CL
Curis Lifesciences
Book Building issueSMENSE₹27.52 Cr issue
+14.14%
Listing gain over issue price
Issue size
₹27.52 Cr
1 lot at cut-off
₹1,28,000
Lot size
1,000shares
Open
07 Nov 2025
Close
11 Nov 2025
Allotment
12 Nov 2025
Listing
14 Nov 2025
Listing performance
Issue price
₹128
Listed at
₹146.10
Listing-day close
₹141
Latest price
₹99.40
Listing gain
+14.14%
Return since listing
-22.34%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹9
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 14 Nov 2025 | ₹9 | +7.03% | ₹6,800 | ₹137 | ₹9,000 |
| 13 Nov 2025 | ₹9 | +7.03% | ₹6,800 | ₹137 | ₹9,000 |
| 12 Nov 2025 | ₹9 | +7.03% | ₹6,800 | ₹137 | ₹9,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 07 Nov 2025 – 11 Nov 2025
- Listing date
- 14 Nov 2025
- Face value
- ₹10 per share
- Issue price
- ₹128 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹27.52 Cr
- Market cap at offer price
- ₹103 Cr
- Promoter holding
- 92.68% → 68.03% pre-issue → post-issue
- ISIN
- INE1BZN01016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Finaax Capital Advisors Private Limited
- Registered office
- PF-23, GIDC Sanand-II, Industrial Estate, Sanand, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 6,09,000 | — | — |
| Market maker | 1,08,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹128
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,28,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,56,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,96,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,24,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
6,09,000
Anchor portion
₹7.80 Cr
at ₹128 per share
Valuation and performance
Valuation at offer price
₹128 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.29 | 10.66 |
| P/E (×) | 12.44 | 12.01 |
| Price to book (×) | 12.64 | — |
| Market cap | — | ₹103 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 37.62%
- ROCE
- 27.83%
- Debt / equity
- 0.96
- PAT margin
- 12.43%
- EBITDA margin
- 19.41%
- NAV per share
- ₹27.34
- Price to book
- 12.64
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Curis Lifesciences
Curis Lifesciences Limited, incorporated in 2016 and converted to public limited company status in 2024, is a pharmaceutical manufacturer based in Ahmedabad, Gujarat. Originally formed as M/s Loreto Pharmaceuticals partnership firm in 2010, the company was converted to private limited status in 2016 before becoming public. The company operates through three primary business verticals: (1) Loan License manufacturing where clients provide raw materials and formulations; (2) Contract Manufacturing for merchant exporters and domestic suppliers where the company procures materials and handles manufacturing; and (3) Direct Export/Own Brand Manufacturing in Yemen and Kenya. The company manufactures a wide range of pharmaceutical products including tablets, capsules, external preparations, oral liquids, and sterile ophthalmic ointments. It operates a manufacturing facility on leasehold basis in Sanand, Ahmedabad, Gujarat, and serves customers across domestic states (Gujarat, Maharashtra, Madhya Pradesh, Telangana) and international markets. The company generated revenue of ₹1,950.39 lakhs for the period ended July 31, 2025, and ₹4,913.24 lakhs for FY 2025.
Company Analysis
from RHPCuris Lifesciences Limited is a pharmaceutical manufacturer specializing in tablets, capsules, external preparations, oral liquids, and sterile ophthalmic ointments, operating through loan license manufacturing, contract manufacturing, and direct export across domestic and global markets.
Curis Lifesciences Limited, incorporated in 2016 and converted to public limited company status in 2024, is a pharmaceutical manufacturer based in Ahmedabad, Gujarat. Originally formed as M/s Loreto Pharmaceuticals partnership firm in 2010, the company was converted to private limited status in 2016 before becoming public. The company operates through three primary business verticals: (1) Loan License manufacturing where clients provide raw materials and formulations; (2) Contract Manufacturing for merchant exporters and domestic suppliers where the company procures materials and handles manufacturing; and (3) Direct Export/Own Brand Manufacturing in Yemen and Kenya. The company manufactures a wide range of pharmaceutical products including tablets, capsules, external preparations, oral liquids, and sterile ophthalmic ointments. It operates a manufacturing facility on leasehold basis in Sanand, Ahmedabad, Gujarat, and serves customers across domestic states (Gujarat, Maharashtra, Madhya Pradesh, Telangana) and international markets. The company generated revenue of ₹1,950.39 lakhs for the period ended July 31, 2025, and ₹4,913.24 lakhs for FY 2025.
