Curis Lifesciences shares list at 14% premium over IPO price on NSE SME platform

Pharmaceutical manufacturer Curis Lifesciences debuted on the NSE SME platform on Friday, November 14, after an overwhelming investor response to its IPO. Shares of the company listed at Rs 146.1 apiece, a 14.14% premium over the issue price of Rs 128.

The GMP on the shares of the company stood at Rs 9 per share just ahead of the listing, indicating a possible debut near Rs 137. However, the stock listed higher than grey market expectations.

The IPO, which was entirely a fresh issue worth Rs 27.52 crore, received a stellar subscription of 74.39 times overall. The non-institutional investor (NII) segment led the enthusiasm with 115.46 times subscription, followed by 96.17 times in the qualified institutional buyer (QIB) category and 44.28 times from retail investors.


Curis Lifesciences, incorporated in 2010, develops and manufactures a range of pharmaceutical formulations including tablets, capsules, oral liquids, external preparations, and sterile ophthalmic ointments. The company operates a state-of-the-art facility in Sanand, Gujarat, and supplies both in India and overseas on contract manufacturing and loan license basis. It caters to more than 100 corporate clients across India and exports to countries such as Yemen and Kenya under its own brands.

Financially, Curis Lifesciences has reported consistent growth. Its revenue rose 38% year-on-year to Rs 49.65 crore in FY25, while profit after tax (PAT) climbed 25% to Rs 6.11 crore. The company’s EBITDA margin stood at 19.4% and PAT margin at 12.4%, reflecting strong operational efficiency.

The IPO proceeds will be used primarily for upgrading and improving manufacturing facilities (Rs 2.44 crore), constructing a new storage facility (Rs 3.62 crore), prepaying secured loans (Rs 1.86 crore), product registrations in new markets (Rs 2.69 crore), working capital (Rs 11.25 crore), and general corporate purposes (Rs 2.85 crore).

In summary, Curis Lifesciences’ IPO has drawn strong investor participation backed by healthy fundamentals and moderate valuations. While the GMP points to a steady start, the company’s long-term success will hinge on its ability to scale operations, sustain profitability, and expand exports in a competitive market.