The Curis Lifesciences Initial Public Offering (IPO) is set to open on November 7, 2025, and will conclude on November 11, 2025. This Book Built Issue aims to raise approximately ₹27.52 crores. The entire amount is a fresh issue component, with the Offer For Sale (OFS) portion being zero equity shares (represented by the bracketed information in the original text), all having a face value of ₹10 per share. The price band for the IPO is fixed between ₹120 and ₹128 per share. Investors should note the reservation structure: Qualified Institutional Buyers (QIB) have a quota of 50%, Non-Institutional Investors (HNI) are allocated 15%, and the Retail Investors share is 35%. The shares are scheduled for allotment on November 12, 2025, with the listing expected on the NSE on November 14, 2025.
Curis Lifesciences demonstrates a compelling growth trajectory, making a strong case for long-term investors. The company’s financial performance for the fiscal year 2025 showed significant improvement. Revenue climbed to ₹49.65 crores, a substantial increase from ₹35.87 crores reported in 2024. This top-line growth translated effectively to the bottom line, with Profit After Tax (PAT) rising to ₹6.11 crores in 2025 compared to ₹4.87 crores in the previous year. This consistent increase in both revenue and profitability highlights the company’s robust operational efficiency and scaling business model. Such positive financial trends are crucial indicators for potential IPO investors.
Table of contents
- Curis Lifesciences IPO Date & Price Band Details
- Curis Lifesciences IPO Market Lot
- Curis Lifesciences IPO Reservation
- Curis Lifesciences IPO Anchor Investors
- Curis Lifesciences IPO Allotment & Listing Dates
- Curis Lifesciences IPO: Promoters and Holding Pattern
- Objects of the Issue & Utilisation of proceeds – Curis Lifesciences IPO
- Curis Lifesciences IPO Company Financial Report
- Curis Lifesciences IPO Valuation – FY2025
- Curis Lifesciences IPO Peer Group Comparison
- Curis Lifesciences Company Overview, Key Points, Strengths, and Risks
- Curis Lifesciences IPO: Key Investment Highlights (Pros)
- Curis Lifesciences IPO: Key Investment Risks (Cons)
- IPO Lead Managers aka Merchant Bankers
- Curis Lifesciences IPO Registrar
- Curis Lifesciences Company Address
- FAQs about Curis Lifesciences IPO
Curis Lifesciences IPO Date & Price Band Details
The Curis Lifesciences IPO opens for subscription from November 7 to November 11, 2025. This Book Built Issue on the NSE SME platform has a fresh issue size of approximately ₹27.52 Crores, with no Offer For Sale component. The IPO Price Band is fixed between ₹120 to ₹128 per equity share, with a Face Value of ₹10. This offering provides a significant avenue for investors targeting the pharmaceutical contract manufacturing segment.
| IPO Details | Details |
|---|---|
| IPO Open Date | November 7, 2025 |
| IPO Close Date | November 11, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹120 to ₹128 Per Share |
| Issue Size | Approx ₹27.52 Crores |
| Fresh Issue | Approx ₹27.52 Crores |
| Issue Type | Book Built Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
Curis Lifesciences IPO Market Lot
Retail investors must apply for a fixed Lot Size of 2,000 Shares (2 lots), totaling a minimum and maximum investment of ₹2,56,000. High Net-worth Individuals (HNI) have a minimum application of 3,000 Shares (₹3,84,000 – S-HNI) up to a maximum of 8,000 Shares (₹10,24,000 – B-HNI). Investors should note the specific application amount and lot requirements for each category.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,000 | ₹2,56,000 |
| Retail Maximum | 2 | 2,000 | ₹2,56,000 |
| S-HNI Minimum | 3 | 3,000 | ₹3,84,000 |
| S-HNI Maximum | 7 | 7,000 | ₹8,96,000 |
| B-HNI Minimum | 8 | 8,000 | ₹10,24,000 |
The Curis Lifesciences IPO Subscription Status will be updated after the bidding process begins on Nov 7, 2025.