Pharmaceutical ManufacturingGeneric MedicinesContract ManufacturingPharmaceutical Exports
Objects of the Issue
- Capital Expenditure towards Upgradation/Improvement of existing Manufacturing Facilities ₹244.27 lakhs p.21
- Capital Expenditure towards Construction of a Storage Facility ₹361.99 lakhs p.21
- Pre-payment/Repayment of outstanding Secured Loans ₹186.45 lakhs p.21
- Product Registrations in other countries ₹269.30 lakhs p.21
- Funding Working Capital Requirements ₹1,125.00 lakhs p.21
- General Corporate Purposes p.21
- Capital Expenditure towards Upgradation/Improvement of our existing Manufacturing Facilities ₹244.27 Lakhs p.94
- Capital Expenditure towards Construction of a Storage Facility ₹361.99 Lakhs p.94
- Pre-payment/Repayment of outstanding Secured Loans ₹186.45 Lakhs p.94
- Product Registrations in other countries ₹269.30 Lakhs (approximately 3,05,000 USD) p.94
- Funding our Working Capital Requirements ₹1,125.00 Lakhs p.94
- General Corporate Purposes [●] Lakhs (not exceeding 15% or ₹1,000 Lakhs, whichever is lower) p.94
- Not specified in this part of the document
- Not specified in this document part p.313
Issue Structure
- Total Issue
- 21,50,000 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- 21,50,000 Equity Shares of ₹10/- each aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- Price Band of a minimum price (Floor Price) of ₹[●]/- and the maximum price (Cap Price) of ₹[●]/-
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company operates three distinct business models: (1) Loan License manufacturing where customers provide raw materials, excipients, formulations and supporting documents, and the company performs manufacturing as job work under customer observation; (2) Contract Manufacturing where the company procures all raw materials, packaging materials and formulations but customers provide brand names and product composition, with customers responsible for marketing and distribution; (3) Direct Export/Own Brand Manufacturing where the company manufactures products registered in its own name and sells through its distribution network, handling all sourcing, manufacturing, marketing and distribution responsibilities.
Business Segments
Company carries out manufacturing under Loan License arrangement where all raw materials and excipients are procured and delivered by the client. The client provides necessary supporting documents and formulations. Company performs manufacturing activities as job work on behalf of the loan licensing company under observation of a chemist representing the customer. Customers for this segment are domestic.
Company carries out manufacturing under Contract Manufacturing arrangement where the company is responsible for procuring and handling all ingredients, raw materials, and packaging materials. Company procures/provides all necessary supporting documents and formulations required under manufacturing process. However, client is responsible for providing brand name and product composition. All marketing and distribution responsibilities rest with the client. Customers can be merchant exporters.
Company carries out manufacturing under Contract Manufacturing arrangement where the company is responsible for procuring and handling all ingredients, raw materials, and packaging materials. Company procures/provides all necessary supporting documents and formulations. Client provides brand name and product composition. All marketing and distribution responsibilities rest with client. Customers are domestic suppliers.
Company manufactures products registered by itself in foreign countries and sells the said products in foreign countries through its distribution network. All ingredients, including raw materials and packaging materials, are purchased and handled by company. Company is responsible for all marketing and distribution activities. The brand name and product composition is owned by company only. Currently engaged in direct export under own brands in two countries: Republic of Yemen and Kenya.
Manufacturing of tablet pharmaceutical products
Manufacturing of capsule pharmaceutical products
Manufacturing of external pharmaceutical preparations including creams, gels, and ointments
Manufacturing of oral liquid pharmaceutical products
Manufacturing of sterile ophthalmic ointment pharmaceutical products
Manufacturing under loan license arrangement where all raw materials, excipients, supporting documents and formulations are provided by the client. The company performs manufacturing activities as job work on behalf of the loan licensing company.
Manufacturing where the company procures all ingredients, raw materials, and packaging materials. Merchant exporters purchase finished products and export to foreign markets. Products have been sold by merchant exporters in Rwanda, Myanmar, Kenya, Uzbekistan, Malawi, United Kingdom, Venezuela, Nigeria, Sierra Leone, and other countries.
Manufacturing for domestic suppliers who purchase finished products and sell within India. Company handles all procurement of raw materials, ingredients, and packaging materials, with marketing and distribution responsibilities resting with the client.
Manufacturing products registered by the company under its own brand names and selling directly to foreign markets through distribution networks. Company handles procurement of all materials, marketing, and distribution. Currently operating in Republic of Yemen and Kenya.
Manufacturing of tablet formulations for various therapeutic uses including analgesic, anti-diabetic, anti-hypertensive, anti-bacterial, anti-fungal, and other therapeutic categories. As of the date of this Red Herring Prospectus, company has 943 approved products (745 under License G/25/2225 and 198 under License G/28/1632). Manufacturing capacity of 138 crore tablets per year.
