Updated on 14.11.2025 @ 11:19 AM
Curis Lifesciences Limited, is launching its Initial Public Offering (IPO) on the NSE EMERGE platform, opening on November 7, 2025. The company aims to raise up to ₹27.52 crores through a 100% fresh issue of shares. The price band has been fixed at ₹120 to ₹128 per share, with a minimum lot size of 1,000 shares. Curis Lifesciences presents a story of spectacular financial growth at a seemingly reasonable valuation, but this is accompanied by a very high customer concentration risk that investors cannot ignore. The Grey Market Premium (GMP) is yet to commence trading.
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In this article, you will find Curis Lifesciences IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review.
What Are the Key Curis Lifesciences IPO Details?
- Price Band: ₹120 – ₹128 per share
- IPO Open / Close Dates: November 7, 2025 – November 11, 2025
- Lot Size: 1,000 Shares
- Issue Size: 21,50,000 shares (aggregating up to ₹27.52 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: MUFG Intime India Pvt.Ltd.
- Listing Exchange: NSE SME
What is The Curis Lifesciences IPO GMP Today?
- Note: The shares of Curis Lifesciences are not currently trading in the grey market. The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment and typically becomes active closer to the IPO opening date.
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What Are The Important Curis Lifesciences IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 7, 2025 – November 11, 2025
- Basis of Allotment Date: November 12, 2025
- Refund Initiation Date: November 13, 2025
- Credit of Shares: November 13, 2025
- Listing Date: November 14, 2025
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 128 | 146 | 14.1 |
What are The Objectives of Curis Lifesciences IPO?
The company intends to utilise the net proceeds from the public offering for its expansion and to strengthen its financials:
- Funding Working Capital Requirements (₹11.25 Crores): To manage its operational cycle and support business growth.
- Capital Expenditure (₹6.06 Crores): For upgrading its existing manufacturing facility and constructing a new storage facility.
- Pre-payment of Loans (₹2.60 Crores): To reduce its outstanding debt.
- Product Registrations (₹2.61 Crores): To expand its footprint in international markets.
- General Corporate Purposes: The balance amount will be used for other strategic and operational requirements.
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What is The Financial Performance of Curis Lifesciences?
(Amounts in ₹ Crores)
Period Ended | 31 Jul 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Assets | 56.29 | 42.53 | 33.88 | 29.75 |
Total Income | 19.51 | 49.65 | 35.87 | 36.42 |
Profit After Tax | 2.87 | 6.11 | 4.87 | 1.88 |
EBITDA | 4.24 | 9.54 | 8.39 | 3.28 |
NET Worth | 19.1 | 16.23 | 5.87 | 1.01 |
Reserves and Surplus | 13.16 | 10.29 | 5.37 | 0.51 |
Total Borrowing | 15.32 | 15.62 | 17.09 | 16.19 |
The financial performance of Curis Lifesciences has been phenomenal. While revenue growth was flat in FY24, it has surged in FY25. The real story is the explosive growth in profitability, with the profit after tax (PAT) more than tripling between FY23 and FY25.
Source: NSE India
The company's net worth has also turned positive after being negative in FY22, and it boasts an exceptionally high Return on Net Worth (RoNW) of 84% for FY24.
Based on its FY25 earnings, the IPO is priced at an attractive P/E multiple of approximately 17x.
Industry Outlook
- Curis Lifesciences operates in the competitive but ever-growing Indian pharmaceutical manufacturing sector.
- The company has a diverse product portfolio, including tablets, capsules, and ointments.
- A key strength is its focus on international markets, with nearly half of its revenue coming from exports.
- Its manufacturing facility is accredited by several international bodies like WHO-GMP and regulatory authorities in Kenya, Yemen, the Philippines, and Nigeria, which is a significant advantage for expanding its global footprint.
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What are The Strengths and Risks of Curis Lifesciences' IPO?
Strengths:
- Spectacular Profit Growth: The company has demonstrated a phenomenal improvement in its profitability and margins.
- High Return Ratios: An exceptional RoNW indicates highly efficient use of shareholder funds.
- Attractive Valuation: The IPO is priced at a reasonable P/E multiple of ~17x, which looks attractive given the high growth.
- International Accreditations: Certifications from multiple countries provide a strong base for export growth.
Risks:
- Extreme Customer Concentration: This is the biggest red flag. The top 10 customers account for over 84% of the company's revenue. The loss of even a single major client could be catastrophic for the business.
- Geographical Concentration: All manufacturing operations are based out of a single facility in Sanand, Gujarat, making it vulnerable to regional disruptions.
- High Dependence on Exports: With nearly 50% of revenue from international markets, the company is exposed to geopolitical risks, currency fluctuations, and changes in international trade policies.
- SME Segment Risks: The stock will be listed on the NSE SME platform, which typically has lower liquidity and higher price volatility.
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What are The Key Expert Recommendations – Should You Apply?
Subscribe with Caution (For High-Risk Investors)
The Curis Lifesciences IPO presents a classic dilemma for investors: spectacular growth at a reasonable price, but with a massive, underlying risk.
- For Risk-Averse Investors: AVOID. The extreme customer concentration is a deal-breaker. The stability of the entire business rests on the shoulders of a few key clients.
- For Aggressive Investors: The financial numbers and valuation are too compelling to ignore. This is a high-risk, high-reward bet on the company's ability to retain its major customers while diversifying its client base in the future.
- Our View: The IPO is a double-edged sword. The growth story is fantastic and the pricing is attractive. However, the concentration risk is equally potent. We recommend a "Subscribe with Caution" rating, strictly for high-risk investors who understand and are comfortable with the company's heavy reliance on its top clients.
Key Takeaways
- IPO Price Band: ₹120 – ₹128 per share
- Lot Size: 1,000 Shares (Note: The minimum application for retail investors is for 2 lots or 2,000 shares, costing ₹2,56,000, which falls into the sHNI category).
- GMP Today: ₹0 (Not trading)
- Allotment & Listing Dates: Tentative listing on November 14, 2025.
- Recommendations of experts: A high-risk issue. Subscribe with caution, suitable only for aggressive investors due to the extreme customer concentration risk, despite the attractive financials and valuation.
FAQs on Curis Lifesciences IPO
What is Curis Lifesciences IPO price band?
The price band for the IPO is set at ₹120 to ₹128 per equity share.
What is Curis Lifesciences IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Wednesday, November 12, 2025.
How to check Curis Lifesciences IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Curis Lifesciences IPO listing date?
The company's shares are tentatively scheduled to be listed on the NSE SME platform on Friday, November 14, 2025.
Should I apply for Curis Lifesciences IPO?
This is a high-risk proposition. While the company's financial growth is impressive and the valuation is reasonable, its extreme dependence on a few clients is a major risk. A subscription is recommended only for investors with a high-risk appetite.
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