Curis Lifesciences Ltd IPO
Pharmaceuticals
Price Band
₹120 – ₹128
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹256000
Issue Size
₹27.52Cr
Opens
2025-11-07
Closes
2025-11-11
Listing
14-11-2025
Subscription Status
Qualified Institutional Buyers
61.01 x
Non-Institutional Investor
74.86 x
Retail Individual Investor
32.54 x
Total
51.48 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1BZN01016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Curis Lifesciences is a pharmaceutical manufacturing company engaged in producing a wide range of pharmaceutical products, including tablets, capsules, external preparations, oral liquids, and sterile ophthalmic ointments. The company operates through three primary business models – loan license manufacturing, contract manufacturing, and direct export under its own brand. Under loan license and contract manufacturing arrangements, it manufactures products on behalf of domestic and international clients, including merchant exporters and domestic suppliers. In direct exports, it produces and sells its own branded products to markets in Yemen and Kenya. The company’s manufacturing facility is located in Sanand, Gujarat.
Pros
- • Curis Lifesciences manufactures a diverse range of pharmaceutical products, including tablets, capsules, oral liquids, external preparations such as creams, gels, and ointments, and sterile ophthalmic ointments. The company holds two manufacturing licenses—G/25/2225 and G/28/1632—issued by the Foods & Drugs Control Administration, Gujarat. These licenses authorise the company to produce both general drugs and specialised products, including vaccines, sera, sterile formulations, and psychotropic substances under Schedules C, C(1), and X. Furthermore, Curis Lifesciences claims to have a portfolio of 943 approved products, comprising 745 under License G/25/2225 and 198 under License G/28/1632, allowing it to cater to a wide range of therapeutic requirements.
- • The company’s manufacturing facility is situated in Sanand GIDC II, Ahmedabad, Gujarat — a location that offers access to reliable infrastructure, skilled labour, and established supply chains.
- • Curis Lifesciences claims to operate a large-scale production facility with an annual capacity of 138 crore tablets, 15.75 crore capsules, 10.80 lakh litres of syrup, 270 tonnes of external preparations, and 45 tonnes of sterile ophthalmic ointment. This capacity provides the company with the flexibility to respond to increasing demand and expand its operations efficiently.
Cons
- • Curis Lifesciences depends on third-party suppliers for sourcing key raw materials such as starch, paracetamol, isopropyl alcohol, and packaging materials like aluminium foil and corrugated boxes. Net cost of raw material consumed accounted for Rs 9.81 crore (62.15 percent) of the company’s total expenses for the period ended July 31, 2025; Rs 21.24 crore (51.32 percent) in FY25; Rs 12.75 crore (44.44 percent) in FY24; and Rs 16.56 crore (49.28 percent) in FY23. The company generally procures materials from the spot market without long-term contracts, leaving it vulnerable to price volatility and supply shortages. Any significant increase in input costs or supply disruptions could negatively impact the company’s profit margins, production cycles, and financial condition.
- • The top customer alone accounted for Rs 9.32 crore (47.79 percent) of the company’s revenue for the period ended July 31, 2025; Rs 10.86 crore (22.10 percent) in FY25; Rs 15.91 crore (44.76 percent) in FY24; and Rs 11.92 crore (33.63 percent) in FY23. Such dependence exposes the company to significant customer concentration risk. If the company loses this key customer or orders from it are reduced, it could adversely impact the company’s revenue and profits.
- • The top supplier alone accounted for Rs 8.82 crore (49.75 percent) of the company’s total purchase for the period ended July 31, 2025; Rs 6.88 crore (16.72 percent) in FY25; Rs 5.16 crore (21.55 percent) in FY24; and Rs 1.86 crore (7.71 percent) in FY23. Such reliance increases vulnerability to supply chain disruptions, pricing changes, and material shortages. Any termination or interruption in the relationship with this vendor could disrupt the company’s manufacturing operations and adversely affect its business and financial stability.
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