Manufacturing of capsule formulations with gelatin or similar substance shell. Used for delivering medication with various therapeutic applications. Manufacturing capacity of 15.75 crore capsules per year.
Manufacturing of creams, gels, and ointments applied directly to skin or other external surfaces. Used for treating skin infections, rashes, inflammatory conditions, and other external ailments. Manufacturing capacity of 270 tons per year.
Manufacturing of syrups and suspensions intended to be taken by mouth. Beneficial for individuals who have difficulty swallowing solid dosage forms. Used for gastrointestinal issues, parasitic infections, and other conditions. Manufacturing capacity of 1080 kilolitres per year.
Manufacturing of sterile ointments specifically formulated for use in the eyes to treat or manage various eye infections. Generally used in regions where patients need long exposure time for medication. Stays longer than eye drops. Manufacturing capacity of 45 tons per year.
Manufacturing of oral liquid pharmaceutical products
Manufacturing of external pharmaceutical preparations including creams, gels, and ointments
Manufacturing of sterile ophthalmic ointments
Manufacturing of oral pharmaceutical tablets
Manufacturing of pharmaceutical capsules
Manufacturing of oral tablets for pharmaceutical use
Manufacturing of pharmaceutical capsules
Manufacturing of creams, gels, and ointments for external application
Manufacturing of liquid formulations for oral consumption
Manufacturing of sterile ointments for ophthalmic (eye) use
Company operates in the pharmaceuticals sector
SWOT Analysis
Strengths
- • Established pharmaceutical manufacturing with WHO-GMP certification and regulatory approvals(p.29)
- • Diversified revenue model across loan license, contract manufacturing, and direct export(p.19)
- • Strong revenue growth trajectory(p.48)
- • Presence in international markets with direct exports(p.19)
- • Established manufacturing facility with pharma credentials and GIDC allotment(p.52)
- • Significant production capacity headroom across multiple dosage forms(p.99)
- • Growing revenue trajectory with improving profitability(p.64)
- • Diversified product portfolio across multiple dosage forms and export markets(p.107)
- • Demonstrated export capability with merchant exports and direct exports established(p.106)
- • Experienced promoters with 13-15+ years pharmaceutical industry expertise(p.171)
- • Comprehensive product portfolio of 943 approved products across multiple therapeutic areas(p.171)
- • WHO-GMP accredited manufacturing facility with international regulatory registrations(p.171)
- • Strategic location in GIDC Sanand industrial estate with strong infrastructure(p.171)
- • Substantial installed production capacity across multiple dosage forms(p.171)
- • Strong customer relationships with established merchant exporter networks(p.172)
- • Comprehensive equipment and manufacturing capacity across multiple pharmaceutical forms(p.211)
- • International regulatory approvals and WHO-GMP certification(p.211)
- • Diversified business model across multiple manufacturing arrangements(p.211)
- • Strong promoter experience in pharmaceutical manufacturing(p.211)
- • Established manufacturing capacity with diverse product portfolio and WHO-GMP certification(p.277)
- • Experienced promoters with deep pharma sector expertise driving company growth(p.277)
- • Diversified customer base spanning 100+ customers with global reach(p.277)
- • Significant profitability improvement with PAT increasing 25.46% in FY 2024-25(p.282)
- • Strong debt service coverage ratio of 14.00 indicating robust debt repayment capacity(p.278)
- • Compliant with SME Exchange eligibility criteria with positive net worth(p.302)
- • Meets minimum operating profit thresholds for SME listing(p.302)
- • Strong positive net worth trajectory(p.303)
- • Three-year operational track record established(p.302)
- • No material regulatory or disciplinary actions recorded(p.303)
- • No default history on financial obligations(p.304)
Weaknesses
- • Heavy dependence on top customers for majority of revenue(p.37)
- • Concentration in limited geographic regions(p.39)
- • Frequent delays in loan installment payments(p.31)
- • Non-payment of statutory dues including professional tax(p.40)
- • Single manufacturing facility location creating operational risk(p.29)
- • Dependence on limited number of suppliers(p.38)
- • Ongoing litigation and contingent liabilities(p.24)
- • Certain promoter group members have not filed Income Tax Returns(p.50)