Curis Lifesciences IPO Reservation
The Curis Lifesciences IPO reserves the largest portion for Retail Investors, receiving 33.30% (7,16,000 Shares). Anchor Investors are allocated 28.37% (6,10,000 Shares), while the Qualified Institutional Buyers (QIB) category (excluding anchors) receives 18.98%. The Non-Institutional Investor (NII) segment’s quota stands at 14.33%. This structure ensures wide participation across all major investor categories.
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| Anchor Investor | 6,10,000 Shares | 28.37% |
| QIB (Ex. Anchor) | 4,08,000 Shares | 18.98% |
| NII Shares Offered | 3,08,000 Shares | 14.33% |
| Retail Shares Offered | 7,16,000 Shares | 33.30% |
Curis Lifesciences IPO Anchor Investors
The Anchor Bidding Date for the Curis Lifesciences IPO was November 6, 2025, successfully raising ₹7.81 Crores through the allotment of 6,10,000 Shares. Crucially, the mandatory lock-in period for these shares is staggered: 50% of the Anchor Investor holding will be unlocked on December 12, 2025 (30 days post-allotment), while the remaining 50% will remain locked-in until February 10, 2026 (90 days). This mechanism is key for post-listing price stability.
| Anchor Event | Date |
|---|---|
| Anchor Bidding Date | November 6, 2025 |
| Anchor Investors List | Click Here |
| Shares Offered | 6,10,000 Shares |
| Anchor Size | 7.81 Cr. |
| lock-in period end date 50% shares (30 Days) | December 12, 2025 |
| lock-in period end date 50% shares (90 Days) | February 10, 2026 |
Curis Lifesciences IPO Allotment & Listing Dates
The Curis Lifesciences IPO opens on November 7, 2025, and closes on November 11, 2025, with the Bidding Cut-off Time at 5 PM. The Basis of Allotment is finalized on November 12. Refunds are processed and shares credited to Demat Account on November 13, leading to the IPO Listing Date on November 14, 2025. Investors should strictly follow this crucial IPO timeline.
| Event | Date |
|---|---|
| IPO Open Date: | November 7, 2025 |
| IPO Close Date: | November 11, 2025 |
| Basis of Allotment: | November 12, 2025 |
| Refunds: | November 13, 2025 |
| Credit to Demat Account: | November 13, 2025 |
| IPO Listing Date: | November 14, 2025 |
| IPO Bidding Cut-off Time: | November 11, 2025 – 5 PM |
Curis Lifesciences IPO: Promoters and Holding Pattern
The promoters—Mr. Dharmesh Dashrathbhai Patel, Mr. Siddhant Jayantibhai Pawasia, Mr. Piyush Gordhanbhai Antala, and Mr. Jaimik Mansukhbhai Patel—currently hold a strong 92.68% stake (Pre-Issue). Post the IPO, the Promoter Holding will be diluted to 68.03% (80,84,434 Shares). This significant retention level, even after the fresh issue, reflects strong promoter confidence in the company’s future.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 59,34,434 | 92.68% |
| Promoter Holding Post Issue | 80,84,434 | 68.03% |
Objects of the Issue & Utilisation of proceeds – Curis Lifesciences IPO
The IPO proceeds will primarily fund Working Capital Requirements (₹11.25 Crores). Significant amounts are also earmarked for Capital Expenditure: ₹2.44 Crores for Manufacturing Facilities Upgradation and ₹3.62 Crores for a new Storage Facility. Further funds will cover Product Registrations in foreign countries (₹2.69 Crores) and Secured Loan Pre-payment (₹1.86 Crores).
