Anthem Biosciences' stock jumps nearly 27% in market debut trade

New Delhi: Shares of Anthem Biosciences Ltd listed with a premium of nearly 27 per cent against the issue price of Rs 570 on Monday.

The company's stock started trading at Rs 723.10, surging 26.85 per cent from the issue price on the BSE. Later, it jumped 31 per cent to Rs 746.70.

At the NSE, the stock listed at Rs 723.05, rallying 26.85 per cent.

The company's market valuation stood at Rs 40,716.73 crore.

The Rs 3,395-crore initial public offer of Anthem Biosciences Ltd got subscribed 63.86 times on the closing day of bidding on Wednesday last week, driven by overwhelming participation from institutional buyers.

The initial share sale had a price band of 540-570 per share.

Since the IPO was entirely an Offer For Sale (OFS), the company will not receive any funds from the issue, and the proceeds will go to the selling shareholders.

Anthem is an innovation-driven and technology-focused Contract Research, Development and Manufacturing Organisation (CRDMO) with fully integrated operations spanning across drug discovery, development and manufacturing.

It also manufactures and sells complex, specialised fermentation-based Active Pharmaceutical Ingredients (APIs), including probiotics, enzymes, peptides, nutritional actives, vitamin analogues and biosimilars.