

It’s been a strong year for IPOs in India, with about $4.8 billion raised so far, more than double the same period in 2023, according to data compiled by Bloomberg. A potential record-breaking listing could occur in September or October, with Hyundai Motor Co.’s Indian unit targeting a deal of as much as $3.5 billion, Bloomberg News has reported.     

Founded in 2007, Anthem Biosciences has two sites near Bengaluru in south India for research and manufacturing of drugs for pharmaceutical companies, its website shows. Its products ranges from dietary supplements and enzymes to probiotics and animal nutrition.

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