Overview
Subscription numbers for Anthem Biosciences’ initial public offering (IPO) peaked on the final day of bidding (July 16, 2025), and unofficial pre-listing trades show strong interest. The issue’s price range has been set at ₹540–570 per share. The IPO was oversubscribed approximately eight times in total up until 17:00 IST on Day 3, driven by robust bids from all investor categories.
Analysis of Trend
Day 1 (July 14): The issue was subscribed 0.39× by the end of Day 1, indicating some investor groups’ initial apprehension.
Day 2 (July 15): Due to differential institutional demand, the pace quickened, and overall bids crossed 3.48×, with NIIs leading the pack at 10.26× and retailing at 2.21×, while QIBs trailed at 0.62×.
Day 3 (July 16): The bidding frenzy hit an all-time high of 8× overall, indicating strong demand and high confidence in the company’s future.
Oversubscription: An issue is deemed oversubscribed if bids exceed the number of shares up for sale. An 8× figure means that there was eight times as much demand as there were shares available.
Premium (GMP) Grey Market Insights
The unofficial Grey Market Premium was ₹156 per share as of 9:30 AM on July 16, 2025. GMP provides a measure of expected listing profits by quantifying the premium at which stocks are trading in the “grey” or unofficial market before being formally listed. This GMP indicates an unlucky listing price of roughly ₹726, or a 27.4% premium, at the upper band price of ₹570.
Investors use the Grey Market Premium (GMP), which is the difference between the IPO issue price and the grey market listing price, as a rough indicator of listing performance.
Important Price Points
The benchmark level for estimating listing gains is the Upper Band (₹570).
₹570 + ₹156 GMP is the potential listing price (₹726).
The IPO price range is reflected in the break-even range (₹540–570); any grey market price above ₹570 denotes positive listing movement.
Speculative versus High-Probability Setups
High Probability:
Firm demand is supported by the subscription pattern (0.39× → 3.48× → 8×), which suggests likely strong listing day performance.
Short-term aftermarket confidence is demonstrated by GMP at ₹156.
Conjectural:
Short-term mood swings can squeeze GMP prior to listing, and grey market signals can be short-term volatile.
Support from institutions (QIB of 0.62× on Day 2) suggests that some institutional investors are still being cautious until performance after listing is evident.
Opportunities for Trading
Short-Listing Listing Trade: Depending on listing market conditions, positions included in the listing (provisionally July 21) may receive the ~27% GMP-implied gain if allotment receives shares.
Post-Listing Momentum: Monitor the opening trading patterns of the share. If it opens above ₹726 and maintains volume support, run-up traders may pursue further upside, but at a higher risk.
Forecasts of Time
Finalization of Allotment: Expected July 17–18, 2025.
Date of Listing: July 21, 2025, provisionally on the NSE and BSE.
Disclaimer: This information is provided solely for informational purposes and is not intended to be tax, legal, or financial advice. Before making any investment decisions, seek advice from an experienced expert.