- • Majority of board directors lack prior public company experience(p.52)
- • Significant outstanding debt burden with variable interest exposure(p.53)
- • History of late debt repayment across multiple loan accounts(p.104)
- • Inadequate current storage infrastructure constraining order fulfillment(p.100)
- • Contingent liabilities related to Employee Provident Fund disputes(p.53)
- • Secured debt with personal guarantees from promoters and directors(p.53)
- • High dependence on merchant exporters and distributors for market access(p.172)
- • Low brand awareness in markets(p.172)
- • Challenges in adapting to rapidly changing market trends(p.172)
- • High concentration of revenue with top 1 customer (47.79% for July 2025 period)(p.170)
- • Significant supplier concentration with top 1 supplier accounting for 49.75% of purchases(p.170)
- • Significant debt burden relative to company size(p.195)
- • Heavy reliance on a small customer base for contract manufacturing(p.211)
- • High skilled employee attrition rate in prior periods(p.192)
- • Concentration of manufacturing facility at single location(p.211)
- • High dependence on limited number of customers for significant revenue portion(p.279)
- • Plant concentrated in single location (Sanand, Ahmedabad) with potential operational risk(p.277)
- • Low current inventory turnover ratio of 0.22 indicating inefficient inventory management(p.278)
- • Outstanding EPF/pension fund dues of ₹20.52 lakhs in dispute under appeal(p.250)
- • No dividend paid in last three years limiting shareholder returns(p.238)
- • Negative Free Cash Flow to Equity in recent periods(p.303)
- • Negative operating cash flow in latest fiscal year(p.303)
- • Significant net borrowings affecting cash position(p.303)
- • Post-issue paid-up capital constraint limiting growth(p.302)
Opportunities
- • Indian pharmaceutical industry expected strong growth(p.19)
- • Expansion of international market presence(p.40)
- • Capacity expansion through IPO proceeds(p.21)
- • Product registration expansion in new countries(p.21)
- • Diversification into contract manufacturing for domestic suppliers(p.39)
- • Capacity expansion through automation of testing and packaging processes(p.97)
- • Significant revenue uplift from storage facility expansion enabling larger orders(p.100)
- • Geographic market expansion through product registrations in Kenya and DRC(p.106)
- • Improved financial leverage and reduced interest burden post debt repayment(p.102)
- • Expected 20% productivity increase from manufacturing facility upgradation(p.97)
- • Expand global presence by registering products in new international markets(p.172)
- • Capitalize on rising demand for new pharmaceutical products across segments(p.172)
- • Leverage manufacturing and marketing skills to build stronger customer relationships(p.172)
- • Establish local partnerships or distributors in key markets with specific regulatory requirements(p.172)
- • Growing Indian pharmaceutical market expected to reach US$130 billion by 2030(p.129)
- • Expanding domestic pharmaceutical market with 6-8% CAGR during FY18-FY23(p.129)
- • Growing international pharmaceutical export market(p.211)
- • Expansion of own brand direct export operations(p.211)
- • Customer acquisition through targeted geographical expansion(p.193)
- • Increasing pharmaceutical product demand in domestic and international markets(p.211)
- • Significant capacity utilization headroom with tablets at 56.65% and capsules at only 20.44%(p.280)
- • Growing pharma manufacturing sector with 34+ countries receiving company exports(p.276)
- • Contract manufacturing for merchant exporters segment expanding with 15 customers(p.277)
- • Capacity expansion potential to capture growing pharmaceutical demand through multiple manufacturing verticals(p.277)
- • Improved profitability margins with EBITDA margin at 21.72% providing investment capacity(p.278)
- • Potential migration to Main Board upon meeting criteria(p.320)
- • Access to public capital markets and investor base(p.322)
- • Three-year guaranteed market making support on Emerge platform(p.321)
- • Expansion capital to support business growth(p.313)
Threats
- • Regulatory approval delays or denials affecting operations(p.29)
- • Raw material price volatility and supply disruptions(p.29)
- • Intense price competition from competitors(p.45)
- • Exposure to foreign exchange fluctuations(p.50)
- • Heavy reliance on third-party transportation(p.51)
- • Industry cyclicality and economic downturns(p.15)
- • Political and regulatory changes in India(p.15)
