Curis Lifesciences Ltd IPOCURIS

The IPO opens on 07 Nov 2025 & closes on 11 Nov 2025.

Curis Lifesciences Limited was originally formed and registered as a Partnership Firm under the Partnership Act, 1932 in the name and style of 'M/s Loreto Pharmaceutacals', pursuant to a Deed of Partnership dated 2 June, 2010. Thereafter ' M/s Loreto Pharmaceutacals' was converted from Partnership Firm to a Private Limited Company as 'Curis Lifesciences Private Limited' and received a Certificate of Incorporation dated on March 23rd, 2016 issued by Registrar of Companies, Ahmedabad. Subsequently, Company was converted into a Public Limited Company and the name of the Company was changed from 'Curis Lifesciences Private Limited' to 'Curis Lifesciences Limited' vide certified incorporated upon the conversion dated August 9, 2024, issued by the Central Processing Centre, Manesar. Company's business is related to manufacturing of pharmaceutical products for different markets globally as well as domestic. The business is majorly on product to product basis with different marketers. Company has commenced manufacturing facility in year 2017, hence, it has experience of more than 7 years in the current line of business of the Company. The manufacturing facility of the Company is installed with capacity to manufacture 138 Crore tables / year, 15.75 Crore Capsules / year, 1,080 Kilolitre Oral Liquid/ year, 270 Tons external preparation / year and 45 Tons sterile ophthalmic ointment / year. It deal in Pharmaceutical products like Tablets, Capsules, External Preparations, Oral Liquid, Sterile Ophthalmic Ointments etc. The Company's past and present clientele includes renowned pharma marketers and manufactures namely Arova Pharma, Express Pharmaceuticals Private Limited, Angle Biogenics Private Limited, Centurion Healthcare Private Limited, Costcon Healthcare LLP, J.B. Chemical & Pharmaceuticals Limited, Venus international, Makers Laboratories Limited and Torikaa Pharmaceuticals Limited etc. pharmaceutical manufacturing facility are situated at Sanand GIDC-II in Ahmedabad district of Gujarat, which offers easy and convenient accessibility. Company launched the IPO by raising a fresh issue of Rs 27.52 Crore and issued 21,50,000 equity shares of Rs 10 by way of IPO in Nov'25.

Curis Lifesciences Ltd IPO will close on 11 Nov 2025.

<ul><li>Experienced Promoters and Management Team.</li><li>Wide range of Products.</li><li>Strategic Location of Manufacturing Facility.</li><li>Scalable Business Model.</li><li>Quality assurance.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Dharmesh Dashrathbhai Patel</td> <td>1072500</td> <td>18.07</td> <td>1072500</td> <td>13.27</td> </tr> <tr> <td>2</td> <td>Siddhant Jayantibhai Pawasia</td> <td>1540000</td> <td>25.95</td> <td>1540000</td> <td>19.05</td> </tr> <tr> <td>3</td> <td>Piyush Gordhanbhai Antala</td> <td>1265000</td> <td>21.32</td> <td>1265000</td> <td>15.65</td> </tr> <tr> <td>4</td> <td>Jaimik Mansukhbhai Patel</td> <td>880000</td> <td>14.83</td> <td>880000</td> <td>10.89</td> </tr> <tr> <td>5</td> <td>Mansukhbhai Gokaldas Patel</td> <td>165000</td> <td>2.78</td> <td>165000</td> <td>2.04</td> </tr> <tr> <td>6</td> <td>Jayantibhai Pawasia</td> <td>550000</td> <td>9.27</td> <td>550000</td> <td>6.8</td> </tr> <tr> <td>7</td> <td>Tushar Salia</td> <td>27500</td> <td>0.46</td> <td>27500</td> <td>0.34</td> </tr> </tbody> </table>

