IPO Key Dates
| Anchor Investor Subscription | Â |
| IPO opens on | 7 Nov. 2025 |
| IPO Closes on | 11 Nov. 2025 |
| Allotment on | 12 Nov 2025 |
| Credit of shares on | 13 Nov. 2025 |
| Tentative Listing on | 14 Nov. 2025 |
| Registered office |
| Curis Lifesciences Ltd. PF-23, GIDC Sanand – II, Industrial Estate, Sanand Ahmedabad, Gujarat, 382110 |
| Email: cs@curisls.com |
| Lead Manager of the IPO |
| Finaax Capital Advisors Pvt ltd |
| Registrar to the IPO |
| Mufg Intime India ltd |
About its Business:
Incorporated in 2010, Curis Lifesciences Ltd. is a pharmaceutical company engaged in the development, manufacturing, and distribution of a wide range of pharmaceutical products. The company operates through loan licence, contract manufacturing, and own-brand marketing models, catering to both domestic and international markets.
Curis Lifesciences serves over 100 corporate clients on a loan licence or contract manufacturing basis and has two overseas brand-marketing clients in Yemen and Kenya. Its product portfolio includes general tablets and capsules, oral liquids, external preparations, and sterile ophthalmic ointments.
The company’s state-of-the-art facility at Sanand, Gujarat, complies with stringent quality standards, ensuring product safety and efficacy. As of July 31, 2025, the company had 95 permanent employees, supporting its growing manufacturing and export operations.
IPO Details
| Â | |
| IPO opens on | 7 November 2025 |
| IPO closes on | 11 November 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 21,50,000 Shares / Rs 27.52 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 108,000 Shares |
| Net offer to Public | 20,42,000 Shares Rs. 80.75 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 120-128 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1000 Shares |
| Listing will at | NSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII Shares Offered | Not less than 15% of the Net Issue |
How shares can be applied?
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | Rs.2,56,000 |
| Retail (Max) | 2 | 2,000 | Rs.2,56,000 |
| S-HNI (Min) | 3 | 3,000 | Rs.3,84,000 |
| S-HNI (Max) | 7 | 7,000 | Rs.8,96,000 |
| B-HNI (Min) | 8 | 8,000 | Rs.10,24,000 |
The PromotersÂ
The Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
| Objects of the Issue | Rs. in 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 | Â |
Financials Snapshot
| Period Ended | 31-Jul-25 | 31-Mar-25 | 31-Mar-24 |
| Assets | 56.29 | 42.53 | 33.88 |
| Total Income | 19.51 | 49.65 | 35.87 |
| Profit After Tax | 2.87 | 6.11 | 4.87 |
| EBITDA | 4.24 | 9.54 | 8.39 |
| NET Worth | 19.1 | 16.23 | 5.87 |
| Reserves and Surplus | 13.16 | 10.29 | 5.37 |
| Total Borrowing | 15.32 | 15.62 | 17.09 |
| Amount in Rs. Crore | |||
Peer Comparison:
| Company Name | P/EÂ (x) | RoNWÂ (%) |
| Curis Lifesciences Limited | Â | 37.62 |
| Sotac Pharmaceuticals Limited | 18.3 | 9 |
| Lincoln Pharmaceuticals Limited | 12.21 | 12.27 |
Chanakya IPO Review – Curis Lifesciences Ltd.
Curis Lifesciences Ltd., a Gujarat-based pharmaceutical company, is launching a book-built IPO of Rs. 27.52 crore, consisting entirely of a fresh issue of 21.5 lakh equity shares. The issue opens on November 7, 2025, and closes on November 11, 2025, with a tentative listing on the NSE SME platform on November 14, 2025. The price band is set at Rs. 120–Rs. 128 per share, and the minimum investment required for retail investors is Rs. 2.56 lakh (2 lots of 2,000 shares).
The company manufactures and markets a wide range of pharmaceutical formulations including tablets, capsules, oral liquids, external preparations, and ophthalmic ointments. It caters to over 100 domestic and global clients, with exports to Yemen and Kenya.
Financially, Curis Lifesciences reported FY25 revenue of Rs. 49.65 crore and PAT of Rs. 6.11 crore, reflecting a PAT margin of 12.4% and ROE of 55.25% — indicating strong profitability and efficient capital use. The P/E of 12.44x appears attractive when compared to peers such as Sotac Pharmaceuticals (P/E 18.3x) and Lincoln Pharmaceuticals (P/E 12.2x). With ROCE of 27.8% and consistent earnings growth, valuations seem moderate.
The IPO proceeds will be used for facility upgradation, new storage construction, working capital needs, product registrations in overseas markets, and loan repayment.
Chanakya View: The company’s robust margins, high return ratios, and scalable business model make the issue reasonably priced. Suitable for investors looking for steady growth and potential listing gains.
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Key Financial Indicators
| KPI | Values |
| ROE | 55.25% |
| ROCE | 27.83% |
| Debt/Equity | 0.96 |
| RoNW | 37.62% |
| PAT Margin | 12.43% |
| EBITDA Margin | 19.41% |
| Price to Book Value | 12.64 |
| Market Capitalization | 103.48 |
| EPS | 10.29 |
| PE Ratio | 12.44 |
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