- • Loss of key export markets(p.40)
- • Manufacturing hazards from use of hazardous and flammable chemicals(p.52)
- • Dependence on state electricity and GIDC water supply creating operational risk(p.52)
- • Product commercialization and market acceptance risks(p.52)
- • Risk of technology obsolescence requiring substantial capital investment(p.54)
- • Regulatory compliance costs from environmental and labor laws(p.53)
- • Global economic and geopolitical factors affecting international operations(p.56)
- • Indian economy slowdown risk given domestic revenue concentration(p.57)
- • Infectious disease outbreaks impacting operations and supply chains(p.56)
- • Intense competition from established pharmaceutical manufacturers in India and abroad(p.172)
- • Regulatory changes affecting product registrations and manufacturing standards across markets(p.172)
- • Customer concentration risk with top 1 customer representing 47.79% of revenue(p.170)
- • Supplier concentration risk with top 1 supplier accounting for 49.75% of purchases(p.170)
- • Global economic uncertainty impacting international pharmaceutical demand(p.125)
- • Price regulation by government through Drugs (Prices Control) Order(p.198)
- • Stringent regulatory compliance requirements under Drugs and Cosmetics Act(p.197)
- • Vulnerability to raw material supply chain disruptions(p.191)
- • Pharmaceutical industry competition and margin pressure(p.193)
- • Capacity utilization below optimal levels across product lines(p.188)
- • Regulatory compliance risk with ongoing criminal drug quality cases including alleged non-standard quality products(p.288)
- • Intense competition in pharmaceutical manufacturing sector affecting pricing power(p.279)
- • Industry cyclicality and general economic conditions impacting demand(p.279)
- • Dependence on policy changes and regulatory compliance in pharmaceutical sector(p.279)
- • Foreign exchange volatility affecting export operations in global markets(p.285)
- • Dependence on meeting minimum allottee threshold for issue success(p.315)
- • Requirement to obtain listing and trading approval from stock exchange(p.316)
- • Potential delay in refund in case of subscription failure(p.318)
- • Restrictions on foreign investor participation(p.319)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dharmesh Dasharathbhai Patel | Promoter | 10,72,500 shares (18.07%) | 10,72,500 shares (13.27%) |
| Siddhant Jayantibhai Pawasia | Promoter | 15,40,000 shares (25.95%) | 15,40,000 shares (19.05%) |
| Piyush Gordhanbhai Antala | Promoter | 12,65,000 shares (21.32%) | 12,65,000 shares (15.65%) |
| Jaimik Mansukhlal Patel | Promoter | 8,80,000 shares (14.83%) | 8,80,000 shares (10.89%) |
| Mansukhbhai Patel | Promoter Group | 1,65,000 shares (2.78%) | 1,65,000 shares (2.04%) |
| Jayantibhai Pawasia | Promoter Group | 5,50,000 shares (9.27%) | 5,50,000 shares (6.80%) |
| Tushar Salia | Promoter Group | 27,500 shares (0.46%) | 27,500 shares (0.34%) |
| Dharmesh Dasharathbhai Patel | Promoter | 18.07% | 13.27% |
| Siddhant Jayantibhai Pawasia | Promoter | 25.95% | 19.05% |
| Piyush Gordhanbhai Antala | Promoter | 21.32% | 15.65% |
| Jaimik Mansukhlal Patel | Promoter | 14.83% | 10.89% |
| Mansukhbhai Gokaldas Patel | Promoter Group | 2.78% | 2.04% |
| Jayantibhai Pawasia | Promoter Group | 9.27% | 6.80% |
| Tushar Salia | Promoter Group | 0.46% | 0.34% |
| Dharmesh Dasharathbhai Patel | Promoter | — | — |
| Piyush Gordhanbhai Antala | Promoter | — | — |
| Siddhant Jayantibhai Pawasia | Promoter | — | — |
| Jaimik Mansukhbhai Patel | Promoter | — | — |
| Mr. Dharmesh Dasharathbhai Patel | Promoter | 18.07% | — |
| Mr. Piyush Gordhanbhai Antala | Promoter | 21.32% | — |
| Mr. Jaimik Mansukhlal Patel | Promoter | 14.83% | — |
| Mr. Siddhant Jayantibhai Pawasia | Promoter | 25.95% | — |
| Dharmesh Dasharathbhai Patel | Promoter | 20.00% | 18.11% |
| Siddhant Jayantibhai Pawasia | Promoter | 28.00% | 25.95% |
| Piyush Gordhanbhai Antala | Promoter | 23.00% | 21.32% |
| Jaimik Mansukhbhai Patel | Promoter | 16.00% | 14.83% |
| Not explicitly named in this section | Promoter | — | — |
Leadership
Dharmesh Dasharathbhai Patel · Chairman and Managing Director
Piyush Gordhanbhai Antala · Whole-time Director
Jaimik Mansukhlal Patel · Whole-time Director
Siddhant Jayantibhai Pawasia · Non-Executive Director
Chand Rameshbhai Kanabar · Independent Director
Grishma A Shewale · Independent Director
Dhruvi Shyam Kapadia · Independent Director
Pragnesh Radheshyam Sharma · Chief Financial Officer
Nikhil Purohit · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.