White & Case advises on Anthem Biosciences Limited IPO – largest Indian CRDMO IPO

Global law firm White & Case LLP has advised the book running lead managers on the ₹33.95 billion (US$400 million) Rule 144A/ Regulation S Initial Public Offering (IPO) of Anthem Biosciences Limited (Anthem) on the Bombay Stock Exchange and the National Stock Exchange of India.

"Anthem's IPO currently stands as the largest IPO in India's Contract, Research, Development and Manufacturing Organisation (CRDMO) sector to date," said White & Case partner Rahul Guptan, who co-led the Firm's deal team. "The deal also reflects strong institutional demand and growing investor interest in this segment of the pharmaceuticals and healthcare industry."

The offering, which comprised entirely of an offer of sale of equity shares worth ₹33.95 billion, was oversubscribed 63.68 times and received the highest institutional subscription for a >INR 10 billion (US$120 million) offering in 2025.

The book running lead managers were JM Financial Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited.

Anthem is a CRDMO and one of the few companies in India with integrated New Chemical Entity (NCE) and New Biological Entity (NBE) capabilities across drug discovery, development and manufacturing. It achieved several industry-leading metrics, including the highest revenue growth from the 2024 to 2025 financial years compared in the CRDMO sector both in India and globally. Anthem is supported by True North, an Indian private equity group and one of its shareholders, who also sold a portion of its stake in the IPO.

The White & Case team which advised on the transaction was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore) and included partner Steven Gee (New York), local partner James Hsiao (Hong Kong) and associates Stephanie Zhao, Ji Yang Lim (both Singapore), Hilda Leung, Royston Tan (both Hong Kong), Rosie Wang (Shanghai), Nir Fishbien and Jiawei Zheng (both New York).

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