<ul><li>Our manufacturing facility is concentrated in Sanand, Ahmedabad, Gujarat, exposing us to risks from economic, regulatory, political, and other regional changes, including natural disasters, which could negatively impact our business operations, financial performance, and overall condition.</li><li>As a pharmaceutical company, we operate in a highly regulated industry where our business relies on obtaining approvals from relevant regulatory and health authorities. Delays or failures in securing or renewing these essential approvals, registrations, or changes in the regulatory environment for marketing our products in regulated markets could have a significant impact on our business and strategy, ultimately affecting our overall profitability.</li><li>Our business operations are subject to fluctuations in raw material prices.</li><li>The company relies on a limited number of customers for its sales, and the loss of any major customer could adversely impact our revenue and profitability.</li><li>The company relies on a limited number of suppliers for product procurement, and the loss of any key supplier could impact our business operations.</li><li>We depend on a limited number of States for a significant portion of our revenue from operations. The loss of any of our major customer in this States due to any adverse development or significant reduction in business from our major customer may adversely affect our business, financial condition, results of operations and future prospects.</li><li>Our Company is dependent on a few countries. Loss of any of these large countries may affect our business operations.</li><li>Our Company depends on some of our Products which contributes 100% of the total revenue of the company. The loss of any of this major Products due to any adverse development or significant reduction in business from our major customer may adversely affect our business, financial condition, results of operations and future prospects.</li><li>The Statutory Auditor and the Peer Review Auditor of the company are not same.</li><li>There are certain discrepancies/errors which have occurred in some of our corporate secretarial records relating to forms filed with the RoC and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future.</li><li>As a pharmaceutical company, we operate in a highly regulated industry. Our business relies on obtaining approvals from relevant regulatory and health authorities. Any delay or failure to secure or renew the necessary regulatory approvals and registrations, or any changes in the regulatory environment affecting the marketing of our products in regulated markets, could have a significant impact on our business, strategy, and overall profitability.</li><li>The Company is yet to place orders for 100% of the plant & machineries for our proposed object, as specified in the Objects of the Issue. Any delay in placing orders, procurement of plant & machineries may delay our implementation schedule and may also lead to increase in price of these plant & machineries, further affecting our revenue and profitability.</li><li>Our Company, Promoter, Directors and Group Company are involved in certain legal proceedings. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties and may adversely affect our business and results of operations.</li><li>Our manufacturing facility undergo periodic inspections and audits by regulatory authorities and clients. Any regulatory action taken against us could harm our reputation and negatively impact our business, operational results, financial condition, and cash flows.</li><li>Our business heavily relies on the performance of other pharmaceutical marketing companies, and any underperformance on their part could negatively impact our operations, profitability, and cash flow.</li><li>If we are unable to effectively address the increased competition we anticipate, we may lose market share and experience a decline in profits, which could negatively impact our business, operational results, and financial condition.</li><li>If our Company is unable to protect its intellectual property, or if our Company infringes on the intellectual property rights of others, our business may be adversely affected.</li><li>Our failure to accurately forecast and manage inventory could result in an unexpected shortfall and/or surplus of products, which could harm our business.</li><li>Our Company has allotted Equity Shares during the preceding one year from the date of the Draft Red Herring Prospectus which are lower than the Issue Price.</li><li>Failure to effectively execute our business and growth strategy could negatively impact our operations and hinder our growth.</li><li>The industry information presented in this Draft Red Herring Prospectus is sourced from industry reports or publically available data. However, there is no guarantee that the statistical, financial, or other industry data provided by these third parties is complete or accurate.</li><li>There is no monitoring agency appointed by Our Company to monitor the utilization of the Issue proceeds.</li><li>Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject to, and this may have a material adverse effect on our business.</li><li>Our Promoters and members of the Promoter Group will continue jointly to retain majority control over our Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.</li><li>Employee misconduct or errors, which can be difficult to detect, could negatively impact our financial condition, operational results, and reputation.</li><li>Our Company has entered into certain related party transactions and may continue to do so in the future.</li><li>Our success depends heavily upon our Promoters, Directors and Key Managerial Personnel for their continuing services, strategic guidance and financial support. Our success depends heavily upon the continuing services of Promoters, Directors and Key Managerial Personnel who are the natural person in control of our Company.</li><li>The average cost of acquisition of Equity shares by our Promoters is lower than the Issue price.</li><li>Our Company relies on third-party transportation for product delivery, and any disruption in their operations or decline in the quality of their services could impact our reputation and operational performance.</li><li>Fluctuations in foreign currency exchange rates could materially and adversely affect our financial condition and operational results.</li><li>Failure to maintain product quality standards or keep up with technological advancements could negatively affect our business, financial performance, and operational results.