Indian drugmaker Anthem Biosciences’ $395 million IPO fully subscribed on day two

Indian drugmaker Anthem Biosciences’ $395 million public listing was fully subscribed on the second day of bidding, as investors bet on the company’s growth prospects at a time when global big pharma are turning to India to limit their reliance on China.

The IPO received bids worth 26.38 billion rupees ($307 million), or 1.05 times the shares on offer as of 10:24 a.m. IST, exchange data showed on Tuesday.

The shares are likely to start trading on July 21.

Global drugmakers have been seeking to limit their reliance on Chinese contractors who produce drugs used in clinical trialsand early-stage manufacturing, a move that is benefiting rivals in India.

Anthem, which began operations in 2007 and has two manufacturing facilities in Bengaluru, offers early-stage drugdiscovery and drug efficacy testing. It also makes active pharmaceutical ingredients, the main component of a drug, as well as dietary supplements and probiotics.

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The drugmaker raised $118 million from anchor investors last week, including from Abu Dhabi Investment Authority, Norway’s Norges Bank and France’s Societe Generale, as well as domestic funds such as HDFC Mutual Fund and ICICI Prudential AMC.

Indian firms are expected to raise $2.4 billion through public issues in July, raising hopes of a sustained revival in primary offerings after demand was dented by the U.S. trade war and global geopolitical tensions earlier this year.

Private equity firm True North and drugmaker DavosPharma were among the investors who sold shares in the IPO. Anthem did not sell any shares.