Anthem Biosciences IPO Fully Subscribed On Day Two, GMP Rises

The initial public offering of Anthem Biosciences Ltd. was fully subscribed on day two of the offer on Tuesday. The IPO drew bids for only 73% of the offer a day ago.

As of noon, the portion for non-institutional buyers, retail investors and employees was oversubscribed. Institutional investors are yet to pour in.

The price band for the IPO has been fixed at Rs 540 to Rs 570 per share of a face value of Rs 2 each. The IPO is a book-building issue of Rs 3,395 crore. The issue is entirely an offer for sale of 5.96 crore shares, from its promoters, investors and other selling shareholders.

Since this IPO is fully an OFS, the contract research, development and manufacturing company will not receive any funds, which will be directed to the selling shareholders.

• Issue opens: July 14.

• Issue closes: July 16.

• Issue price band: Rs 540 and Rs 570 per share.

• Lot size: 26 shares.

• Total issue size: Rs 3,395 crore.

• Type: Book-building issue.

• Tentative listing date: July 17.

The Anthem Biosciences IPO was subscribed 1.63 times as of 12:10 p.m. on Tuesday.

• Qualified institutional buyers: 0.39 times or 39%.

• Non-institutional buyers: 4.34 times.

• Retail investors: 1.2 times

• Portion reserved for employees: 1.61 times.

The grey market premium for Anthem Biosciences IPO rose from Rs 116 on Monday to Rs 123, as of 10:32 a.m., according to InvestorGain. That implies listing at a premium of 21.6% at an estimated price of Rs 693.

GMP or grey market price is not an official indicator and is based on market speculation.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisers and read red herring prospectus thoroughly before placing bids.