Curis Lifesciences
- Curis Lifesciences is coming out with an initial public offering (IPO) of 21,50,000 equity shares in a price band of Rs 120-128 per equity share.
- The issue will open on November 7, 2025 and will close on November 11, 2025.
- The shares will be listed on SME Platform of NSE.
- The face value of the share is Rs 10 and is priced 12.00 times of its face value on the lower side and 12.80 times on the higher side.
- Book running lead manager to the issue is Finaax Capital Advisors.
- Compliance Officer for the issue is Nikhil Purohit.
Profile of the company
Curis Lifesciences is the pharma manufacturer, specializing in manufacturing of a wide range of pharmaceutical products such as tablets, capsules, external preparations, oral liquid, sterile ophthalmic ointments. The company is in business of manufacturing of pharmaceutical products. The company has three primary verticals Loan License manufacturing, Contract Manufacturing and Direct Export/Own Brand Manufacturing.
Currently, the company’s manufacturing facility is installed with capacity to manufacture 138 crore tablets / year, 15.75 crore capsules / year, 1080 Kilolitre Oral Liquid/ year, 270 Tons external preparation / year and 45 Tons sterile ophthalmic ointment / year. In-order-to capture growing demand for pharmaceutical products in international market and to create a more responsive and cost-effective supply chain, it started its direct export/own brand manufacturing operations in year 2018-2019. Under vertical of direct exports, it exports products manufactured by it under its brand name, directly to offshore customers through multiple distributors.
The company’s business is majorly on principle to principle and product to product basis with different marketers. As at July 31, 2025, it has catered to more than 100 customers towards loan license and/or contract manufacturing activities. Further, the company has catered to 2 customers towards direct export/own brand marketing which majorly operates in Republic of Yemen and Kenya. Further, in last three financial years and stub period ended July 31, 2025, contract manufacturing and/or loan lisence activities contributes majority of its revenue from operations whereas direct export/own brand marketing contributes less than 1% of revenue from operations.
Proceed is being used for:
- Capital expenditure towards upgradation/improvement of its existing manufacturing facilities
- Capital expenditure towards construction of a storage Facility
- Pre-payment/repayment of outstanding secured loans
- Product registrations in other countries
- Funding its working capital requirements
- General corporate purpose
Industry Overview
Indian pharmaceutical industry is the third largest pharmaceutical industry in the world by volume with a current market size of over $50 billion in 2023-24. The country exports pharmaceuticals to around 200 countries and territories in the world, including highly regulated markets such as USA, UK, European Union, Canada etc. The Indian pharmaceutical industry has played a key role in driving better health outcomes across the world by being a large and reliable supplier of affordable and high-quality generics drugs. The nation is the largest provider of generic medicines globally, occupying a 20 per cent share in global supply by volume. The vaccine industry in India has proven its capacity for manufacturing at scale (catering to more than 60 per cent of global vaccine demand). India also has the highest number of US-FDA compliant Pharma plants outside of USA and is home to more than 3,000 pharmaceutical companies with a strong network of over 10,500 manufacturing facilities as well as a highly skilled resource pool. Access to affordable HIV (human immunodeficiency virus) treatment from India is one of the greatest success stories in medicine. Because of the low price and high quality, Indian medicines are preferred worldwide, making it ‘pharmacy of the world’.
The pharmaceutical sector in India is a significant part of the nation's foreign trade and offers lucrative potential for investors. The outlook of the sector looks promising in the coming time with rise in exports of pharmaceuticals as well as various government’s schemes which will boost growth of the sector. Going forward, the growth will be supported by a focus on new product launches, pick-up in volume growth and improved demand for generics and branded products. In addition, the thrust on rural health programmes, lifesaving drugs and preventive vaccines also augurs well for the pharmaceutical companies. Boom in biotechnology segment, which is projected to reach $300 billion by 2030, also supporting the sector.
The government’s PLI scheme for bulk drugs and promotion of bulk drug parks are providing much needed support to the pharmaceutical sector in the country. Recently, government launched the National Policy on Research and Development (R&D) and Innovation in Pharma-MedTech Sector and the Scheme for promotion of Research and Innovation in Pharma MedTech Sector (PRIP). Focus on certain priority areas under these schemes will help India’s pharma industry leapfrog and radically strengthen its position in the world market as innovation accounts for 2/3rd of global pharmaceutical opportunities. The scheme would help in launching of commercially viable products which will accelerate the growth of Indian pharmaceutical sector by increased revenue and creating employment opportunities.
Pros and strengths
Wide range of products: The company offers a wide range of pharmaceutical products, including Tablets, Capsules, Oral Liquids, External Preparations such as creams, gels, and ointments, as well as Sterile Ophthalmic Ointments. Currently, the company holds two manufacturing licenses - G/25/2225 and G/28/1632. The company’s comprehensive product portfolio includes a total of 943 approved products, with 745 products under License G/25/2225 and 198 products under License G/28/1632. This broad and diverse range enables it to cater to various therapeutic needs across multiple markets.
