Curis Lifesciences IPO
Book Build Issue (Fresh Capital)
UPCOMING IPOCuris Lifesciences is launching a ₹27.52 crore SME IPO as a 100% fresh issue of 21,50,000 equity shares. The issue opens on November 7, 2025, and closes on November 11, 2025, with allotment expected on November 12 and listing proposed on NSE SME on November 14, 2025. The price band is ₹120 to ₹128 per share; the minimum retail application is 2 lots (2,000 shares) for ₹2,56,000, with market maker reservation. Lead manager: Finaax Capital Advisors Pvt. Ltd; Registrar: MUFG Intime India Pvt. Ltd; Market Maker: RS Wealth Management Pvt. Ltd.
| Face Value | ₹10 per share |
|---|---|
| Issue Price Band | ₹120 to ₹128 per share |
| Offer Structure | Fresh Issue |
| Total Shares | 21,50,000 shares (₹27.52 crore) |
| Market Maker | RS Wealth Management Private Limited |
| Listing | NSE SME |
| Shareholding (Pre / Post) | 59,34,434 / 80,84,434 shares |
| Lead Manager | Finaax Capital Advisors Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Investor Category | Reservation |
|---|---|
| Market Maker | 1,08,000 (5.02%) |
| QIB | 10,18,000 (47.35%) |
| NII | 3,08,000 (14.33%) |
| Retail | 7,16,000 (33.30%) |
| Anchor | 6,10,000 (28.37%) |
| Bid Date | Shares Offered | Anchor Portion (₹ crore) | Lock-in end (50%/90%) |
|---|---|---|---|
| Nov 6, 2025 | 6,10,000 | 7.81 | Dec 12, 2025 / Feb 10, 2026 |
| IPO Open | Fri, Nov 7, 2025 |
|---|---|
| IPO Close | Tue, Nov 11, 2025 |
| Allotment (Tentative) | Wed, Nov 12, 2025 |
| Refunds Initiation | Thu, Nov 13, 2025 |
| Credit to Demat | Thu, Nov 13, 2025 |
| Listing (Tentative) | Fri, Nov 14, 2025 |
| UPI Mandate Cut‑off | 5 PM on Nov 11, 2025 |
| 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 |
Incorporated in 2010, Curis Lifesciences Limited specializes in developing, manufacturing, and distributing pharmaceuticals globally and domestically mostly on loan license or contract basis as well as for its own brand marketing. The company serves over 100 corporate clients for loan license/contract manufacturing and 2 clients for own brand marketing in Yemen and Kenya. Products include tablets, capsules, oral liquids, external preparations, and sterile ophthalmic ointments. The company is headquartered in Sanand, Gujarat, with 95 permanent employees as of July 31, 2025.
FY2023–FY2025 (₹ crore)
| Assets | Total Income | PAT | EBITDA | Net Worth | Reserves | Total Borrowings |
|---|---|---|---|---|---|---|
| 56.29 (Jul 25) | 19.51 | 2.87 | 4.24 | 19.10 | 13.16 | 15.32 |
| 42.53 (FY25) | 49.65 | 6.11 | 9.54 | 16.23 | 10.29 | 15.62 |
| 33.88 (FY24) | 35.87 | 4.87 | 8.39 | 5.87 | 5.37 | 17.09 |
| 29.75 (FY23) | 36.42 | 1.88 | 3.28 | 1.01 | 0.51 | 16.19 |
Source: IPO disclosures and restated financials per RHP and NSE filings
The allocation of 47% to QIBs and 33% to retail investors shows a healthy mix for this IPO. I’m curious to see how the anchor investors perform given the lock-in periods. Should give us some clues about the future market sentiment.