In November 2025, India’s SME IPO space continues to stay busy, with pharma and healthcare-focused companies hitting the market to fund capacity expansion, regulatory registrations, and working capital. Riding on this momentum, Curis Lifesciences Limited is launching its IPO on November 7, 2025, giving investors a chance to participate in a formulations and contract/loan license manufacturing play with a growing global footprint.
Below is a structured look at Curis Lifesciences, its IPO details, timelines, financials, and key risks/considerations:
About Curis Lifesciences Ltd.
Incorporated in 2010, Curis Lifesciences Limited is a pharmaceutical company engaged in developing, manufacturing, and distributing a diverse range of formulations. The company manufactures for:
- Loan licence/contract manufacturing for more than 100 corporate clients (India and overseas), and
- Its own brand marketing (currently 2 clients in Yemen and Kenya).
Product basket includes:
- General pharmaceutical tablets and capsules
- Oral liquids
- External preparations
- Sterile ophthalmic ointments
The company operates from a state-of-the-art manufacturing facility at Sanand, Gujarat, with a focus on quality, adherence to pharma standards, and scalability.
As of July 31, 2025, Curis Lifesciences had 95 permanent employees.
Promoters:
- Mr. Dharmesh Dashrathbhai Patel
- Mr. Siddhant Jayantibhai Pawasia
- Mr. Piyush Gordhanbhai Antala
- Mr. Jaimik Mansukhbhai Patel
Curis Lifesciences IPO Details
| IPO Date | November 7, 2025, to November 11, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹120 to ₹128 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 21,50,000 shares (aggregating up to ₹27.52 Cr) |
| Reserved for Market Maker | 1,08,000 shares (aggregating up to ₹1.38 Cr)RS Wealth Management Private Limited |
| Net Offered to Public | 20,42,000 shares (aggregating up to ₹26.14 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 59,34,434 shares |
| Share Holding Post Issue | 80,84,434 shares |
| Lead Manager | Finaax Capital Advisors Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | RS Wealth Management Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Fri, Nov 7, 2025 |
| IPO Close Date | Tue, Nov 11, 2025 |
| Allotment (Tentative) | Wed, Nov 12, 2025 |
| Initiation of Refunds | Thu, Nov 13, 2025 |
| Credit of Shares to Demat | Thu, Nov 13, 2025 |
| Listing Date (Tentative) | Fri, Nov 14, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Nov 11, 2025 |
Anchor Portion:
- Anchor bid date: Nov 6, 2025
- Anchor shares: 6,10,000
- Anchor amount: ₹7.81 Cr
- 50% lock-in till Dec 12, 2025; balance till Feb 10, 2026
Curis Lifesciences IPO Reservation
| Investor Category | Shares Offered | % of Issue |
| Market Maker | 1,08,000 | 5.02% |
| QIB | 10,18,000 | 47.35% |
| NII (HNI) | 3,08,000 | 14.33% |
| Retail (RII) | 7,16,000 | 33.30% |
| Total | 21,50,000 | 100.00% |
Curis Lifesciences IPO Lot Size
Investors can bid for a minimum of 2 lots (2,000 shares) and thereafter in multiples of 1,000 shares.
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹2,56,000 |
| Retail (Max) | 2 | 2,000 | ₹2,56,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,84,000 |
| S-HNI (Max) | 7 | 7,000 | ₹8,96,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,24,000 |
Curis Lifesciences IPO Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoter Holding | 92.68% | 68.03% |
About Curis Lifesciences: Business Model & Strengths
- Model: Largely contract/loan licence manufacturing for 100+ pharma companies — meaning steady, B2B-type orders.
- Own Brands: Early but present — currently 2 clients in Yemen and Kenya.
- Location Advantage: Sanand, Gujarat — good infra, connectivity, and pharma ecosystem.
- Why Raise Money? To upgrade the plant, build storage, register products abroad (a must for regulated markets), repay some loans, and fund working capital to take on more orders.
Competitive Strengths:
- Experienced promoters
- Wide product basket (tabs, caps, liquids, external, ophthalmic)
- Strategic location
- Scalable model
- Quality assurance
Curis Lifesciences Ltd. Financials
Key Company Financials (₹ in Crore):
| Period Ended | 31 Jul 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 56.29 | 42.53 | 33.88 | 29.75 |
| Total Income | 19.51 | 49.65 | 35.87 | 36.42 |
| Profit After Tax | 2.87 | 6.11 | 4.87 | 1.88 |
| EBITDA | 4.24 | 9.54 | 8.39 | 3.28 |
| Net Worth | 19.10 | 16.23 | 5.87 | 1.01 |
| Reserves & Surplus | 13.16 | 10.29 | 5.37 | 0.51 |
| Total Borrowing | 15.32 | 15.62 | 17.09 | 16.19 |
Key Performance Indicators (KPI):
| KPI | Value |
| Market Capitalisation | ₹103.48 Cr |
| ROE | 55.25% |
| ROCE | 27.83% |
| Debt/Equity | 0.96 |
| RoNW | 37.62% |
| PAT Margin | 12.43% |
| EBITDA Margin | 19.41% |
| Price to Book | 12.64 |
| EPS (Pre IPO) | ₹10.29 |
| EPS (Post IPO) | ₹10.66 |
| P/E (Pre IPO) | 12.44x |
| P/E (Post IPO) | 12.01x |
Objects of the Issue (Use of Proceeds)
| S.No. | Objects of the Issue | Amount (₹ in Crore) |
| 1 | Capex for upgradation/improvement of existing manufacturing facilities | 2.44 |
| 2 | Capex for the construction of a storage facility | 3.62 |
| 3 | Prepayment/repayment of secured loans | 1.86 |
| 4 | Product registrations in other countries | 2.69 |
| 5 | Working capital requirements | 11.25 |
| 6 | General corporate purposes | Balance |
Curis Lifesciences: Industry Outlook
- Domestic pharma continues to be driven by branded generics and export contract manufacturing.
- Loan licence / third-party manufacturing is attractive for medium pharma players who want asset-light expansion — this benefits companies like Curis.
- Regulatory registrations in African / Middle Eastern markets can materially increase the order book over 2–3 years.
- Being in Sanand, Gujarat, helps in logistics, manpower, and infrastructure.
Curis Lifesciences IPO: Peer Comparison
Curis Lifesciences IPO can be compared with peers such as Essen Speciality Films Ltd, Synoptics Technologies Ltd, Concord Biotech Ltd, Glenmark Life Sciences Ltd, and Windlas Biotech Ltd. Analyzing these companies helps investors assess Curis Lifesciences’ relative standing in the pharmaceutical formulations and contract manufacturing segment, offering insights into its valuation, growth prospects, and competitiveness within India’s rapidly expanding pharma and life sciences sector.
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Conclusion
Curis Lifesciences IPO gives investors exposure to a B2B / contract manufacturing pharma player that has:
- rising revenues (38% YoY in FY25),
- healthy margins for an SME pharma (EBITDA ~19%),
- high ROE/RONW (helped by smaller net worth so far), and
- clear use of funds (capex + storage + registrations + WC).
However:
- SME listing = lower liquidity after listing
- Client concentration (100+ clients, but actual revenue may be skewed)
- Working capital–heavy model
- Valuation not very cheap (P/E ~12x for SME pharma)
Investors with a high risk appetite and interest in SME pharma / CMOs can evaluate it, while conservative investors may wait for the listing and see post-listing volumes.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