| Purpose | Crores |
|---|---|
| Capital Expenditure towards Upgradation/Improvement of the existing Manufacturing Facilities | ₹2.44 |
| Capital Expenditure towards Construction of a Storage Facility | ₹3.62 |
| Pre-payment/Repayment of outstanding Secured Loans | ₹1.86 |
| Product Registrations in other countries | ₹2.69 |
| Funding our Working Capital Requirements | ₹11.25 |
| General Corporate Purposes |
Curis Lifesciences IPO Company Financial Report
Curis Lifesciences demonstrates a strong growth trajectory. Revenue significantly increased to ₹49.65 Crores in FY2025, up from ₹35.87 Crores in FY2024. Consequently, Profit After Tax (PAT) grew consistently, reaching ₹6.11 Crores in 2025. The company maintains healthy Assets, which stood at ₹42.53 Crores in 2025, underlining its financial stability and potential for future growth.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹36.42 | ₹34.23 | ₹1.88 | ₹29.75 |
| 2024 | ₹35.87 | ₹28.70 | ₹4.87 | ₹33.88 |
| 2025 | ₹49.65 | ₹41.38 | ₹6.11 | ₹42.53 |
| July 2025 | ₹19.51 | ₹15.79 | ₹2.87 | ₹56.29 |
Curis Lifesciences IPO Valuation – FY2025
Curis Lifesciences exhibits strong metrics, crucial for IPO investors. The Return on Equity (ROE) is robust at 55.25%, complemented by a high Return on Net Worth (RoNW) of 37.62%. The company’s profitability is healthy with a PAT Margin of 12.43%. A Debt to Equity Ratio of 0.96 indicates manageable leverage. Basic EPS stands at ₹10.29.
| KPI | Values |
|---|---|
| ROE: | 55.25% |
| ROCE: | 27.83% |
| EBITDA Margin: | 19.41% |
| PAT Margin: | 12.43% |
| Debt to equity ratio: | 0.96 |
| Earning Per Share (EPS): | ₹10.29 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 37.62% |
| Net Asset Value (NAV): | ₹27.34 |
Curis Lifesciences IPO Peer Group Comparison
A comparison with listed peers is vital. Lincoln Pharmaceuticals shows a higher EPS (₹41.11) and larger scale (Income ₹645.71 Cr.), trading at a P/E Ratio of 12.21. Sotac Pharmaceuticals has a lower P/E of 18.30 and an EPS of ₹4.32. Investors can use these metrics, alongside Curis’s unlisted P/E, to gauge the IPO valuation.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Sotac Pharmaceuticals Limited | 4.32 | 18.30 | 9.00% | 47.99 | 64.76 Cr. |
| Lincoln Pharmaceuticals Limited | 41.11 | 12.21 | 12.27% | 335.34 | 645.71 Cr. |
Curis Lifesciences Company Overview, Key Points, Strengths, and Risks
Curis Lifesciences Limited, incorporated in 2010, is an India-based pharmaceutical manufacturing company specializing in developing, manufacturing, and distributing a diverse range of finished dosage formulations. Its state-of-the-art facility is strategically located in Sanand, Gujarat.
The company operates through three primary, scalable business models:
- Contract Manufacturing: Curis procures raw materials and manufactures products under its client’s brand names for both domestic and international markets.
- Loan License Manufacturing: It functions as a job-work partner, manufacturing products using raw materials and formulations supplied by the client (primarily domestic).
- Direct Export / Own Brand: It manufactures and markets products under its own proprietary brands, with a growing presence in markets like Yemen and Kenya.
Its wide product portfolio includes tablets, capsules, oral liquids, external preparations (creams/gels/ointments), and sterile ophthalmic ointments.
