Anthem Biosciences’ $395 million IPO fully subscribed on Day 2, as investors back India’s pharma role amid China shift.

• IPO bids total ₹26.38 billion, 1.05 times offer size; shares to list on July 21, per exchange data.
• Global pharma diversifying from China benefits Indian firms like Anthem, focused on early-stage research and APIs.
• Anchor investors include ADIA, Norges Bank, Societe Generale, HDFC MF, and ICICI AMC; the company itself sold no shares.