Strategic location of manufacturing facility: The company’s manufacturing facility is accredited by WHO-GMP (World Health Organization - Good Manufacturing Practices), underscoring its commitment to maintaining the quality standards. The company is also registered with several international regulatory bodies, including the Ministry of Public Health and Population of the Republic of Yemen, the Ministry of Health - Pharmacy and Poisons Board (MOH-PPB) of Kenya, the Food and Drug Administration (FDA) of the Philippines, and the National Agency for Food and Drug Administration and Control (NAFDAC) of Nigeria.
Scalable business model: The company’s business model is customer-focused and order-driven, prioritizing efficient resource utilization to ensure consistent quality and cost-effectiveness. Growth is fueled by market expansion and product innovation, guided by a deep understanding of customer needs, strong marketing capabilities, and a commitment to quality. Currently, its manufacturing facility at the company is equipped with substantial production capacity, enabling it to manufacture 138 Crore tablets, 15.75 Crore capsules, 10.80 Lakh liters of syrup, 270 tons of external preparations, and 45 tons of sterile ophthalmic ointment annually. This robust capacity supports its ability to scale operations efficiently as demand increases, while maintaining the flexibility to adapt to new market opportunities.
Risks and concerns
Maximum revenue comes from limited customers: The company is dependent on certain customers who have contributed a substantial portion of its total revenues. The company has garnered 64.65%, 78.01% and 84.83% of its total revenue from top 5 customers in FY25, FY24 and FY23 respectively. The company cannot guarantee that it will continue to generate the same volume of business, or any business, from them, and the loss of one or more key customers could adversely affect its revenue and operational results.
Depends on limited number of suppliers for product procurement: The company relies on a limited number of suppliers for product procurement. The company has procured 55.60%, 32.94% and 28.76% of its total products from top 5 suppliers in FY25, FY24 and FY23 respectively. The company cannot guarantee that it will continue to receive the same volume and quality of supplies, or any supplies at all, from these suppliers. The loss of one or more key suppliers could adversely impact its stock procurement, revenue, and operational results.
Geographical constrain: The company currently operates from one Manufacturing Facility situated on leasehold basis at Sanand, Ahmedabad, in Gujarat. Any significant social, political or economic disruption or natural calamities or civil disruptions in this region or changes in the policies of these states or local governments could require it to incur significant capital expenditure and change its business strategy. Its business relies on the effective management of its manufacturing process, which is subject to various operational risks. These include political instability, workforce productivity, compliance with regulatory requirements, challenges related to production costs and yields, product quality issues, and factors beyond its control, such as equipment malfunctions, industrial accidents, power or water supply disruptions, extreme weather conditions, natural disasters, and pandemics like COVID-19. Any significant equipment failure or breakdown could result in costly repairs and delays in its operations.
Outlook
Curis Lifesciences is a pharmaceutical company that specializes in developing, manufacturing, and distributing a diverse range of products. The company manufactures pharmaceutical products globally and domestically on a loan license or contract basis, as well as for its own brand marketing. The company serves over 100 corporate clients on loan licenses or contract manufacturing and 2 clients for its own brand marketing in Yemen and Kenya. The company has wide range of products with scalable business model. On the concern side, the company relies on a limited number of customers for its sales, and the loss of any major customer could adversely impact its revenue and profitability. Moreover, the company’s manufacturing facility is concentrated in Sanand, Ahmedabad, Gujarat, exposing it to risks from economic, regulatory, political, and other regional changes, including natural disasters, which could negatively impact its business operations, financial performance, and overall condition.
The company is coming out with a maiden IPO of 21,50,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 120-128 per equity share. The aggregate size of the offer is around Rs 25.80 crore to Rs 27.52 crore based on lower and upper price band respectively. On performance front, during FY 2024-25, revenue from operations increased to Rs 4,913.24 lakh from Rs 3,555.57 lakh in FY 2023-24. Moreover, the restated profit after tax for FY 2024-25 increased significantly to Rs 610.51 lakh as against Rs 486.70 lakh in FY 2023-24, an increase of about 25.46%.
Currently, the company’s products have presence in India as well as through merchant exports in countries like Rwanda, Myanmar, Kenya, Uzbekistan, Malawi, United Kingdom, Venezuela, Nigeria, Sierra Leone, Tazakistan, Peru, etc. Under the license number G/25/2225 and G/28/1632 from Food & Drug department for the company, product portfolio consists of total 943 products, under Form G28 now containing 198 products, and Form G25 contains 745 products. Its product portfolio is primarily focused on offering differentiated products and registered formulations based on customer’s requirements. It intends to continue to grow its sales by registering more and new products in these markets. Its growth strategy will vary from country to country depending on their specific regulatory requirements. It may either form important relationships with companies having strong local presence or alternatively appoint local distributors through which it can undertake its own sales and marketing.