Key Points & Financial Highlights
| Particular | Value | Context |
|---|---|---|
| Business Model | Primarily B2B (Contract/Loan License) | Provides steady, large-volume orders from over 100 clients. |
| Product Diversity | Over 943 approved formulations | Caters to varied therapeutic segments (Cardio, Derma, Ophthalmic, etc.). |
| Revenue (FY25) | ₹49.65 Crores | Strong YoY growth of over 38% from ₹35.87 Crores in FY24. |
| PAT (FY25) | ₹6.11 Crores | Reflects healthy PAT Margin of 12.43%. |
| Profitability Ratios | ROE: 55.25%, ROCE: 27.83% | Indicates efficient utilization of equity and capital employed. |
| Debt Position | Debt to Equity: 0.96 | Manageable leverage, supporting future expansion. |
| IPO Proceeds Use | Working Capital (₹11.25 Cr) & Capex (₹6.06 Cr) | Funds are targeted towards supporting increased order volumes and infrastructure expansion. |
Competitive Strengths
- Experienced Management: The promoter team has extensive pharmaceutical industry experience, guiding both technical operations and strategic growth.
- Scalable Operations & Wide Product Range: The company operates a WHO-GMP certified facility with large capacity and a diverse product portfolio (943 formulations), enabling it to meet varying customer demands and scale quickly.
- Global Quality Adherence: Holds registrations and approvals from multiple international regulatory bodies (e.g., Kenya PPB, Yemen MOH), facilitating a growing global footprint via exports.
- Strategic Location: The manufacturing facility in Sanand, Gujarat, benefits from excellent industrial infrastructure, connectivity, and proximity to major ports.
- B2B Focus: The heavy reliance on Contract and Loan License Manufacturing ensures a consistent stream of repeat business from established domestic and international pharmaceutical marketers.
Key Risks for Investors
- Revenue Concentration: The company is significantly reliant on a limited number of products and customers. The loss of a major contract or a decline in demand for a key product could severely impact revenues.
- Regulatory Dependency: The business is heavily dependent on obtaining, renewing, and maintaining various domestic and international regulatory approvals (WHO-GMP, foreign MOH approvals). Any delay or failure can halt operations in key markets.
- SME Listing & Liquidity: Listing on the NSE SME Emerge platform means lower trading volumes and potentially lower liquidity compared to the main board, which may affect the ability to exit the investment easily.
- Raw Material Price Volatility: Curis generally procures raw materials from the spot market without long-term contracts, making it vulnerable to price volatility and supply chain disruptions, which could impact profit margins.
- High Competition: The segment of pharmaceutical contract manufacturing is highly fragmented and intensely competitive, leading to potential margin pressure on its B2B services.
Curis Lifesciences IPO: Key Investment Highlights (Pros)
The Curis Lifesciences IPO presents several compelling advantages for investors focused on the growing pharmaceutical sector:
- Robust Financial Growth: The company has demonstrated impressive top-line growth, with Revenue surging by over 38% in FY2025 to ₹49.65 Crores. Profit After Tax (PAT) also saw a significant jump to ₹6.11 Crores, signaling a business that is effectively scaling up.
- Strong Profitability Metrics: Key indicators are robust, reflecting operational efficiency. The Return on Equity (ROE) is high at 55.25%, and the PAT Margin stands at a healthy 12.43%. These metrics are attractive within the SME pharma segment.
- Scalable B2B Business Model: Curis operates largely on a Contract/Loan License Manufacturing model, serving over 100 corporate clients. This B2B focus provides a foundation of steady, repeat business and large volume orders, reducing dependency on highly fluctuating consumer markets.
- Strategic Capacity & Quality: The company possesses a WHO-GMP certified manufacturing facility in Sanand, Gujarat, a key pharmaceutical hub. Its capacity is substantial (e.g., 138 crore tablets/year) and its products are approved across a wide range of formulations (943 approved products).
- Clear Use of Funds for Growth: The fresh issue proceeds are well-directed, with major allocations planned for Working Capital (₹11.25 Cr), crucial Capital Expenditure for plant upgrades and a new storage facility (₹6.06 Cr), and funding International Product Registrations (₹2.69 Cr). This utilization directly supports future business expansion and operational efficiency.
- Competitive Valuation: Based on the upper price band (₹128) and FY25 EPS (₹10.29), the implied P/E ratio is approximately 12.44x. This appears competitively priced when compared to other small-cap listed pharma peers, offering a potential value proposition.