</li><li>In addition to receiving regular remuneration, other benefits, and expense reimbursements, our Promoters and Directors have interests in the Company through their shareholding and entitlement to dividends. They are also interested in transactions conducted between the Company and themselves, as well as those between the Company and our Group Companies or Entities.</li><li>The products we commercialize may not perform as anticipated, which could negatively impact our business, financial condition, and operational results.</li><li>Our manufacturing process involves the use of hazardous and flammable industrial chemicals which entails significant risks and could also result in enhanced compliance obligations.</li><li>We have working capital requirements. If we experience insufficient cash flows to make required payments on our debt or fund working capital requirements, there may be an adverse effect on our results of operations.</li><li>A shortage or non-availability of electricity or water may adversely affect our manufacturing operations and have an adverse effect on our business, results of operations and financial condition.</li><li>Dependence on debt and outflow of finance cost leads to outflow of cash flows and reduce overall profitability.</li><li>Majority of our Directors do not have any prior experience of being a director in any other listed company in India.</li><li>There are certain discrepancies and non-compliances noticed in some of our corporate records relating to forms filed with taxation authorities and other public authorities.</li><li>Compliance with and changes in safety, health and environmental laws and various labour, workplace and related laws and regulations impose additional costs and may increase our compliance costs and a such adversely affect our results of operations and our financial condition.</li><li>If we are unable to service our debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of our financing agreements, it may adversely affect our business, prospects, results of operations and financial condition.</li><li>Our lenders have charge over our movable and immovable properties in respect of finance availed by us and our group company, promoters, Directors and member of promoters group have provided their personal guarantee for such debt facility availed by us.</li><li>Changes in technology may render our current technologies obsolete or require us to make substantial investments.</li><li>Our ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of our Company.</li><li>The Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue and the market price of our Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.</li><li>The Objects of the Issue for which funds are being raised, are based on our management estimates and the same have not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at our discretion, based on the parameters as mentioned in the chapter titled as "Objects of the Issue".</li><li>In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect our revenues and results of operations.</li><li>We have not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at our discretion and as per the details mentioned in the section titled "Objects of the Issue".</li><li>The requirements of being a public listed company may strain our resources and impose additional requirements.</li><li>Strikes, work stoppages or increased wage demands by our employees or any other kind of disputes with our employees/workmen in future could adversely affect our business and results of operations.</li><li>Our Registered Office is not owned by us. In the event, we lose such rights, our Business, Financial Condition and Results of Operations and Cash Flows could be adversely affected.</li><li>The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of our Company.</li><li>Our business majorly relies on the performance of other pharmaceutical marketing companies, and any underperformance on their part could negatively impact our operations, profitability, and cash flow.</li><li>We have working capital requirements. If we experience insufficient cash flows to make required payments on our debt or fund working capital requirements, there may be an adverse effect on our results of operations.</li><li>If we are unable to effectively address the increased competition we anticipate, we may lose market share and experience a decline in profits, which could negatively impact our business, operational results, and financial condition.</li><li>If our Company is unable to protect its intellectual property, or if our Company infringes on the intellectual property rights of others, our business may be adversely affected.</li><li>Our Company has reported certain negative cash flows from its investing activity and financing activity, details of which are given below. Sustained negative cash flows could impact our growth and business.</li><li>Our business requires us to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failure to obtain and renew them in a timely manner may adversely affect our business operations. We require a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of our business. Some of the approvals are required to be obtained by our Issuer Company and any failure or delay in obtaining the same in a timely manner may adversely affect our operations.</li><li>Our current Order Book does not guarantee full realization of future income. Some orders may be subject to modifications, cancellations, delays, holds, or partial payments by customers, which could have adverse effects on our operational results.</li><li>Product Contamination, Quality Issues, and Recalls could have a material adverse effect on our Business, Financial Condition, and Results of Operations.</li><li>Imposition of liquidated damages by customers could impact results of operations and may face potential liabilities from lawsuits and claims by customers in the future.</li><li>Our failure to accurately forecast and manage inventory could result in an unexpected shortfall and/or surplus of products, which could harm our business.</li><li>The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.</li><li>Our Company has allotted Equity Shares during the preceding one year from the date of the Red Herring Prospectus which are lower than the Issue Price.</li><li>Failure to effectively execute our business and growth strategy could negatively impact our operations and hinder our growth.</li><li>Industry information included in this Prospectus has been derived from an industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.