Curis Lifesciences IPO

About Curis Lifesciences IPO

The offer consists of a fresh issue component. The fresh issue will include 21,50,000 shares (aggregating up to ₹27.52 crores). The total number of shares and aggregate amount are 21,50,000 shares (aggregating up to ₹27.52 crores).

The IPO opens on Fri, Nov 7, 2025 and closes on Tue, Nov 11, 2025. The allotment of bids will take place on Thu, Nov 13, 2025. The credit of shares to the demat account will take place on Thu, Nov 13, 2025. The initiation of refund will take place on Thu, Nov 13, 2025. The tentative listing is on Fri, Nov 14, 2025.

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 the business of manufacturing of pharmaceutical products. The company’s business model includes Loan License Manufacturing (For Domestic Suppliers), Contract Manufacturing (For merchant Exporters and For Domestic Suppliers) and Direct Exports.

Objective of Curis Lifesciences IPO

• Capital Expenditure towards Upgradation/Improvement of the company’s existing Manufacturing Facilities
  
• Capital Expenditure towards Construction of a Storage Facility
  
• Pre-payment/Repayment of outstanding Secured Loans
  
• Product Registrations in other countries
  
• Funding the Working Capital Requirements, and
  
• General Corporate Purpose.
  

Industry Outlook

India is the second-largest contributor to the global biotech and pharmaceutical workforce. India ranks 3rd worldwide for pharmaceutical production by volume and 14th by value. The country has an established domestic pharmaceutical industry, with a strong network of 3,000 drug companies and approximately 10,500 manufacturing units. India’s drugs and pharmaceutical exports stood at US$ 2,782 crores in FY24 (April-March) and at US$ 720 crores in FY25 (April-June). From FY18 to FY23, the Indian pharmaceutical industry logged a compound annual growth rate (CAGR) of 6-8%, primarily driven by an 8% increase in exports and a 6% rise in the domestic market. The Indian pharmaceutical sector is expected to grow at a CAGR of 22.4% in the near future. The government has set an ambitious target to boost the medical devices industry in India, aiming to elevate it from its current US$ 1,100 crores valuation to US$ 5,000 crores by 2030. Exports of drugs and pharmaceuticals recorded a strong y-o-y growth of 9.7% during April-March FY24.

Curis LifeSciences Company Information

Curis Lifesciences’ business involves the manufacturing of pharmaceutical products for various global and domestic markets on a loan licence, contract manufacturing, and own-brand marketing basis. They offer a wide range of pharmaceutical formulations and products manufactured under contract manufacturing through loan licensing. They deal in tablets, capsules, external preparations, oral liquids, sterile ophthalmic ointments, etc. Their pharmaceutical manufacturing facilities are located at Sanand GIDC–II in the Ahmedabad district of Gujarat, offering easy and convenient accessibility. Their infrastructure comprises a comprehensive production unit, quality control department, quality assurance and microbiology laboratory, as well as raw material and finished product storage. Their offshore business revenue is primarily derived from the Republic of Yemen.

The company was originally formed and registered as a Partnership Firm under the Partnership Act, 1932 (“Partnership Act”) in the name and style of “M/s Loreto Pharmaceuticals", pursuant to a deed of partnership dated June 2, 2010. Thereafter " M/s Loreto Pharmaceuticals” was converted from Partnership Firm to a Private Limited Company under the Companies Act, 2013 in the name of “Curis Lifesciences Private Limited” and received a certificate of incorporation dated March 23, 2016 issued by Assistant Registrar of Companies, Gujarat. Subsequently, the Company was converted into a public limited company and the name of the Company was changed from “Curis Lifesciences Private Limited” to “Curis Lifesciences Limited” vide Special Resolution dated May 6, 2024, the status of the Company was changed to public limited and the fresh certificate of incorporation consequent to conversion, bearing Corporate Identification Number U24230GJ2016PLC086559, was issued on August 9, 2024 by the Assistant Registrar of Companies/ Deputy Registrar of Companies/ Registrar of Companies, Central Processing Centre. From the year 2010 to 2016, the company’s partnership firm was engaged in the marketing and trading of various pharmaceutical products.