Curis Lifesciences IPO: Key Investment Risks (Cons)
Investors should be mindful of the following significant risks before applying for the Curis Lifesciences IPO:
- High Revenue Concentration Risk: A substantial portion of the company’s revenue is derived from a limited number of products and key customers under its contract manufacturing agreements. The loss of a major client, non-renewal of a significant contract, or a slump in demand for specific key formulations could have a material adverse effect on financial performance.
- Intense Regulatory Dependency: As a pharmaceutical manufacturer, the business is strictly governed by domestic and international regulations. Its operations and expansion plans, especially exports, are reliant on the timely and continued receipt of various regulatory approvals, including WHO-GMP certification and specific country-level Product Registrations. Any failure or delay in these processes poses a significant threat.
- Vulnerability to Input Costs and Competition: The highly competitive nature of the contract manufacturing segment, coupled with the company’s exposure to fluctuations in the prices of Active Pharmaceutical Ingredients (APIs) and other raw materials, can exert constant pressure on profit margins. Inability to pass on increased costs to clients could negatively impact profitability.
- Promoter Holding Dilution and Lock-in: While the post-issue promoter holding remains high at 68.03%, the substantial dilution from 92.68% pre-issue introduces new public investors. The staggered lock-in release for Anchor Investors (50% on December 12, 2025, and 50% on February 10, 2026) could create selling pressure and liquidity challenges immediately post-listing.
- SME Listing and Liquidity Concerns: The IPO is listing on the NSE SME Emerge platform. This typically involves lower trading volumes and a larger minimum lot size compared to the main board. Consequently, investors may face limited liquidity and challenges in exiting the investment quickly or at favorable prices.
- Pending Legal and Regulatory Proceedings: As highlighted in the prospectus, the company and its promoters may be involved in various outstanding legal or regulatory proceedings. An unfavorable outcome in any of these cases could result in significant penalties or operational disruptions.
IPO Lead Managers aka Merchant Bankers
- Finaax Capital Advisors Private Limited
Curis Lifesciences IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: curislifesciences.smeipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Curis Lifesciences Company Address
Curis Lifesciences Ltd.
PF-23, GIDC Sanand – II,
Industrial Estate,
Sanand
Ahmedabad, Gujarat, 382110
Phone: +91 99045 22543
Email: cs@curisls.com
Website: https://curisls.com/
FAQs about Curis Lifesciences IPO
The IPO opens on November 7, 2025, and closes on November 11, 2025. The listing date on the NSE SME is scheduled for November 14, 2025.
The IPO Price Band is set at ₹120 to ₹128 per share. The total issue size is approximately ₹27.52 Crores, entirely comprising a fresh issue.
The minimum Lot Size for Retail Investors is 2,000 Shares, requiring a minimum investment amount of ₹2,56,000 (at the upper price band of ₹128).
The quota allocation is: QIB (Qualified Institutional Buyers) at 50%, Retail Investors at 35%, and NII/HNI (Non-Institutional Investors) at 15%.
The company reported a strong Revenue growth to ₹49.65 Crores in FY2025 (up from ₹35.87 Crores in FY2024), with Profit After Tax (PAT) rising to ₹6.11 Crores.
The proceeds will be primarily used for funding Working Capital Requirements (₹11.25 Crores) and Capital Expenditure for facility upgrades and a new storage facility (₹6.06 Crores).
Curis Lifesciences operates through three main models: Contract Manufacturing, Loan License Manufacturing, and Direct Export / Own Brand sales, specializing in finished dosage formulations.
The Promoter Holding will be diluted from 92.68% (pre-issue) to 68.03% post the IPO, indicating continued strong promoter commitment.
The lock-in is staggered: 50% of the shares are locked until December 12, 2025 (30 days), and the remaining 50% are locked until February 10, 2026 (90 days).
The company will be listing its equity shares on the NSE SME (National Stock Exchange Small and Medium Enterprises) Emerge platform.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