</li><li>There is no monitoring agency appointed by Our Company to monitor the utilization of the Issue proceeds.</li><li>Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject to, and this may have a material adverse effect on our business.</li><li>Our Promoter and the Promoter Group will jointly continue to retain majority shareholding in our Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.</li><li>Employee misconduct or errors, which can be difficult to detect, could negatively impact our financial condition, operational results, and reputation.</li><li>Our Company has entered into certain related party transactions and may continue to do so in the future.</li><li>We are dependent on our Promoters, Directors and Key Managerial Personnel for their continuing services, strategic guidance and financial support. Our success depends upon the continuing services of Promoters, Directors and Key Managerial Personnel who are the natural person in control of our Company.</li><li>The average cost of acquisition of Equity shares by our Promoters is lower than the Issue price.</li><li>Our certain members of our promoter group have not filed Income Tax Returns ("ITR").</li><li>The capacity of our current plant unit is not fully utilized. Consequently, if there is also any under-utilization of our capacities in future, it could affect our ability to fully absorb fixed costs and thus may adversely impact our financial performance.</li><li>Our Company relies on third-party transportation for product delivery, and any disruption in their operations or decline in the quality of their services could impact our reputation and operational performance.</li><li>If we are unable to establish and maintain an effective system of internal controls and compliances, our business and reputation could be adversely affected.</li><li>Fluctuations in foreign currency exchange rates could materially and adversely affect our financial condition and operational results.</li><li>Failure to maintain product quality standards or keep up with technological advancements could negatively affect our business, financial performance, and operational results.</li><li>In addition to receiving regular remuneration, other benefits, and expense reimbursements, our Promoters and Directors have interests in the Company through their shareholding and entitlement to dividends. They are also interested in transactions conducted between the Company and themselves, as well as those between the Company and our Group Companies or Entities.</li><li>The products we commercialize may not perform as anticipated, which could negatively impact our business, financial condition, and operational results.</li><li>Our manufacturing process involves the use of hazardous and flammable industrial chemicals which entails significant risks and could also result in enhanced compliance obligations.</li><li>A shortage or non-availability of electricity or water may adversely affect our manufacturing operations and have an adverse effect on our business, results of operations and financial condition.</li><li>Dependence on debt and outflow of finance cost leads to outflow of cash flows and reduce overall profitability.</li><li>Majority of our Directors do not have any prior experience of being a director in any other listed company in India.</li><li>Compliance with and changes in safety, health and environmental laws and various labour, workplace and related laws and regulations impose additional costs and may increase our compliance costs and a such adversely affect our results of operations and our financial condition.</li><li>If we are unable to service our debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of our financing agreements, it may adversely affect our business, prospects, results of operations and financial condition.</li><li>We have certain contingent liabilities which have been disclosed in our Restated Financial Information, which if they materialize, may adversely affect our results of operations, cash flows and financial condition.</li><li>Our lenders have charge over our movable and immovable properties in respect of finance availed by us and our group company, promoters, Directors and member of promoters group have provided their personal guarantee for such debt facility availed by us.</li><li>Changes in technology may render our current technologies obsolete or require us to make substantial investments.</li><li>Our ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of our Company.</li><li>The Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue and the market price of our Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.</li><li>The Objects of the Issue for which funds are being raised, are based on our management estimates and the same have not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at our discretion, based on the parameters as mentioned in the chapter titled as "Objects of the Issue".</li><li>In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect our revenues and results of operations.</li><li>We have not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at our discretion and as per the details mentioned in the chapter titled "Objects of the Issue".</li><li>The requirements of being a public listed company may strain our resources and impose additional requirements.</li><li>There is no guarantee that our Equity Shares will be listed on the relevant stock exchange in a timely manner or at all.</li><li>Estimates and forward-looking statement may prove to be inaccurate.</li></ul>

The Issue type of Curis Lifesciences Ltd is Book Building - SME.

The minimum application for shares of Curis Lifesciences Ltd is 2000.

The total shares issue of Curis Lifesciences Ltd is 2150000.

initial public issue of 21,50,000 equity shares of face value of Rs. 10/- each of Curis Lifesciences Limited ("Curis" or the "company" or the "Issuer") for cash at a price of Rs. 128/- per equity share including a share premium of Rs. 118/- per equity share (the "Issue Price") aggregating to Rs. 27.52 crores ("the Issue"), of which 1,08,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 128/- per equity share including a share premium of Rs. 118/- per equity share aggregating to Rs. 1.38 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. net issue of 20,42,000 equity shares of face value of Rs. 10/- each at a price of Rs. 128/- per equity share including a share premium of Rs.118/- per equity share aggregating to Rs. 26.14 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 26.59% and 25.26%, respectively, of the post issue paid up equity share capital of the company.