Strengths of Curis Lifesciences

• Experienced Promoters and Management Team.
  
• Wide range of products.
  
• Strategic location of manufacturing facility.
  
• Scalable business model.
  
• Quality assurance provided.
  
• Good relationship with established merchant exporter firm.
  

Risks of Curis Lifesciences

• Fluctuation in raw material prices.
  
• Competition from organised and unorganised players.
  
• Change in government policy.
  
• Reliance on a limited number of customers for sales.
  
• The business majorly relies on the performance of other pharmaceutical marketing companies.
  
• Fluctuations in foreign currency exchange rates could affect the financial condition and operational results.
  

Notes: (i) Source – All the financial information for listed industry peers mentioned above is sourced from the published results of the aforesaid companies for the year ended March 31, 2025 and stock exchange data dated 31/03/2025 to compute the corresponding financial ratios. For Curis Lifesciences, current market price and PE ratio will be determined at the end of book building process. For peer companies, P/E Ratio is based on the market price as on October 28, 2025 and October 28, 2025 for Sotac Pharmaceuticals Limited and Lincoln Pharmaceuticals Limited, respectively.

(ii) The EPS, NAV, RoNW and total Income of Curis Lifesciences are taken as per Restated Financial Statement for the Financial Year 2024-25.

(iii) NAV per share is computed as the closing net worth divided by the weighted average number of paid up equity shares as on March 31, 2025.

(iv) RoNW has been computed as net profit after tax divided by closing net worth.

(v) Net worth has been computed in the manner as specifies in Regulation 2(1)(hh) of SEBI (ICDR) Regulations, 2018.

Anchor Investor Information

The Anchor Investor Bid/Issue Period shall be one Working Day prior to the Bid/Issue Opening Date, which is Thursday, Nov 6, 2025

IPO Registrar and Book Running Lead Managers

Book running lead managers:

Finaax Capital Advisors Private Limited

Registrar for the IPO is MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)

Curis Lifesciences Business Model

The company earns its revenue through the following sources:

• Offering a wide range of pharmaceutical formulations and products manufactured under contract manufacturing, loan license manufacturing and direct exports.

Curis Lifesciences Growth Trajectory

During FY 2024-25, the company's total revenue increased to ₹ 49.645 crores from the amount of ₹35.869 crores recorded in FY 2023-2024.

During FY 2024-25, revenue from operations increased to ₹49.132 crores from ₹ 35.556 crores in FY 2023-24.

The restated profit after tax for FY 2024-25 increased significantly to ₹ 6.105 crores as against ₹4.867 crores in FY 2023-24, an increase of about 25.46%.

The company’s EBITDA was ₹9.537 crores in FY 2024-25 compared to ₹8.388 crores in FY 2023-24.

Curis Lifesciences Market Position

They have established their presence in both domestic and global markets. In order to capture the growing demand for pharmaceutical products in the international market and to create a more responsive and cost-effective supply chain, they began their direct export operations in 2022. They have obtained selling approvals for their products from WHO-GMP, the PPB Board of Kenya, the Ministry of Health (MOH) of Yemen, the FDA Philippines, and NAFDAC Nigeria.

As at July 31, 2025 , the company has catered to more than 100 customers towards loan license and/or contract manufacturing activities. Further they have catered to two customers towards direct export/own brand marketing which majorly operates in the Republic of Yemen and Kenya.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹49.645 crores, ₹6.105 crores, and ₹9.537 crores, respectively.

How to check the allotment status of Curis Lifesciences IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Curis Lifesciences IPO, visit the official website of MUFG Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Curis Lifesciences' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Curis Lifesciences IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Curis Lifesciences IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
• PAN

Then click 'Submit'. Your Curis Lifesciences IPO bid and allotment details will be displayed.

How to apply for Curis Lifesciences IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.