Curis Lifesciences Limited IPO – Detailed Report | NSE SME Listing 2025

Curis Lifesciences IPO 2025

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Date: November 2025
Category: IPO / Pharmaceuticals / SME Market
Tags: Curis Lifesciences IPO, Pharma SME IPO 2025, Curis Lifesciences NSE EMERGE, Curis Lifesciences share price, SME IPO India, Curis IPO review, Curis Lifesciences listing gain, Pharma IPO India


🧬 Company Overview

Curis Lifesciences Limited is a Gujarat-based pharmaceutical manufacturing company engaged in the production of a wide range of formulations — tablets, capsules, oral liquids, external preparations, and sterile ophthalmic ointments.

Founded in 2016, the company operates both under its own brand and on a contract manufacturing (loan licence) basis for other pharmaceutical marketers. Its manufacturing facility is located in a well-established industrial zone near Ahmedabad, Gujarat — a major pharma hub of India.

With a focus on quality, compliance, and diversified formulations, Curis Lifesciences aims to strengthen its domestic and export presence through this public issue.


💰 IPO Details at a Glance

ParticularDetails
IPO TypeFresh Issue
Issue Size₹27.52 crore (approx.)
Face Value₹10 per equity share
Price Band₹120 – ₹128 per share
Minimum Lot Size2,000 shares (₹2.56 lakh at upper band)
Issue OpensNovember 7, 2025
Issue ClosesNovember 11, 2025
Allotment Date (Tentative)November 12, 2025
Listing Date (Tentative)November 14, 2025
Listing PlatformNSE EMERGE (SME Segment)
Lead ManagerBeeline Capital Advisors Pvt Ltd
RegistrarBigshare Services Pvt Ltd

📊 Financial Performance Snapshot

Curis Lifesciences has displayed consistent growth and profitability in recent years.

Financial YearTotal Revenue (₹ Cr)PAT (₹ Cr)
FY202336.421.88
FY202435.874.87
FY202549.656.11
Q1 FY2026 (Jul 2025)19.512.87

Key highlight:
Profitability has more than tripled from FY23 to FY25, showcasing improving margins and operational efficiency.


🎯 Objects of the Issue

The IPO proceeds will be used for:

  • 🔹 Upgrading existing manufacturing facilities (₹2.44 crore)
  • 🔹 Construction of a new storage facility (₹3.62 crore)
  • 🔹 Prepayment/repayment of secured loans (₹1.86 crore)
  • 🔹 Registration of products in new international markets (₹2.69 crore)
  • 🔹 Working capital requirements (₹11.25 crore)
  • 🔹 General corporate purposes

This combination indicates the company’s intention to expand capacity, strengthen finances, and push international reach.


👨‍⚕️ Promoters & Shareholding

CategoryPre-IssuePost-Issue
Promoters92.68%68.03%
Public7.32%31.97%

Promoters:
The company is promoted by professionals with extensive experience in pharmaceutical manufacturing and distribution. The high pre-issue holding shows strong promoter commitment.


🌟 Strengths

  • ✅ Strong presence in formulation manufacturing across multiple dosage forms.
  • Steady financial growth and increasing profit margins.
  • ✅ Expansion into international registrations expected to boost exports.
  • Low debt post-issue, with part of IPO proceeds allocated to repayment.
  • ✅ Manufacturing base in Gujarat, one of India’s top pharma clusters.
  • ✅ Long-term relationships with multiple pharma marketers ensure repeat business.

⚠️ Risks & Concerns

  • SME platform listing — limited liquidity, smaller investor base.
  • High minimum investment (₹2.56 lakh) may restrict retail participation.
  • Dependence on contract manufacturing may lead to client concentration risk.
  • ❌ Pharma sector subject to regulatory compliance and product approval delays.
  • ❌ Competition from larger and well-funded pharma manufacturers.

📈 Valuation View

At an upper band of ₹128 and PAT of ₹6.11 crore (FY25), post-issue valuation gives an indicative P/E range around 20x–22x, which seems reasonable for a growth-stage pharma SME with export ambitions.

While listing gains may depend on investor sentiment, the fundamentals and clear use of funds make this IPO moderately attractive for medium-term investors.

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🧭 Investor Outlook

Curis Lifesciences Ltd. offers exposure to India’s fast-growing pharmaceutical manufacturing space with improving fundamentals, expanding infrastructure, and moderate valuations.

However, investors must remember that SME IPOs carry higher volatility and lower trading volumes post-listing.

👉 Short-term traders should be cautious and may wait for listing performance.
👉 Long-term investors with risk appetite may consider subscribing for steady growth exposure to the SME pharma segment.


💬 Market Buzz & Expectations

The pharma SME space has been actively watched by retail and HNI investors. Given Curis Lifesciences’ healthy profitability trend and Gujarat manufacturing base, moderate oversubscription is expected in retail and NII categories.

If listing sentiment remains strong, listing premium of 8–12% could be seen, though investors are advised to track GMP trends closer to listing day.


🧠 Expert View

Analysts tracking SME IPOs believe the company’s efficient cost structure, export potential, and clear capital utilization plan support a healthy business outlook.
However, they highlight that the ₹2.56 lakh minimum retail investment makes this issue more suitable for HNIs or experienced SME investors.


💡 Final Verdict

ParameterVerdict
Business Model👍 Scalable & Diversified
Financials📈 Improving YoY
Valuation⚖️ Reasonable
Risk⚠️ Moderate (SME-specific)
Listing Outlook💹 Positive to Moderate
Ideal ForMedium-term Investors with Risk Appetite

Verdict:“Subscribe with Caution for Medium-Term”

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Subscription:

DayAnchorQIBNIIBNII(>10l)SNII(<10L)RetailTotal
 Day-118.341.191.530.500.873.07
Day-218.344.064.602.953.805.15
Day-3196.17115.46142.7460.3844.2874.39

GMP Trend:

DateGMP
07 Nov 2025₹7.50(5.86%)
10 Nov 2025₹8.00(6.25%)
11 Nov 2025₹9.00(7.03%)
The grey market premium (GMP) is the price at which an IPO is traded in an unofficial/unregulated grey market prior to its listing. The GMP reflects how a particular company’s IPO issue might react on the day of listing. A positive GMP premiumsignals that the IPO is likely to be at profit while a negative GMP indicates that the IPO is likely to be at a discount.
It should be noted that IPO GMP is subject to extreme volatility, so an investment decision based solely on Patel Retail IPO GMP will prove risky. Therefore, before to investing, consider all factors and make the right investment decision whether to invest in Patel Retail IPO or not.

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