Shares of Anthem Biosciences rose approximately 4% on November 28, hitting an intraday high of ₹651 before closing at ₹636. The stock is currently 14% above its IPO price of ₹570, but remains nearly 10% below its listing price of ₹723.05.

The rally came after Nomura initiated coverage on the stock with a ‘Buy’ rating and a target price of ₹740, implying an upside potential of around 18% from the previous close.

Nomura highlighted that Anthem is well-positioned to benefit from opportunities in the CRDMO (Contract Research, Development & Manufacturing Organisation) segment. The brokerage expects sales growth of 14–22% and earnings growth of 21–27% over FY26–28. While revenue growth may slow in the near term due to a high base, steady growth in base products, new launches, and capacity expansion is expected to accelerate performance in FY27–28.

The brokerage also praised Anthem’s stable leadership, low employee attrition, and industry-leading margins, noting that its broad customer base and “fee-for-service” model provide a competitive edge over peers. Nomura projects that Anthem can sustain 17% growth from 2024 to 2029, outpacing the industry’s 13% growth rate.

Share Price History: Anthem Biosciences made a strong debut on July 21, listing at ₹723.05, nearly 27% above its IPO price of ₹570. The IPO, valued at ₹3,395 crore, was heavily subscribed, nearly 64 times, reflecting strong investor interest.